Decentralized technologies leave no stone unturned as even the billion dollar music industry looks for ingenious ways to get involved.
emerging world of cryptocurrencies was once a niche space for those betting on a little-known algorithmic system. Until recently, space remained within a relatively small sphere of recognition.
However, as the pace of technology development accelerates, along with the need for more advanced security solutions, the crypto space is in the mainstream. Now some of the biggest global icons are driving crypto adoption, while major payment platforms are releasing crypto demo videos.
As a result, industries that appear outside of the crypto world are also gaining ground.
Aim for problems
music industry is one that people around the world interact with on a daily basis. People in New York City and Tokyo can hear the same Top 40 hit on the radio.
Michael Jackson’s musical legacy is broadcast through loudspeakers on almost every continent. It cannot be denied that music has few frontiers or limits. Just in the general sense, music is a good match for technology like cryptocurrencies.
As the music industry develops, it is also plagued with problems that cause recurring headaches for both artists and producers.
Royalty payments and monetization of artistic property, complicated contracts, copyrights, and data distribution and management continue to complicate the industry. However, it doesn’t have to stay that way. se problems are what blockchain and crypto solutions can solve.
Cryptocurrencies further stimulate creativity
In all social sectors, development continues to attract the interest of developers, artists and investors. Non-fungible tokens (NFTs) present a new era for collecting and creating digital assets.
In the music industry it is no different. Both music stars and music-oriented companies are using NFT’s plethora of use cases to reinvent their domain. For musicians in particular, NFTs have opened up a new avenue of possibilities for monetizing creative production.
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In 2021, experimental music artist Grimes made headlines for one of NFT’s most expensive collections. final offer was for $ 6 million. collection, while not containing music, consisted of digital art created by the musician. Grimes is known for his multi-disciplinary artistic approach beyond just making sounds, which bodes well for digital collectibles.
Additionally, two of the biggest names in hip hop also left the NFT last year. Eminem and Snoop Dogg used NFT to release exclusive songs for the winning bidders.
For artists like these, creating and selling NFT has multiple meanings. First, and simply, it is a new avenue to monetize your creative endeavors.
Plus, it gives creators the ability to tell directly from start to finish about the future creation, sale, and resale of their art. For fans, this is an effective way to feed their favorite creators and gain exclusive access to merchandise.
additional revenue last year was significant due to the heavy losses suffered by the music industry as a result of the pandemic.
Crypto and copyright
One company that fills this niche is Opulous. This is a new blockchain-based platform catering to artists to create and license ‘music copyright’ NFTs.
“Currently it is difficult for musicians to access the capital they need without giving up the rights to their music. But we can already see that fan funding is becoming a popular caral for artists, and this trend shows no signs of slowing down. Using Blockchain, DeFi and NFT technology to facilitate this caral in new ways is the inevitable next step for the music industry, “says the team.
“Crypto has the potential to create a fairer decentralized music industry based on community and mutual support, where artists and fans can earn money together and form even closer relationships,” they explain.
Another major problem facing the music industry is streaming and distribution.
This is a relatively new development, as the popularity of streaming services has exploded recently. Spotify, in particular, is a platform with a lot of grudges against it. Consumers worry about the exploitation of their music data, while musicians struggle with miniscule payments.
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However, in another collision of worlds, a blockchain-based solution could find answers for both parties involved. Startups like PlayTreks seek to revolutionize access to data and music.
Anjo De Heus, founder of the new music analysis and distribution platform, says he believes that “blockchain-based music distribution is a key innovation in the industry.” In a more decentralized future, “there will be no more debates about ownership … all information is stored on the blockchain.”
Ledger-based distributed platforms such as PlayTreks will allow musicians to release music from one location to various streaming services.
Musicians, managers or labels will have a more democratic system to operate with. Your “audience and social media data” [will be] right on your dashboard. With the help of [our] Custom AI agents can make better decisions to grow their careers, ”says De Heus.
Musical royalties for NFT
NFTs contain many use cases. way in which they have allowed artists new avenues to monetize their creative output has already been mentioned. Similarly, companies leverage NFT technology to specifically target royalty payments for all stakeholders involved in a digital music asset.
One such company is BAND Royalty Music. NFT holders can stake their resources to gain access to music royalties on the company’s ever-growing catalog. This leads music lovers to trade and charge in tandem with the collection of sports cards.
creators of BAND have come together because of their mutual love of music and their belief in the power of the blockchain. CEO Barnuby Andersun says: “Music royalties are a billion dollar a year industry and very few know how or how to share in those profits.”
“Even the musicians themselves are left in the dark when it comes to how copyright works and how they benefit. In essence, the music royalty business is too complicated and is clouded by the public at the most basic levels. With the rise of blockchain technology, a new real-world application offers the opportunity to connect music lovers directly with musicians in innovative ways, even allowing fans to access the rights and copyrights behind the business of music, “he says.
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future of crypto music
Just as the future of cryptocurrency and blockchain developments is wide open, so is that of the music industry. Although for the latter, the option for a more efficient existence comes with the incorporation of this emerging technology.
In addition to the clunky tunes about NFT (which is also an NFT in its own right), blockchain offers musicians and fans the ability to take the industry into their own hands.
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