Between Two Webs: Australian Music and NFTs

Web3 technologies have demonstrated potential for musicians to reach new audiences and benefit from new revenue streams. To date the uptake and exploitation of Web3 technologies among Australian musicians has been limited. This project produced 10 music NFTs with 9 Australian artists to examine the barriers to adoption of Web3 for Australian music communities. Insights were gained through in-depth interviews with participants and via assisting them to bring their NFTs to market. The project was funded by the APRA AMCOS Digital Futures Initiative and administered by the Australia Council for the Arts. Based on the experience of participating artists, Web3's potential remains largely unexplored by Australian musicians and Music NFTs seem unlikely to attract widespread adoption or displace incumbent music ventures in the near future. For many Australian musicians, Web3 presents challenges and risks not associated with existing markets for musical goods without offering compelling evidence of prospective new audiences or financial gains.