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Music NFTs - Avoiding the problems of the old industry
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Well it sounds like the Hydra Doom event was premature then, either they thought they'd find traction with use cases that were not hampered by that restriction or they thought development would be farther along by the time Hydra Doom took place. Either way it just highlights some of my gripes with Cardano, first, the idea that Cardano is the only chain that isn't relying on hype, when the lasting impact of Hydra Doom is just people hyping how much TPS it did in a stress test, without noting the limitations of Hydra's current implementation, the limitations of it's full implementation(as it's closest analog is a state channel, which is not really a general purpose scaling solution), nor the technical difficulties that took place, nor the absence of actual adoption of the tech. Secondly, it exemplifies the pace of development and lack thereof on Cardano. Hydra has been in development for roughly 4 years now, as the IOHK blog noted a proof of concept in 9/17/2021. You would also think that this is an area ripe for outside investment if there was a belief that Cardano usage would increase, we have a new ETH L2 pop up every day, as teams are willing to battle for that market share, meanwhile Cardano is a blue ocean with few incumbents, yet no one is interested in developing anything outside of IOHK/Cardano. As far as your interpretation of the community, I think that's accurate, but I also think it's far less of a positive than it seems. Almost every blockchain follows a similar path when it comes to social consensus, even if it's not 100% onchain. The same steps are taken, the same arguments are had, the same process is taken to iterate on the network. You say "we move on to the next problem to be solved" but it seems like all the problems being solved are with Cardano itself and if those solutions are all insular, then what good is it accomplishing? Improving Cardano for the sake of improvement doesn't do anything unless it also solves external problems as well. You can only praise the process for so long before the lack of results start to overshadow it. When you say "Cardano cannot be stopped" that's also a bit shortsighted IMO, as Cardano needs a monumental increase in usage, as well as a similarly monumental increase in scaling to accommodate that usage, to be sustainable. Less than 1% of what goes to stake pools actually comes from fees([99.2% comes from the reserve](https://cardanoscan.io/epoch/574)), and the fees are already relatively high despite the low amount of onchain activity. The amount of fees literally needs to do more than 100x to cover that and there isn't 100x space to do so currently. As far as your examples, these kinds of projects are not unique, and it's very hard to tell if they're getting any usage. Palmyra only shows "500+" downloads on the Google Play Store and it's hard to tell what NEWM is actually doing besides posting on networking and social media posts, if their business is actually successful they're doing a poor job of showing it. If there is any success story on Cardano, I haven't really seen it yet, but maybe that's just because I look at more than just the grabby headlines. You can say I'm ignoring all this, but I think I've made it clear that I have *not* been ignoring Cardano, otherwise I wouldn't have all of these criticisms, I wouldn't be the having to educate Cardano bulls on how there is more to the story of Hydra then just "1,000,000 TPS!", I wouldn't be the only one concerned with Cardano's sustainability or its feasibility to generate usage. It's funny how often Cardano people demonize Solana as being a chain that is solely memecoins, which is patently false, but then fail to realize what little activity does happen on Cardano, is largely based around memes as well. Ironically it feels like the Cardano community ignores more of Cardano than I do. Which doesn't surprise me as my criticisms, that I think are completely valid, got me banned from /r/Cardano, along with the claim that I "persistently spread misinformation" which is laughable as my criticisms are all rooted in readily observable and verifiable data. I don't hate Cardano, I just don't think it's a smart investment considering how richly valued it is, relative both to its competition but also taking into account its own accomplishments. It seems like some future exponential growth has been priced in since 2017 and I just don't understand what that could be or how it could happen, because in the last 8 years there should have been at least *some* hints. But time after time it's some hyped development (almost exclusively in-house), it's X hard fork or Y hard fork or it's the launch of smart contracts, or it's Africa, or it's some vague partnership with Argentina... and all of that has led to nothing beyond people on Reddit and X talking about how good it is, despite there being no lasting impact whatsoever.
