Online content streaming is dead. Long live the music NFTs
Goodbye Spotify, music nonfungible tokens have arrived: Reimagining the music streaming model in the Web 3.0 era. The music industry has undergone a massive transformation in recent years. We have seen the advent of the internet leave its mark on music, and most notably, 1999 spelled the coming of Napster. This then-revolutionary peer-to-peer online streaming service defined a whole generation and enabled musicians to share their creations with the world.Streaming has become the dominant format for music today, through Apple, Amazon, Tencent Music and the clear category winner — Spotify.....
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Spotify and Apple Music reportedly cut 75% from musicians’ revenues together with the cut paid to labels. As popular music streaming services like Spotify cut much of musicians’ revenues, new technologies like nonfungible tokens (NFTs) are likely to help artists grab back their fair share, Saxo Bank predicted.According to one of Saxo Bank’s Outrageous Predictions 2022: Revolution, music creators would benefit from NFT-based streaming platforms as they allow distributing music directly to listeners without centralized middlemen charging a fee. Saxo Bank’s cryptocurrency analyst Mads....
With the dramatically expanding creator economy, NFTs and Web3 are becoming the tools for giving artists and musicians more financial stability and control. The music sector hit record revenues at $25.9 billion in 2021, which amounts to an 18.5% growth from 2020, according to IFPI’s “Global Music Report.” Of these nearly $26 billion, streaming drove the bulk of the growth, with a 24.3% increase relative to 2020. These patterns constitute great news for the emerging class of NFT musicians and highlight the demand for audio and video content.Even if the way that streaming is done changes —....
It's no secret that the music industry has been mired in controversy for raking in profits mostly for producers and record labels then leaving very little to artists themselves. This has been a prevailing issue, even as the rise in music streaming has offered more convenient and streamlined ways to listen to songs. Even Grammy-winning singer-songwriter Taylor Swift has spoken up about this issue when it comes to Apple's streaming services and has protested against Spotify's music streaming terms. Bitcoin enthusiasts say that the cryptocurrency might be able to solve all this. Bitcoin and....
Online piracy has been on the minds of many thanks to the recent Sony debacle. Those who were torrenting movies and music anytime in the last decade may remember Gary Fung's major contribution to the torrent community: isoHunt, a site much like the Pirate Bay, which shut down last year after Fung made a settlement of $110 million with Hollywood. Fung, who lives in Western Canada, wrote with a great degree of hindsight for TorrentFreak, saying that he envisions a future where streaming is the rule and Bitcoin is the medium of exchange. Also read: BitTorrent Inc. Offers Digital Release....
Metaverse infrastructure company Condense closes a $4.5M seed round with plans to livestream real-world events into the Metaverse. The Metaverse infrastructure company closed a seed funding round to continue the development of 3D live streaming technology. Condense raised $4.5 million in a round led by LocalGlobe, 7percent Ventures and Deeptech Labs. The technology employed by Condense live streams 3D videos into the Metaverse via games and existing platforms. The firm states that such technology has the potential to create an entirely new world of content creation and entertainment....