The End of Crypto’s Rock-and-Roll Era
Leah Callon-Butler argues that the rock-and-roll era of crypto has come to an end, and she makes some valid points about its trajectory. However, my experience in the music industry during the real demise of rock reveals additional layers to the story.
Insights from the Music Industry
As a product lead at Universal Music during the rise of torrents, I witnessed key decisions made by executives—such as suing grandmothers instead of innovating with platforms like Spotify. The focus shifted from supporting artists to investing in legal battles, and I eventually lost my job for suggesting we’d already lost the fight against digital piracy.
The Cultural Shift
Callon-Butler presents this change as a form of mourning, illustrating how the cypherpunk ideal became mainstream through ETFs and mainstream acceptance. I empathize with her grief; I felt it firsthand when Universal pivoted from nurturing talent to merely optimizing playlists.
The Evolution of Institutions
However, the transformative aspect of the music industry often gets overlooked. Record labels not only survived but thrived by adapting to streaming, transitioning from fighting platforms like Napster to taking stakes in Spotify. Executives who opposed file sharing ultimately profited from the very infrastructure they once battled.
New Creators on the Horizon
As Universal evolved, countless young creators worldwide started unique movements that traditional labels couldn’t control. From Swedish death metal to Brazilian baile funk, these artists formed communities that resonated with specific tastes, leading to a vibrant ecosystem of microgenres.
The Future of Crypto
The end of crypto’s rock-and-roll era prompts intriguing questions about what’s emerging beyond the gaze of institutions. Stablecoins are facilitating cross-border transactions in communities unfamiliar with decentralized finance, while self-custody tools continue to improve amidst the ETF hype.
A New Wave of Innovation
Drawing from my experiences growing up in Argentina amidst financial turmoil, I understand the importance of solid infrastructure when economic conditions shift. Callon-Butler wonders if crypto will maintain its uniqueness, but I’d argue that even the music industry maintained its weirdness in places overlooked by executives. Exciting innovations are already brewing among grassroots creators in cities like Lagos, Buenos Aires, and Beirut.
