3 Ways Blockchain Tech Will Reshape Music
The music industry is at the precipice of innovation, with new technologies constantly appearing that could revolutionize the way we create, share and listen to music. Web3 and blockchain will fundamentally alter three key areas in the music industry: publishing, provenance, and collectibility.
This technology is not a magic wand; it’s simply a tool and infrastructure layer that can enable us to put together an immutable, globalized recording of musical works; utilize blockchain-based mechanisms to guarantee the legitimacy of musical works; and garner royalties for musical works in a trustless flow.
One of the biggest challenges in the music industry is the distribution and tracking of music rights. With traditional methods, it can be difficult to know who owns the rights to a particular piece of music and who should receive royalties for its use. With web3, all rights and royalties can be tracked in real-time through the use of smart contracts. This means that royalties can be automatically paid to the appropriate parties, without the need for intermediaries.
Smart contracts as self-executing tools directed by the terms of the agreement between buyer and seller mean that rights management is directly written into the code that governs a piece of music. They are stored and replicated on the blockchain network and are publicly accessible. The terms of the contract are transparent and tamper-proof, which is particularly useful for the music industry, as it can help prevent copyright infringement and protect the rights of artists.
There are already several projects in the music industry that are utilizing web3/blockchain for publishing.
A consortium of music companies, technology companies, and academic institutions are already working to create a decentralized music rights management platforms, aiming to create a more efficient and transparent way to track music rights, which will make it easier for artists to be properly compensated for their work.
Other projects are using web3/blockchain to create platforms that allow artists to easily manage and distribute their music. These platforms use smart contracts to automatically pay royalties to the appropriate parties, and also allow for the creation of unique, one-of-a-kind digital collectibles for fans.
Blockchain can be used to track music ownership and prevent copyright infringement. The transparency and immutability of the blockchain means that all transactions are recorded and cannot be altered, providing a tamper-proof record of music ownership.
With traditional distribution, ownership and secondary music markets, it can be difficult to prove who owns the rights to a particular piece of music. However, with web3/blockchain, all rights can be tracked in real-time, allowing artists to easily prove their ownership of a particular piece of music and receive proper compensation for its use.
Mycelia, a project launched by British singer Imogen Heap, uses blockchain to create a transparent and tamper-proof record of music ownership through their lab and research capabilitis. This allows artists to easily prove their ownership of a particular piece of music and receive proper compensation for its use.
Web3 has unlocked the creation of unique, one-of-a-kind digital collectibles that can’t be replicated or counterfeited. These collectibles can take many forms, such as digital album art, special songs, or exclusive merchandise. By creating these unique collectibles, artists can increase revenue and drive fan engagement by giving fans something that they can’t get anywhere else.
Early pioneers in blockchain enabled music are already making strides in utilizing web3/blockchain for collectibility. For example, RAC, a band from Portland, Oregon, used web3/blockchain to create limited-edition digital collectibles for their fans. These collectibles, which included digital album art and special songs, were sold using cryptocurrency. The band was able to increase revenue and drive fan engagement by giving fans something that they couldn’t get anywhere else.
Another project, Arianee, is a blockchain-based platform that allows artists to create and sell digital collectibles. The platform uses smart contracts to ensure that the collectibles are unique and one-of-a-kind, and also allows for the creation of a digital marketplace where fans can buy and sell collectibles.
At MODA, we’re continuing to build our own audio fingerprinting technology. Audio fingerprinting is a method of identifying a specific audio recording from a database of recordings. It works by analyzing the unique characteristics of the audio, such as its rhythm, melody, and harmony, and creating a digital fingerprint of the recording.
Our audio fingerprinting technology is designed to improve the distribution and tracking of music rights, prevent copyright infringement and protect the rights of artists. Our technology can automatically identify a specific recording, even if it has been modified or remixed, and track its usage across the internet, making it easier for artists to receive proper compensation for their work.
We are dedicated to creating a more efficient and transparent way of tracking music rights and protecting the rights of artists. Our technology will be a key tool in achieving this goal, and we’re excited to see the impact it will have on the industry.