Our Next Chapter
To the Invest in Music community,
Thank you for your support over the last 14 months.
When we launched Invest in Music we had one goal. Creating a home for the onchain music community.
After 58 podcast episodes, over 60 newsletters, artist spotlights, and thousands of mints across all our different series - we’re very proud to have delivered on that promise.
We’d like to give a special thanks for Sound, Pods, Spinamp, Mirror, Bello, Optimism and NFT Now for being key partners in our journey.
Our motto is and always will be creating a path for fans to become collectors.
That’s why today we’re proud to announce that we’re doubling down on a new venture - Sonata.
For those who have been following us, you’ll know that we’ve been doubling down on Farcaster and onchain social at large.
Sonata is our bet on the next chapter of onchain music - a client to tip curators for sharing songs.
Here’s what you need to know and how to get involved.
Sunsetting Invest in Music
For as passionate as we are about onchain music - the sector is not growing at a pace that makes running the outlet sustainable.
We’ve noticed stagnation on the number of new collectors entering the space, and have not seen growth in most of our key metrics over the last 3 months.
This does not mean we do not believe in our core thesis, it simply means we need to adapt to meet the market where it is currently at.
As of today - the following changes will go into effect:
Our podcast and newsletter will be ingested by Coop Records with a fresh coat of paint
Our core team will focus our day to day efforts on bootstrapping Sonata
All our historic content will continue to exist across Twitter, Spotify, Youtube and onchain outlets like Pods and Spinamp.
However - we will not be posting new content from these channels and instead be focusing our efforts on building the brand around Sonata.
What is Sonata?
Sonata is a home for all music shared on Farcaster.
We aggregate all casts that link to a song on Spotify, Soundcloud and Sound and showcase it in a feed for the community to upvote.
It represents the ethos of what we set out to do with Invest in Music - create a home for curators to be rewarded for sharing great music.
Rather than relying solely on collecting music, we’re creating an economic layer through tipping - building on the core tenets popularized by projects like DEGEN through a native token called NOTES.
We’re launching NOTES with a retroactive airdrop to everyone who’s posted music on Farcaster along with:
Holders of the Invest in Music Pass
Invest in Music Podcast collectors
Recipients of the Onchain Curator grant program
These amounts will vary - and the token will live on a custom Base L3 through Stack at launch.
The airdrop correlates to a daily allowance which can be used to upvote and tip music that you enjoy.
More details on this will be shared in the Sonata launch post here.
Why Now?
We’ve been brainstorming new ways to shift the focus of Invest in Music for months.
We kicked around ideas for prediction markets for music and a series to remint historic drops on Base.
While these concepts were exciting on the surface, we ultimately landed on them being too niche to reach a wider audience beyond the people in onchain music today.
We believe that Sonata is a fundamentally different approach to curation in the fact that it takes the core tenants of token incentives and applies it to a behavior that everyone already does - sharing music they love.
We were heavily inspired by projects like Degen, HypeMachine and Launchcaster - and wanted to create an MVP to prove concept of the idea.
To be clear - we are still very bullish on onchain music and more specifically the idea of collecting unlimited and limited editions of songs.
We hope that Sonata can become a vessel to further incentivize collecting - and act as a growth mechanism to reward our users for doubling down on their love of a song by collecting it onchain.
That being said - 99.9% of all music in the world today is not onchain, and we believe that crypto can be layered onto it without requiring it to be onchain in the first place.
What to Expect
The podcast will resume as a Coop Records property in May.
Sonata will be debuting today - and we invite all of our community members to be the first to use it here.
Running Invest in Music this last year has been an amazing learning process.
We fully leaned into being an onchain media organization and believe there are a lot of key learnings here that can be adapted to this upcoming cycle.
We are focused on turning Sonata into a cash-flow positive business and want to experiment with novel new onchain mechanisms of doing so.
If you’re interested in contributing to Sonata on a deeper level - please message Sebastian to find time to discuss early opportunities to help seed the community.
We thank you for the last year of your support and look forward to sharing our next chapter with you together.
Read the full Sonata launch announcement here.
With love,
Invest in Music
Join the Community
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