Music NFTs Part 3: Artist Profile 1
By now you know I like music NFTs. You know what platform I like. It's time to start sharing the real ideas. I've spent more ETH on this artist than anyone else on the platform.
While I have thoroughly enjoyed the process of finding artists through Mint Songs, I think a big issue with the platform is the lack of a search function. Seriously, it's brutal finding stuff on there. Another critique is the artist onboarding seems to be about as free market as it gets. Unlike Sound.xyz or Catalog, the gatekeeping seems less stringent on Mint Songs. This can make it difficult to find the real gems. But, that's why I'm here. I want to help point you in the right direction. And yes, "Artist Profile 1" means there will be more than one. The second is coming your way tomorrow and the style of music for Artist Profile 2 is completely different from Artist Profile 1. So if you flat out don't care for this first one, don't worry. Mint Songs is growing in the styles department and there are plenty of other options. While I'd say the platform leans a little more instrumental/EDM at the moment, you can find everything from rappers and rockers to violinists. This first one though, is tough to put in a box.
Introducing, Ayotemi.
"Cool young man he the key and the locksmith. We at ease like a soldier that’s marchin, We got the real vaccine fuck Fauci"
DAYUM. Fire. Don't hurt 'em, Temi. That's "Stretch Limousine." It's from his 2021 EP Detour. He's currently working on a new project called Indigo Rap. And he's been dropping some of those tracks, or at least tracks from the sessions, on Mint Songs.
Bio and Style
We don't know much about Ayotemi, frankly. His social media presence on Twitter isn't very large. He appears to have a much bigger following on Instagram than on Twitter. This is how his Mint Songs page reads:
I am Indigo 432. I assumed this physical ego body called "AYOTEMI" A Nigerian name that means "I am Joy". in order to navigate earth and fulfil the Indigos mission. To awaken earth born indigos to their true potential power. We do this through conversation and creation. My means is music. I find that it best encompasses my essence and my interpretation of the platinum light. Receive, heal, raise your frequency. You are chosen. You are indigo.
via Mint Songs
Alrightly then.
Though we don't get much from his Mint Songs bio, in pouring over the internet for information, one comes across his recent interview with Traklife. It's almost an hour long but it's good. We get insight into who he is, where he's from, and what makes him tick. He talks about his relationship with God, being positive without being corny, and believing in yourself. The whole interview is worth a watch but that's the gist of it.
Genre-wise, I'm not really sure how to describe Ayotemi. I hear so many different stylistic influences in his music. At times he sounds like Frank Ocean or Musiq Soulchild. Other times he sounds like Damien Marley. I'd classify him as an alternative soul rapper if I was forced to label it - but even that might not be the right fit. He clearly has Hip-Hop, R&B, and Reggae influence. When Quincy Jones said he envisioned a musical future without genre labels, I think Ayotemi's work is exactly what he was talking about.
Spotify Metrics
Ayotemi's Spotify trend is phenomenal. He has seen his playlist reach nearly triple from 2.3 million at the beginning of 2021 to just under 6 million today. The playlist trend has been on a nice stable rise from 12 lists two years ago to over 220 now.
Monthly listeners: 145,039
Followers: 4,258
Info like this is great for finding artists that are trending up in popularity, but it's very broad when it comes to making decisions at the individual song level. Going a little bit deeper on some of the specific songs can give us a sense of which songs are getting out there more. Here are his top 5 tracks on Spotify by total streams:
While playlists and playlist reach aren’t the same thing as real followers (people who I would consider actual fans), the better the reach, the better chance for discovery. If the market agrees with me that Ayotemi is talented, he’s going to get more “fan conversions” out of that trend in increased reach.
In the case of "peon," much of that reach is associated with placement on Spotify's "Fresh Finds" playlist. His track sits right at the top. Probably a good sign. We need to see the streams of that track trend up and Ayotemi will probably convert more followers.
