The music industry has evolved a lot, but this year, the entire music industry could take a critical turn for the benefit of many artists and musicians when Web 3.0, Music NFT, and blockchain technologies are more available.
Many artists now and in the past did well-known works in the music and art industry but were not adequately compensated. Even many of the world’s greatest painters, including Vincent Van Gogh, Paul Gauguin, and Rembrandt, died without proper compensation or sufficient remuneration for their excellent work.
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What the experts say
Many analysts predict that record sales will reach $25.9 billion in 2022, but only 12% will go to artists. Today modern music has many more mixed benefits. For example, Spotify and Apple Music have helped musicians reach a global audience.
Apple Music pays musicians $0.01 per stream, while Spotify about half of that. Such measly fees may be enough for some celebrities with billions of streams, but it’s very little for most artists who aren’t as well known and famous.
The power of the Web3
Defining web3 is very similar to defining social networks, which is problematic and late. However, Web3 changes and gives this a significant but essential transformation.
Web3 is already transforming the music business. For example, consider the metaverse. While the word “metaverse” has gotten around, various companies have come forward with their interpretations of this virtual realm.
The metaverse has certainly given artists a whole new range of creative options and methods to interact with their audiences. Soon, it will be possible to provide virtual concerts and exhibit works of art within the metaverse, thus facilitating many things for artists.
Music in the metaverse is about accessibility and economy. For example, how much does Bonnaroo or Tomorrowland cost? You can spend thousands of dollars easily. Suddenly, you can afford to go to a music festival. But in the metaverse, anyone with a VR headset can open up a whole new world of entertainment. This would make it easier and cheaper for the artist, musician, and everyone involved.
Web3 continues to evolve
Web3 continues to evolve and has also developed rapidly, which is impressive. A few years ago, web 3.0 was totally unknown. Now it is a mainstream financial and promotional strategy that, like social media, can become important to a musician’s or artist’s career. Web3 is slowly but surely coming.
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sources: nftically
author: josum
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
