NFTs: ‘The longer term play is going to be the smaller folks’


Music industry event OneFest has been streaming two days of online talks at the start of this week, including one on NFTs featuring newly-installed Crypto·com EVP Joe Conyers III. He offered some thoughts on what lies beyond the current craze.

“You have to have a long term vision to be ultimately successful,” he warned. “Today the market is going to be primarily for the larger folks to make significant amounts of money, but the longer term play is going to be the smaller folks. Owning the B side of that record, the vinyl becomes a piece that appreciates non linearly with the success of the artist. It’s so scarce. If you were there and bought the first ten of something at the first the merch table at the first show, that is something special. If you got it signed, even more so. And that’s the same kind of thinking here. Where ten years from now, you can say ‘I was there, I got in early, and held it this whole time’. All these things that we missed in the last ten years of the streaming super-cycle will come back.”

Conyers added that he is encouraging celebrities and musicians to “help me curate something, an artist they like, dig in and work with me”. OneFest continues today.

Written by: Stuart Dredge