SoundCloud's Nina Protocol Acquisition Signals End of NFT Music Fantasy
SoundCloud has acquired NFT music platform Nina Protocol, marking a symbolic end to the blockchain utopianism in the arts, according to Robert Barry in ArtReview. Nina Protocol, launched in New York in 2021, promised 'infrastructure for the next 50 years of music' and allowed artists to upload music for free streaming or purchase with Solana cryptocurrency. Despite positioning itself as a musician's cooperative, it was privately funded by American venture capital and European crypto investment funds. The platform shuttered in July 2024, and its sale to SoundCloud (price undisclosed) means artists will not see proceeds. The acquisition follows the collapse of NFT hype, with 95% of NFTs now worthless. Barry critiques the broader trend of tech solutions to music industry problems, noting that UK musicians earn less than £14,000 annually while the industry contributes £8 billion to the economy. He draws parallels to Napster and MySpace, and questions the trust in tech entrepreneurs who have privatized cultural media.
Key facts
- SoundCloud acquired NFT music platform Nina Protocol.
- Nina Protocol launched in New York in 2021.
- The platform used Solana cryptocurrency for token purchases.
- Nina Protocol shuttered its service in July 2024.
- The sale price to SoundCloud was not disclosed.
- Artists on Nina Protocol will not receive proceeds from the sale.
- 95% of NFTs are now considered worthless.
- UK musicians earn less than £14,000 a year on average.
- The UK music industry contributes £8 billion to the economy.
Entities
Artists
- Beeple
- Jimmy Fallon
- Paris Hilton
Institutions
- SoundCloud
- Nina Protocol
- Time
- Forbes
- Rolling Stone
- BBC
- Dazed
- Napster
- MySpace
- Arweave
- Musician's Union
- Variety
Locations
- New York
- United States
- United Kingdom
- Svalbard
- Singapore