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Let's Talk Innovation
Music Industry

Let's Talk Innovation


By Arabian Prince

November 21 2022

Music Industry

Let's Talk Innovation


By Arabian Prince

November 21 2022

Let's talk about innovation. Not just any innovation - but the innovation of music. Since the transition from the era of vinyls, CD’s and physical sales to the streaming generation: how artists are able to capitalize on their music and brand has shifted. The domination of streaming platforms puts artists in a precarious position, making a fraction from streaming than they would from sales and downloads.

Enter Web3. Web3 – in layman’s terms – is the new chapter of Web history. Web1 was a matter of uploading HTML pages for users to read. Then Web2 came along - giving users the ability to read and interact with one another. Web3 takes it to another level, where users can read, interact with and own content.

Since artists do not make as much revenue from physical sales and downloads as they once did, artists are now exploring innovative ways to replace the income they have lost to streaming. Many artists have turned to NFTs and Web3 for answers. 

NFTs, or non fungible tokens, can be thought of as an irrefutable receipt that logs every previous owner. This information is protected through blockchain - making it impossible for it to be altered. This makes the line ownership of things, like songs,  transparent and honest. NFTs, blockchain and tokens are new ways that artists can monetize and secure their music through peer to peer sales. This also allows artists to set the value of their own work and to intimately connect with their most dedicated fanbase. 

This peer-to-peer connection opens another door to monetization - offering exclusive experiences and exclusive drops to their fanbase that purchase their NFTs. More importantly, it can be used as a means to directly fund your favorite artists. In recent years, fans are able to directly crowdfund projects for artists. This allows artists to create freely for their fanbase, without ties or limitations. 

Many artists, from underground to chart-toppers, have begun investing within the Web3 spaces to promote, launch and showcase music. Web3, once a fringe online community of techies, is now a part of the VMA’s, with Snoop Dogg and Eminem performing as their Bored Ape - one of the most popularly known NFT art series - avatars. Ownership, through NFTs, of avatars performing live in the Metaverse is no longer an abstracted futuristic fantasy - but what you see when you turn on  your television. 

To most people, NFTs are still an ambiguous buzz word, but many are making money and capitalizing on this new innovation as it is now a viable source of revenue. Even large music companies and brands are now looking to NFTs to promote themselves and their brands. 

Companies, like Royalty Exchange, are now making this source of revenue accessible by offering services for artists to NFT their music cheaply. Getting your work as an NFT is only the first step -  promoting and selling your work is all on you. 

 

As of now, speculation is the way that NFTs and tokens grow in popularity and value - popularity of the content and its creator plays a big role.  Scarcity and exclusivity is also a large contributing factor to how coveted the piece will be. People experienced in Web3 are now savvier than ever, and are shying away from buying hype pieces for a hefty price tag. As an artist, you must be careful of what you put out. Your work must have integrity and value - the public can easily turn their back on what may look like a cash-grab.  

 

One final thought to consider is you still have to create music that appeals to your fanbase as well as an NFT. That goes hand in hand with what your music stands for. I personally look at NFTs as kind of the same as back in the day when people collected posters and vinyl record covers of their favorite artist. This is just the future of it, and it’s worth the investment of time, money and knowledge. Take the initiative to learn and join the future to make a profit.


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