The NFTs
Ayotemi currently has 10 tracks available through Mint Songs. I have personally purchased editions of 5 of them. Here are the offerings that currently still have editions available:
In addition to the ten offerings above, Ayotemi also dropped four 1 of 1 NFTs on Mint Songs. Now, though I am very high on Ayotemi, I unfortunately have not been able to get my clutches on any of his 1 of 1 editions. Each of the 1 of 1 NFTs were purchased by different people. One of them was purchased by Vatroob, who happens to be the highest selling artist on the entire platform by unit volume. Artists who are bought by other artists is exactly the kind of market behavior you want to see. It’s a sign of mutual respect. Here are the 1 of 1s on the Opensea platform so you can confirm different owner addresses for yourself:
So obviously, the 1 of 1 mints are gone. And if you recall yesterday I said Mint Songs doesn’t specify that the artists have to go the 1 of 1 route though they are free to do so. But seeing 1 of 1s go is a good sign. As is seeing them all purchased by different people.
Risks
There's always risk with NFTs and digital assets. But when you add the risk derivative that is subjective appreciation of art on top of it, you really have to be careful in this space. I'm taking this very seriously because I don't want to lead anyone into a worthless investment. That's why I said in Part 1 that one of the reasons why one might buy music NFTs is specifically to support the artist as opposed to making an investment return. NFTs that offer a royalty, are much better as investments. Mint Songs doesn't offer that (currently). These are speculations. Pure and simple. And a lot of them are going to wind up completely worthless. The key is finding the right ones to take fliers on if you view music NFTs as speculative bets worth making, as I do.
At this point, I've supported dozens of artists on Mint Songs. Most of those who I've supported are pretty good. I'd go see a show if they were here. But most of them are never going to be huge, and that's totally okay. One of the big themes of Web3 and music NFTs is how we reallocate the value rewarded to creators. Demand for some of these NFTs on secondary sales will be minimal if it even exists. However, there are artists on the platform that I think will really excel in this environment. Ayotemi is one of them. That said, there are other risks in music NFTs beyond just artist success. There's a dilution risk. We have no guarantees that songs can't end up on multiple platforms. We have no idea which crypto networks will still exist in 10 years. Maybe Ayotemi becomes a household name in music but the Polygon network where the NFTs are minted falls apart. These are all things to consider.
Conclusion
So is Ayotemi any good? I think so. You have to decide for yourself if he's investable via NFT. If you're interested in my personal opinion; the track "thinkin" is the best song on Mint Songs. Period. At a price of $2.12 per edition, it's the closest thing to a slam dunk in the NFT space that I think I've ever seen. Aside from maybe Ultra Black (if its ever actually made available). I personally love "truth is for the kids" and "peon." If you want to bet on Ayotemi while keeping it under $50, those are the three tracks I'd buy. If you already have ETH on the MATIC network, then buying is as simple as connecting your wallet address and hitting go.
For many though, what I just said was Greek. If none of that makes sense and you want exposure to this idea, reach out and I can help walk you through it. I'm serious. I'm happy to do it. If you're feeling adventurous and want to try yourself while keeping transaction fees and gas as cheap as possible, the EASIEST way to buy Mint Songs NFTs would be to download a Metamask wallet and setup an account with Moonpay (unfortunately there is KYC involved).
With Moonpay, you can buy Ethereum with a debit card and have it sent to your Metamask wallet. This is important: you must have the ETH sent to the Polygon (MATIC) network, not the Ethereum network. This is to help you avoid the high gas fees that are associated with bridging ETH over to Polygon from the Ethereum network. Even though Mint Songs requires ETH to purchase, Mint Songs uses Polygon for minting, not Etheruem. Trust me, that's a good thing. Even though I hate KYC and it goes against the ethos of crypto, it's worth setting up the Moonpay account if you're serious about doing NFTs going forward. Any legitimate crypto on-ramp is going to hit you with KYC regs at this point anyway. What's another one, right?
Coming up tomorrow I'll profile another artist who is completely different stylistically but just as talented. If you like 80's music, you won't want to miss tomorrow's deep dive.
Disclaimer: none of this is investment advice. I have no music expertise. I was an NPR-affiliated radio show producer for four years. My primary shows were Hip-Hop/R&B and Jazz. After college, I produced and hosted a nationally syndicated Jazz program for 3 years. I do have experience finding and selectively highlighting independent musicians and artists.