MUSIC IN BLOCKCHAIN

MUSIC

The music industry, being one of the fastest industries with creators always improving their craft, loses most of the revenue generated to middlemen who act as a bridge between the musicians and their audience, this leaves the musicians with a small portion of the income.

How Near protocol aims to improve the industry.

Near protocol, the open-world web that gives people authority over their assets and data and aims to use NFTs and DAOs to replace middlemen to make a shift of wealth and influence back to the creators.

Near protocol has made it possible for artists in the music industry to experience a boom in blockchain through NFTs and DAOs.

Due to the transparency and uniqueness of Blockchain, the music industry is going to enjoy a whole lot of development in so many aspects:

The blockchain would provide more transparency for artists. As it is, it’s hard to figure out how royalties are even being calculated, and how much of it is being taken by third-party companies. The blockchain would make it possible to track all the music content that is created and how it is used.

With blockchain, musicians can receive equitable royalty payments, venues, and curbing counterfeit tickets, and record companies can easily trace music streams and instantly pay all artists who contributed to songs or albums.

With the Advent of web3, creators of musicians gain total control of their copyrights and, royalties and can easily collaborate with other artists across the globe in real-world time without the need for a middleman. This signifies the disintermediation of the value chain.

Music is reinvented with the power of blockchain which provides creators the opportunity to figure out how royalties are calculated. DAO tokens allow fans to get involved in the decision-making process and also have access to a share of a musician’s work.

MUSIC NFTs

Non Fungible Tokens are tokens That represent a unique piece of art(music, poems, drawings, paintings, etc) that can be created by musicians.

Music NFTs give fans exclusive rights and serve tickets to shows and recordings. NFTs can be given as airdrops at concerts or bought at NFT marketplaces.

In the next article, we will look deeply into some projects focused on music in the Near blockchain.

Join us on https://he1.me/CSEx to meet 9ja musical community dedicated to educating enthusiastics on the blockchain, Near ecosystem, music and Nfts.

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