How is Web3 related to music?
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 a 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 like any new and novelty tool, however, there are creators who live off the hype. This is often seen with pump-and-dump cryptocurrencies and NFT projects, both of which have little to no value or long-term utility. As music NFTs become more popular, the hype follows. Hundreds of music NFT projects are popping up on Twitter, creating what can be seen as almost a subgenre of NFT music. Before NFTs, the next wave of internet musicians was creating music for virality in short video clips. “There is no doubt that artists have been freed creatively by NFTs.One example can be seen with NFT musician Sammy Arriaga, who leveraged his internet community on TikTok and Twitter to sell out over 4,000 music NFTs. Another NFT musician and blockchain music label creator, Thomas ‘Pip’ Pipolo, added that his artistic passion for music making comes before anything else.“The drive to create music and then using NFTs as an artistic tool to have an actual product to sell to fans and investors is what motivates me.”
All about NFT driven music
Digital collectibles NFTs bring back the power in the hands of the artists, allowing them to engage with their followers and establish their role in the Metaverse via concerts and other activities. Overall, the blockchain may provide a layer of transparency and trust as the technology can facilitate more openness and reliability. Everything is encoded in smart contracts, and artists are aware of the precise allocation of funds. Artists may engage in decentralized governance, seek funding, and eventually view every transaction recorded on the blockchain.
For instance, a music video might be most effective when utilized as an extended virtual expression of a piece of music, elaborating the essence of a song. This way, it might become a lucrative tender in the realms of digital art and NFTs. So far, have witnessed a few instances of this in action, most notably with the Canadian artist Grimes, who sold $6 million of unique video NFTs, many of which represented fragments of music and even past demos, further compounding the interest and value of each piece.
Furthermore, it is also possible to integrate music with digital art, very often in the jpeg or gif formats. These introduce one-of-a-kind works of art that include music as an element. In this vein, Lostboy NFT emerges as a popular music collective that integrates art and music while emphasizing mental wellness.
Advantages of Technology and experience around music
“To take advantage of technology to be able to create a secondary experience around music that people couldn’t have before,” Jeremy Fall, Founder of Web3 Company says that musicians have always needed to incorporate many types of art into their creations – visuals, performance, audio, and video – and that these new Web3 tools allow this. Regarding noise, in many scenarios surrounding music, there is consensus that it is learned and natural. Web3 musicians and creators like Pipolo, Fall, see NFT music as a result of the true power of decentralized technology.
As far as hype, in lots of the eventualities surrounding music, the consensus is that it’s each earned and pure. Musicians and Web3 music creators like Pipolo, Fall, all see NFT music because of the true energy of decentralized expertise. “What I think is important to get rid of selling ‘bad’ or ‘lower quality’ music is that artists sell more of their music.” The importance lies in technology that allows artists to use accessible tools like Twitter artists to sell their characters and stories while giving fans more credibility as owners and participants rather than just followers. Pipolo says this “rewards the playing field for those who have the ability but lack the connections.”Web3 record company founder Jeremy Fall backed this statement and said it was definitely not about hype.
