Sounds like a wild idea right?
These days nothing seems to be out of reach for blockchain tech to enhance or change in some way, shape, or form, and the music industry is no different.
These days many musicians are plagued by intermediaries, complex contractual agreements, and the constant financial squeeze associated with middleman tactics.
Blockchain tech can solve these issues by giving an artist direct ownership over their material via NFT’s or digital ID technology.
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It can also help fans to directly fund their favorite bands and acts—a true game changer for the music industry.
Personally, I cant wait to see what crypto does for the music industry and artistry overall.
Take a look at what could happen in the field:
This is only the tip of the iceberg. See how @CEEK will change the music industry with #blockchain. pic.twitter.com/BKuwcoUdCD
— ceekvr (@ceekvr) June 21, 2021
⚡️ICYMI: Check out my conversation with @KristiEnigl on the challenges and future of #NFT #blockchain #cryptocurrency and it's affect on the music industry. https://t.co/mn2GrFXk6J
— TheHookRocks! (@TheHookRocks) June 15, 2021
Coin Telegraph gave us a glimpse into what is possible:
So, how is blockchain changing the music industry? One of the, if not the, most noticeable of its effects is the ability to remove middlemen from the process of music sales and streaming. While streaming platforms have changed the way music is consumed, making it more widely available to the listener, it has also created a whole new level of intermediation between artists and fans.
The music streaming industry has certainly come as a stark improvement, providing a cost-efficient and user-friendly alternative to piracy, allowing artists to receive royalties for their work. However, with this shift, the undeniable discrepancy in terms of the distribution of royalties has come to light. As is the case with many things, the distribution of royalties to artists resembles a Pareto chart where a very small percentage of artists account for the majority of music streams and thus royalty earnings.
This payment discrepancy is due to many factors, including an artist’s music genre and country of origin. While localized services such as China’s AliMusic can help combat these issues on a geographical level, it is likely that the distribution of royalties will always remain skewed, with a handful of hyper-productive artists dominating the majority of the market.
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There really is a revolution coming to the music industry, so much is happening so quickly with blockchain tech the pace can be bewildering.
Whether you are an artist or not, now is as good a time as any to get involved and to understand it in some way, no matter how small. https://t.co/soejBgG7Er
— Doviak (@Thedoviak) June 19, 2021
The Rolling Stone added:
NFTs are about “getting to own or access things that I, the fan, otherwise wouldn’t,” explains Katz. “I’m getting to be a part of something that has a sense of scarcity around it, a sense of exclusivity — whether it’s a piece that I own and can wear as a social badge of honor to demonstrate my fandom, or it’s an access pass or passport into a set of exclusive experiences.”
With NFTs, the music industry could even create a kind of merch royalty. Because of the smart contracts and rules that can be coded into a NFT, the original creator of whatever art or asset is stored on it can get paid a piece of the value that was exchanged, “which is a massive benefit for creators,” says Katz.
He urges people to think of a band t-shirt, which is normally bought through a one-time, direct-to-consumer payment. After that exchange, the original creator doesn’t see a dime. “But imagine I created something with my name or likeness on it — or with my creativity in it — and I got a piece any time it exchanged hands. That calls for a much more expansive, more long-term career.”
NFTs are already starting to become more popular amongst artists, particularly in the EDM community. Deadmau5 partnered with Worldwide Asset eXchange (WAX) in December to release their own limited series of NFTs carrying digital collectibles. Outside of the electronic world, Portugal. The Man seems to be the first mainstream act to create its own NFT. The band launched its $PTM coin in January to give fans access to an archive of live footage and outtakes that will be regularly updated.
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