EXCLUSIVE: Web3 Music Stars Illmind And Spotie WiFi On Why We Need To Evolve Past Collectibles To Bring Creators And Fans Closer – Spotify Technology (NYSE:SPOT), FTX Token (FTT/USD)

In a panel discussion at Benzinga’s Future of Crypto event, “The Value Of Crypto And NFTs In Entertainment,” the popularity of Web3 music, particularly hip-hop, was clearly evident with the inclusion of two-time Grammy-winning producer Ramon “Illmind” Ibanga, Jr. and Spottie WiFi.

WiFi’s claims to be the most famous – and only – CryptoPunks-based rapper. When asked about the massive fallout from the FTX FTT/USD collapse, WiFi was blunt: “You can’t uncouple NFTs from these scandals – they are coupled. There are scams in the NFT world too. I think that at the end of the day we need to help communicate not just features but the benefits,” WiFi said.

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The panel, which included Ben Weiss, founder of FLGHTX, and Michael Echstein, founder and CEO of AllCertified Inc., examined the role of artists needing to provide a user experience that is as easy and intuitive as using big Web2 platforms such as Spotify SPOT.

“If you have a following you can do a lot of things for your fans in web2. [So] We have to be mindful of their experience in Web3; we need to create solutions that are easy for fans,” Illmind said.

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Illmind will release the debut album of his NFT music community, Squad of Knights, in Q1 2023.

His project is an exciting realization of an active Web3 community with members helping each other record and produce music content, but the project will rely on Web2 distribution platforms to distribute the music.

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“For an independent artist like myself, one of the most challenging things is to find devs. You can’t make individual statements on OpenSea. Devs are incentivized to crank out the next 10,000 crazy kangaroos and print money,” WiFi said.

Echstein, who was also moderating the panel, said, “We need to evolve beyond collectibles. Creators need to get closer to the fans.”

Watch the full inteview on Benzinga’s YouTube channel and stay tuned for more from Benzinga’s Future of Crypto event.