Music and cryptocurrency

There is a wide range of potential use cases for music NFTs. They can be used to grant access to discounted concert tickets, special areas at concerts or meetups with the artist. It all depends on how the artist wants to structure the NFTs they issue. After all, as Wired editor Kevin Kelly has long argued, all artists need are 1, true fans who will support them — and NFTs help capture that idea for an increasingly digital world.

Some artists prefer to release limited editions, e. For this, a popular option is Sound. Platforms specialize in different music genres. Beat Foundry enables minting generative music, a genre involving collaborations between humans and computers.

The top three artists receive 0. In addition to receiving funds, the artists also gain recognition. Other DAOs are investment oriented. In addition to investments, some like to keep it fun — Friend with Benefits threw an oversubscribed party during NFT. Royalties Normally, music NFTs only certify on-chain ownership of a token tied to a music file.

But there are platforms seeking to change that. Besides being an excellent alternative investment asset, cryptocurrency is also disrupting various sectors, including the music industry. Crypto music refers to any song or album that can be purchased using cryptocurrency or is distributed on a blockchain platform. Everyone involved in music production—from artists to producers and managers—can benefit from this new method of producing and distributing music.

Crypto Music: Understanding Its Scope Crypto music has a huge potential to change the music industry and improve the lives of artists. Artists are now able to distribute and promote their music on decentralized platforms where ownership, revenue, and control of data remain in their hands. They also get paid immediately for every stream without waiting for months before receiving any revenue from their work. Here are a few crucial benefits of crypto music for artists and listeners: Better Earning Potential Decentralized music distribution platforms can make more money for artists.

The biggest thing to note about these decentralized music distribution platforms is that they allow artists to sell directly to fans and cut out the middlemen. Artists are in total control now, which is great. When you share your favorite song on the blockchain, that song is recorded in a record book called a ledger. The ledger can help you determine who first created the song and where it came from. These records will be helpful when musicians have to file for copyrights or sell their work.

The blockchain can also ensure copyright protection by adding new digital rights management DRM layers over top of old ones without changing anything else. This makes sure your music is protected even if someone tries modifying its permissions later on down the line because whoever created these changes would need access back into every single previous layer before they could do anything else with their own changes on top.

Enhanced Listening Experience One major advantage of the blockchain is that it can store metadata about songs, giving each song and artist a unique identifier. This makes it easier for people to find the music they want and verify its authenticity. Metadata can be thought of as information about information.

But as you might expect from such a large amount of data being stored in one centralized place, these catalogs are prone to fraud and error. As with most other types of digital files e.

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How has your label Black Circle grown and evolved over the years? It started off in the streets and we just made it into a record label. Can you talk about your role on the business side of the label overseeing other artists?

What do you look for in an artist? I pretty much lead by example. I like warriors who can fend for themselves. A lot of artists act like kids. I like artists who can record themselves. I want my artists to be the same way: be able to record themselves, be able to market themselves to a certain extent. Some artists burn you out. You just dropped your Whale Games visual EP. Can you talk about the significance behind the title?

What do you plan to do with this type of influence? I want to get with likeminded people to put money towards one goal and everybody make more money off it. Like how they did AMC. A bunch of people came together, and they were able to move the market and a large percentage of people made hundreds of thousands to millions just by coming together and being able to manipulate.

The higher ups manipulate the market anyways. They make their millions off manipulating the market. Can you talk about what it was like dropping seven music videos in seven days? It was just a lot of work. Basically like, wake up, and then I might go work out, then I gotta shoot a video ,and the video take all day. Then I might try and record, then go back to sleep. My day was just staying busy and occupied. It was no downtime. What advice can you give to those who want to be more financially literate and are new to the crypto space?

Read everything you come across. On Jan. Indeed, it was the first album from a major recording artist to be released as a non-fungible token, or NFT , an emerging digital collectible technology revolutionizing the art and music industry. A music NFT could encompass anything from an album, song, piece of merchandise t-shirts, stickers etc. It is simultaneously a genre, medium and a media format.

For example, Kings of Leon released merchandise authenticated by NFTs alongside their latest album, and the Canadian musician Grimes released exclusive content digital images of cherubs set to her music. What Is an NFT? A non-fungible token NFT is a cryptographic token that records who owns a piece of digital content on the blockchain.

NFTs are generally stored on the Ethereum blockchain, although other blockchains, such as Flow and Tezos , have started supporting them as well. NFTs are unique digital assets and as the name suggests, non-fungible. This lack of exchangeability makes NFT adaptable to securing unique items such as contracts, digital art, and this case — music.

Artists can create their own NFTs and then auction them off to their fans, who pay for them using cryptocurrency. Multiple buyers could purchase an NFT, making owning one a lot more accessible, especially if it's a big ticket item.

This would be like exchanging a Dali for a M. Escher — their respective values are not equal. As NFTs leverage blockchain technology, they are uniquely suitable for securing intellectual property. They enable ownership tracking and establish providence. Each individual transaction is recorded, and like brush strokes on a painting, this makes the work increasingly unique and uncopyable. Returning Control to Artists NFT technology could turn the music industry, which is controlled top-down, on its head.

This revenue is divided between myriad entities such as promoters, distributors, producers etc. The financial woes this slow and low payment causes artists is currently compounded by the hiatus on touring caused by the ongoing global pandemic. Adding Royalties Through Resales Recording artists can earn additional revenue or royalties following an initial sale.

Connecting Artists and Music Lovers Directly NFTs simultaneously enable fans to own portions of the music they love, while providing artists with an avenue to securing their intellectual property.