Well, that's, why I am on Cardano.. and for the free scam zone.. never fails, scammers get pushed back. There are tons of utility token like STUFF, NEWM, NMKR, SPXT, DEDO ecetera, just to name a few. Also the meme space with SHARL, SNEK,FREN, HOSKY and others is great .. just check it out. Latest technology, university proofen. Seemlesly BTC integration cause of utxo model.. Before Cardano I was on ethereum , when I started my crypto journey and I lost tons of money on scams, vc Plays and gas fees.. still have some SHIBA and some ETH, but I will concentrate on Cardano now .. the community has the real mindset for me. Like BTC in 2011..
I just meant in terms of wallets, de-fi, dexes, and legitimate decentralized projects like World Mobile, Empowa, NEWM, and Stuff.io. Four years ago it was Daedalus, Yoroi and staking and that was pretty much it, if you weren’t into NFTs.
Apologies for the long comment, but for those who are genuinely curious... I use Cardano to stake, buy nfts, make swaps, DCA, and vote for projects. You can also mint an nft to link with an email address, or mint an nft as a handle so you can receive txs using a more user friendly address, like Eth domain names. There's DePIN projects like Iagon, which is like Filecoin, to store your data with a decentralized storage provider. They also host dapps and are working on decentralized compute services. There's NFT royalty platforms for creators like NEWM, Books, and Jpgstore. You can also lend NFTs. Some lending protocols even offer double yield on lending since the liquidity pools are staked. It is kind of like staking liquid staking derivative tokens, but much simpler. You don't have to exchange your ADA for stADA and potentially trigger a taxable event. Also let's say your order has not yet executed at the limit price you set, it can still earn staking rewards while the order is pending. Staking is liquid and self-custody, less middlemen and more ownership for the user. There's RWA projects like Palmyra and Empowa. The ecosystem is growing much faster now that infra and tooling is improving. Community built their own languages like Aiken and Opshin that are based on more popular languages like Typescript and Python, which compiles down to Haskell-based Plutus. You don't need to know Haskell anymore. Although you do need to know how to build on an extended UTXO model, but it is getting easier as more devs open source their code and share their designs. There's even a new batcherless AMM design that got funded this Catalyst round, and designs are rapidly adapting especially with Plutus V2 and V3 now with Chang upgrade, enabling zk primitives support on the L1. There's also new L2's on the horizon that offer unique benefits due to UTXO's deterministic properties like way cheaper fraud-proofs and better mobility between L1 and L2. There's also Leios and Peras to make the L1 faster. Hydra has interesting Catalyst proposals this round as well. The one thing I wish I could use Cardano for is stablecoin stuff. They have home grown stablecoins that are algorithmic and fiat backed, but they don't have the more established ones like USDC and USDT with higher liquidity, stability, and connections. MyUSD on Cardano is backed by USDC and USDT. There are also ways to bridge over USDC using Wanchain. Your implication is right, it is relatively a small ecosystem, a small island compared to the others. But it's fast growing. It's important to note that it is growing without Ethereum's network effect and heavy VC support. But interoperability is increasing with the recent Plutus V3 upgrade, that makes it more interoperable with Ethereum, and other developments like Cardano's integration with Cosmos. There's also Polkadot's Substrate tech powering Cardano's partnerchains. Cardano devs are also bridging the knowledge gap between them and Bitcoin devs with Fluidtokens and Maestro sharing protocol designs. It appears that this cycle, the alpha on Cardano is on Twitter, not on Reddit. Here's a few recent tweets from non-Cardano people. [https://x.com/CryptoConan/status/1811416874552611129](https://x.com/CryptoConan/status/1811416874552611129) [https://x.com/NftswithDiz/status/1813229438370259276](https://x.com/NftswithDiz/status/1813229438370259276) [https://x.com/TannerCartier/status/1813167238599655792](https://x.com/TannerCartier/status/1813167238599655792) [https://x.com/ZKDID\_/status/1799400337612190153](https://x.com/ZKDID_/status/1799400337612190153) Some