Not everyone is going to build their own NFT shop. Catalog gets this. So they are building out the Bandcamp for audio NFTs. Catalog
Catalog allows artists to press 1-of-1 digital records as NFTs. These NFTs do not represent the rights or royalties associated with the song (like we saw with Jaques Greene’s) but act more like a canonical representation of an artist’s work on the blockchain. As the team puts it,
“Catalog records represent the true original version of your work online. These are unique, one-of-one records that exist on the internet forever, beyond the limits of our platform, and can be traded in open markets.”
This means that fans can now own the original pressing.
“The future of collecting may be less in owning the thing that nobody else has, and more in owning the thing that everybody else has.”
– MCKENZIE WARK
We’ve learned to think of digital content in a certain way, but the perception of stuff on the Internet as tactile, distinct goods will increase as we venture deeper into the web3 renaissance. And with that, the verifiably original pressing of “Hotline Bling” for instance will hold tons of value.
Another inherent aspect of Catalog NFTs (as with all the NFTs we’ve discussed) is the artist or creator fee. This is a percentage that the artist sets at the time of minting, which is paid to the artist every time that NFT sells on the secondary market, in perpetuity.
This is another huge shift for artists, allowing them to capture the increasing value of their work overtime. An artist on Catalog will be able to capture the cultural value of their art as it grows, over and above the traditional royalties earned.
Catalog intends to become a community-owned project, which means its artists and collectors will eventually control the majority of the network and its decisions. They are also building on top of the Zora Protocol, which has created a type of NFT structure (called a zNFT) that bakes the actual market into the NFT itself. This means that Catalog doesn’t take any transaction fee, and as a zNFT moves about the Ethereum ecosystem, so too does its market.
This is truly “platformless media”.