NFTs democratize music industry and redistribute song rights
EDM artist R3HAB and music community anotherblock are using NFTs to share song royalties with everyone involved in the process of launching a song -including fans. The music industry continues to find inventive ways to integrate decentralized technology into new releases to benefit both artists and their fans. Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock released a single on Aug. 19 with the idea of “democratizing music rights.” The nonfungible token (NFT) included in the drop allows holders to earn royalties based on streaming popularity.The....
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Cointelegraph spoke with NFT musicians and Web3 music industry natives to understand what came first: the music or the desire to make an NFT. Music-related use cases for Web3 technologies are piling up as the industry goes all in on adoption. From democratizing song rights royalties and blockchain licensing to legacy companies like Sony Entertainment filing patents for nonfungible token- (NFT)-authenticated music.While electronic dance music and pop seem to be picking up the most attention in terms of NFT music, they’re even making a difference in more traditional areas like opera.Just....
An opera-centric DAO is using NFTs to open up new funding avenues to classical musicians outside of the limiting legacy institutions. The music industry has been a major adopter of Web3 integration, with use cases ranging from song rights, blockchain-based streaming and new forms of digital releases. Genres like pop, EDM and hip hop have represented nonfungible tokens (NFTs) in the music industry so far. However, classical music, and specifically opera, just found its entrance. Living Opera, a Web3 community that combines classical music with blockchain innovation, is turning to the....
In a testament to the growing mainstream acceptance of bitcoin, members of the music industry have decided to get creative and make up songs about the cryptocurrency. Some have been remaking existing songs to infuse a twist on bitcoin while others are coming up with their own compositions. For instance, in a new twist on Billy Joel's "Uptown Girl" an artist named Naomi Brockwell penned a song called "Bitcoin Girl" which is currently the most viewed bitcoin cover. It even features a music video where she plays a data-mining, Economist-reading modern woman lusted after by a man who's stuck....
NFTs must evolve beyond PFPs and the Metaverse to stay relevant in 2022, and Monstercat CEO Mike Darlington explains that music may be next. Music-based nonfungible tokens are an emerging frontier in the crypto and NFT space, but the first questions that come to mind are: What are they? And what are their utility?Music NFTs are relatively new to the scene and cannot be pinned down by one definition. At the most basic level, however, they are verifiable digital collectibles, with a core component being the integration of a song.One of the first collections was “Audioglyphs,” which cemented....
(This is a three-part deep dive into the current state of the world’s music NFT industry and how it is making an impact on society) Last year, we’ve seen NFTs sweep the music industry once the COVID-19 pandemic entirely cut off musicians from their primary sources of income. Without any live shows, concerts, and CD […]