Post by account_disabled on Mar 10, 2024 9:20:15 GMT
The web has had a profound impact on the way we listen to music and has revolutionized the work and business model of the recording industry , as well as the relationship between artist and fans. But it didn't end here. The Web3 movement , based on the opportunities offered by blockchain technology, promises to once again disrupt the world of music. Let's see how. The current structure of the music industry presents some problems for the majority of artists: Almost impossible to make a living from streaming: Spotify pays $0.003 per stream.
Only 0.02% of artists manage to earn more than $50,000 per year. Only those with India Mobile Number Data a boundless audience can do it; Ownership: Only the greatest artists have total control over the use of their creations. Music NFTs Can web3 and applications based on blockchain technology give new opportunities to musicians? The first experiments were carried out a year ago and concerned the use of NFTs . Non Fungible Tokens applied to music allow an audio file to be made unique and to give a certification of ownership to those who purchase it, as happens with art and collectibles .
This path has been followed by well-known and lesser-known faces. Some examples: Grimes sold a collection of music video clips for $6 million on the Nifty Gateway marketplace. Calvin Harris, The Weeknd, Deadmau5, Steve Aoki did something similar. Kings of Leon associated three different NFTs with their latest album: the first gave the right to limited edition vinyl, the second gave access to the front rows for future concerts, the third to exclusive collectibles. Typically, an NFT piece of music does not incorporate ownership rights to the piece. Those who buy it do so to finance the project or to have something from their favorite artist, as they would with a t-shirt or a plectrum won at a concert. It's a form of collecting and closeness to your idol, but with some added advantages.
Only 0.02% of artists manage to earn more than $50,000 per year. Only those with India Mobile Number Data a boundless audience can do it; Ownership: Only the greatest artists have total control over the use of their creations. Music NFTs Can web3 and applications based on blockchain technology give new opportunities to musicians? The first experiments were carried out a year ago and concerned the use of NFTs . Non Fungible Tokens applied to music allow an audio file to be made unique and to give a certification of ownership to those who purchase it, as happens with art and collectibles .
This path has been followed by well-known and lesser-known faces. Some examples: Grimes sold a collection of music video clips for $6 million on the Nifty Gateway marketplace. Calvin Harris, The Weeknd, Deadmau5, Steve Aoki did something similar. Kings of Leon associated three different NFTs with their latest album: the first gave the right to limited edition vinyl, the second gave access to the front rows for future concerts, the third to exclusive collectibles. Typically, an NFT piece of music does not incorporate ownership rights to the piece. Those who buy it do so to finance the project or to have something from their favorite artist, as they would with a t-shirt or a plectrum won at a concert. It's a form of collecting and closeness to your idol, but with some added advantages.