The music industry has thrown open its gates to the advent of blockchain with everyone from American music labels to K-Pop companies wanting to utilize its benefits and coming out with NFTs. Some prominent artists who have welcomed blockchain-based music projects include Pitbull, Shawn Mendes, Snoop Dogg, Kings of Leon, Steve Aoki and Grimes. The use of blockchain tech in music has been rising favorably due to reasons like cost-saving, elimination of middle persons, streamlining of royalties and establishing an indelible source point for musicians. Perhaps its most appealing quality is the true ownership aspect it provides to music consumers. The next burning topic at the music-crypto juncture is that of using the blockchain for the purpose of music licensing.
Blockchain Fuels A Music Renaissance
Blockchain has re-evaluated the way we approach and consume different types of media content, especially music. Several blockchain-run projects are cropping up and contributing to the renaissance of music licensing in the era of Web3. The month of July 2022 is seeing a plethora of such projects lined up. A digital music repository is in the works by the popular London-based music composer and producer Sefi Carmel who is prepared to revolutionize the arena of crypto filmmaking later this year. He has planned to launch a platform that promotes music licensing that will be cryptocurrency-based. Carmel has curated a collection of songs that will be exclusively featured in movies, TV shows, commercials and games that use AR-centric or Web3 technology.
Music Licensing In The Era of Web3
Many artists around the world are keen to ride the NFT wave. The latest person to join this list is the famous American DJ and EDM producer 3LAU who is partnering with a non-fungible tokens (NFTs) project that will target his fandom. It will allow online fan-driven spaces to actively engage with music through the power of co-ownership of his songs. The artist has been an avid promoter of crypto technology.
Another key name in this list is the crypto music platform Dequency, which boasts the vision of being the first Web3-fueled marketplace in the world that prioritizes music licensing with crypto-positive music goals. It has plans to create a platform which spotlights license that extends to NFTs, music ventures, digital artworks, blockchain games and other Web3 products. This project is especially radical for focusing on getting rid of middlemen to ensure prompt transactions, reduction of cost and empowering the users to participate directly in the music-centric marketplace.
With many such crypto-related ventures primed to change the global scene of music licensing, it will be interesting to see what blockchain developments and results unfold in the future.