As the globe races to adopt blockchain technology, the music industry has moved ahead and is drawing a lot of public attention.
Distributed public ledger, commonly referred to as blockchain, is pretty simple to understand at the basic level, where devices in the decentralized database verify the transactions. Blockchain has made a name for anonymity, security, and decentralization, which is common with Bitcoin (BTC).
One of the common crypto use cases today is the music industry, where artists and creators are identifying and using new opportunities to connect directly with their fans without going through third parties. This method is aimed at eliminating the burden that record labels place on musicians.
Traditionally, music labels determined how musicians would sound and look and pocketed a large portion of their profits. In the US, the labels account for 2/3 of the music in the nation. Blockchain is now offering a new way to open the golden age of music for fans and artists.
Music via Non Fungible Tokens
There are many blockchain-powered projects helping to shape the music industry. The goal is to bring the artist and fans together and amplify the user experience. With direct engagement, music fans become marketers and are motivated to get some profit from the artist’s growing audience.
Blockchain platforms incorporate non-fungible tokens (NFTs) as a way of recording ownership. The method provides artists with full control over their efforts and works easily to resolve issues that may arise. For example, a music album can be sold as an NFT.
NFTs are opening new streams of revenue. For example, an artist will be sure of getting a share of the benefits when other people release remixes that include their work. Artists might opt to go for micropayments from their streams as they take advantage of NFT minting.
The decentralized music platforms are providing artists and fans with a new way of reforming and influencing how music is created and shared.
What about an Independent Marketplace?
The only missing item is a platform that can help bring new ideas to life. Already, there are a number of ambitious projects focused on this, such as Tune.FM.
Tune.FM is a project on a mission to craft a globally independent marketplace. Here, every artist will have his/ her space to collaborate, share his/her music, and link directly with fans. Artists will get access to hybrid licenses to allow them stream, publish, sell, and broadcast music while accepting payments both in cryptos and fiat.
Tune.FM uses the native asset, the JAM token, for direct payments between fans and artists.