Blockchain projects aim to disrupt the music industry
Music is a delicate profession. The industry has its fair share of controversies, monopolies with limited earning potential for up-and-coming artists. While Web2 has brought many positive changes, the industry still has a long way to go. For this reason, projects are trying to use blockchain technology to provide new solutions to the age-old music market.
Over the past 10 years, the industry has changed drastically due to the development of the Internet and social media. Artists have new mediums to share their songs, and fans have many new ways to engage with and support their favorite musicians.
However, like most things in the Web2 sphere, a select few own the assets of the industry, and big corporations profit more than users and artists. While still in their infancy, some blockchain projects are trying to attempt to change the industry from within.
Remunerate musicians fairly
Tune.FM, a platform powered by Hedera Hashgraph, claims to be able to give musicians 90% of music streaming revenue, about 10 times more than streaming revenue on mainstream services. Artists can earn digital tokens every time their music is streamed on the platform.
In an announcement, Andrew Antar, co-founder of Tune.FM, pointed out that many independent musicians have suffered the consequences of the COVID-19 pandemic. “With companies like Spotify not paying them fairly, many were struggling to get by. We are the antidote for the millions of creatives who are not being paid fairly by the big streaming services,” Antar said. .
Allow fans to co-own songs
The Andreessen Horowitz-backed music marketplace, Royal, continues to allow fans to share ownership of their favorite artists’ songs via non-fungible tokens. After dropping NFTs for famed rapper Nas, the platform recently released tokens for American DJ and songwriter Diplo.
In a blog announcing Diplo’s drop, Royal co-founder Justin Blau – also known as 3lau – wrote that the platform aims to “allow artists to maintain control over their work” while fueling their careers. . Blau also believes that by co-owning the music, fans “build a deeper connection” and help them be creatively independent.
Boosting Music Collaboration with NFTs
A project called Squad of Knights allows its NFT owners to form six-person teams, with each person assigned their own role in the music production process. Unlike working with traditional music labels, the platform allows community members to own 100% of the music they produce.
Founder and award-winning record producer Ramon Ibanga, also known as Illmind, said: “It’s hard to find people to work with. Finding the right people to work with is even harder. He noted that the project aims to bring together producers, engineers, musical artists, and managers, both in the real world and in the metaverse.
Related: Grammys 2022: NFTs discussed among musicians and industry experts
Provide decentralized audio to the metaverse
Solana-based streaming platform Audius provides a range of decentralized audio files to the Metaverse. The platform works with metaverses like portals to give music to their users. Due to its decentralized nature, Audius allows anyone to pull content from the platform and use it when creating their own projects.
In an interview with Cointelegraph, Roneil Rumburg, co-founder and CEO of Audius, said the platform is a “decentralized repository of content with clearly defined rights so that third-party developers can pull from the platform’s catalog. shape without any problem”.