Music3 by MODA DAO
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Music3 by MODA DAO

Why Building An On-Chain History For Artists Matters

A tragedy of modern music — a tragedy that is frequently overlooked — is that in the mid to late 2010s, MySpace lost an enormous chunk of user generated and uploaded content in a server migration. Okay, that doesn’t sound like it’s all that tragic — it’s just MySpace, right?

The fact is, MySpace had become the default archive for an entire generation of music fans and creators coming online and beginning to share their passions digitally for the first time. The loss of that data isn’t a punchline; it’s the loss of the records, music, data and stories of millions of people who are still in the music ecosystem today, whether as listeners or creators, who have now lost their genesis moments forever.

In the blockchain world, we talk a lot about trustless systems and immutable data. These terms are used to describe how data is stored on a blockchain — how it cannot be changed or deleted, and how it can be verified by anyone without needing to trust a central authority. This is why blockchains are so valuable for things like financial transactions; but they’re also valuable for recording the history of anything that can be given a digital fingerprint.

One of the selling points of Music3 is the ability for an artist — and their community alongside them — to record their entire history, their entire story, on an immutable public ledger, capturing and tracing the provenance of their careers and works from inception to present day. This not only creates a definitive and indisputable history of the artist, it also deeply engages fans and collectors, who become historians of their favorite artists simply by participating in their on-chain ecosystem.

For example, when an artist issues a limited edition release on Polygon or Ethereum, that release is recorded on the blockchain — as is every wallet, every collector who mints, owns and trades it. We are then able to see, in real-time, the distribution and community behind that artist’s work.

In the future, we will be able to see not only how an artist’s career has progressed over time, but who were the key players and fans who become influential nodes, spreading the word and boosting an artist’s career through their activities, and what kind of impact they had.

Music3 platform will also provide an important benefit to artists whose works are no longer available. By recording and preserving their music on the blockchain, we can ensure that their art will always be accessible and that their legacy will never be forgotten.

The data captured by Music3 can be used to understand an artist’s business, their marketing and their fans in ways that were never before possible. It also enables new opportunities for marketing, promotion and fan-engagement. Encouraging fans to hold and use on-chain ticket stubs from shows they attended, with utility adding to the value of those tickets, and with their attendance recorded for posterity could mean that we are able to see and remember the audiences at the earliest gigs by tomorrow’s biggest acts.

We don’t want to wind up trusting a centralized authority — another MySpace — with the musical and cultural stories of a generation, ever again. We don’t want to run the risk of losing those stories ever again. Preserving the history of our music matters — to fans and to creators. And preserving it on the blockchain makes it the responsibility and the privilege of us all.

This is the power of data captured on a blockchain. This is the power of Music3.

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