recent posts to show typical daily chatter. [https://x.com/CardanoRami/status/1805971403675779203](https://x.com/CardanoRami/status/1805971403675779203) [https://x.com/Padierfind/status/1813519559703335109](https://x.com/Padierfind/status/1813519559703335109) [https://x.com/zkFold/status/1813271373802053835](https://x.com/zkFold/status/1813271373802053835) [https://x.com/FluidTokens/status/1813247448015307080](https://x.com/FluidTokens/status/1813247448015307080) [https://x.com/cosmos/status/1806357065960407485](https://x.com/cosmos/status/1806357065960407485) [https://x.com/ZengateGlobal/status/1803850888085189072](https://x.com/ZengateGlobal/status/1803850888085189072) and more... [https://x.com/sharlhuskens/status/1803442866280341529](https://x.com/sharlhuskens/status/1803442866280341529) [https://x.com/VioletNoRegarde/status/1805955713111670974](https://x.com/VioletNoRegarde/status/1805955713111670974) [https://www.youtube.com/watch?v=y4txesKsL\_M](https://www.youtube.com/watch?v=y4txesKsL_M) [https://x.com/ore\_times\_3/status/1810691719848952084](https://x.com/ore_times_3/status/1810691719848952084) [https://x.com/HouseOfTitans\_/status/1811829651121000663](https://x.com/HouseOfTitans_/status/1811829651121000663) [https://x.com/Omen4Omen/status/1804855019864207402](https://x.com/Omen4Omen/status/1804855019864207402) [https://x.com/MoparGirls/status/1813180347494113438](https://x.com/MoparGirls/status/1813180347494113438)
Iagon.com are working towards decentralised compute, but I'm not sure if it could do what you want. Sharing films is easy, except for copyright and licence issues, not a technology problem. NEWM.io and book.io are working on music and books respectively, removing the licence issues.
I agree Cardano need to get a stable coin that everyone uses on there. They have USDM coming soon which might stir things up. I think I read somewhere that because they use eUTXO it made issuing certain stable coins harder. Also I think you have to pay $100k+ just to request one of the major stable coins to provide access. Maybe they could use a catalyst fund to pay for that. I disagree on your point that Cardano doesn’t have many good projects though. Just look on taptools.io WMT IAG BOOK NEWM EMP etc
Axo, Bookio, FluidToken, Spectrum, Indigo, OptimFi, Iagon, Encoins, DexHunter, JPGStore, LenFi, Levvy, Nmkr, Liqwid, Danogo, Genius Yield, World Mobile, NEWM, Cornucopias, Xerberus, OrcFax, OptionFlow, Empowa, Maestro, Atrium Labs, Butane, Splash. And if you're actually interested in trying them out, use Vespr for mobile wallet and Lace or Nami for desktop wallet even though there are way more options (these are just simple UI ones.)
Do not sell until you meet your objectives (which should be far away still imo). NFA though lol. If you want to gamble away, do it without selling, I mean, if you have some to spare right now. Maybe buy some Cardano native tokens, they are prime to explode in the bull (search about NEWM, WMT, LQ...)
What about NEWM? From Google: NEWM is a revolutionary music platform built on the Cardano blockchain that empowers artists, fans, and the community
*cough* NEWM on Cardano *cough*
My personal favorites are NEWM and OrcFax. Although the Orcfax ISPO is technically full, which this website doesn’t indicate. I would go NEWM, personally. They have a 25% and 50% pool that both have room for delegation. So just choose how much ADA reward you are willing to sacrifice in return for NEWM. The NEWM can be claimed via DripDropz on an epochly basis once your stake becomes active.
Not really sure what they are offering but it seems cool. As an artist, though, I am weary of companies trying to enter the space of music NFTs. The idea of NFTs were to empower anyone to be their publisher, yet many companies want to just bring the current model to blockchain. Even projects like NEWM, while much better for the artist, is just CDBaby on blockchain. We need full autonomy of our work! We shouldn't have to fractuonalize our works of art. Our creations are the "proof of work", and we should be able to monetize them directly!