Is the Web3 Music Industry Ready to Grow?

The new wave in Web3 music is disrupting the music industry. It all started in the early 1900s, with the advent and widespread use of recorded music. The industry has seen technological advances over the past decade. The music industry has seen huge growth through the use of everything from vinyl records to CDs to radio and television. The rise of digital music came with a decade-long decline in the industry. Napster, a free music download tool, encourages piracy. Although users love the idea of free music, the rapid decline in incomes of music companies has caused a lot of piracy. NFT’s explosive growth and large-scale out-of circle growth in 2021 is a great example. Web3 music or NFT music is quietly changing the music business by allowing people to get lost in the fictive value of NFT. Is the music industry ready to be disrupted?Original intention is to save independent artistsArtists have glamorous lives of fortune and fame. The reality is the exact opposite. The music industry has a dark side. It is the exploitation artists by music companies. Artists who are able to avoid being exploited by music companies often have to worry about their ability to survive. Independent artists have been searching for a way of making their income stable and the emergence blockchain technology appears to be that solution. Regulating copyright through this technology was ultimately unsuccessful. Many independent artists have lost their most important source income. Many artists feel unprecedented pressure to make ends meet. When we look back at the Web3 artists who became well-known in early 2023, almost every one of them will need to find a way to make a living in 2020. This is because selling NFT was the only way to earn a living in the industry. In early 2021, the “Year of the NFT,” the entire industry was stunned when 3LAU (one of the top 100 DJs in the world) sold his NFT album “Ultraviolet” to auction for more than $11 million. His agency, YMU, is happy to announce that artists’ incomes were severely affected by the lack of touring and other factors during the pandemic. NFT auctions offer an exciting opportunity for art Monetize. 3LAU has shown this in a historic fashion.”3LAU Despite these pioneers the real explosion in music NFTs will not happen until the summer 2022. For a variety of reasons, progress has been slow. One reason is artists questioning whether NFTs are a good way to distribute music. The logic of music NFTs is quite different from those of image-based, indiscriminately distributed NFTs. A consumer purchasing an NFT may have a different mentality than an artist. Artists have tried to solve the problem by giving their NFTs “useful attributes” such as tickets for future offline performances and VIPs for peripheral products. However, we believe there is a better way to help artists succeed: the community. In 1999, David Bowie spoke to the BBC about the transformative power and potential of the Internet (now called Web1), stating that artists should build relationships with their fans and the community. Bowie actually issued “Bowie bonds” in 1997, which was a unique form of asset-backed security. It was supported by Bowie’s income from album sales and live performances and was undoubtedly the precursor to social tokens. Even though platforms like Instagram and Twitter are proving to be as popular as Bowie expected, their relationship with their fans and the community is still not satisfactory.David BowieOnly now, has this prophecy been fulfilled. Web3 artists no longer have to depend on a particular platform provided by a record company to make a living or build a community. If you have 1,000 true fans that buy every product you create, you can generate $100 per year and make enough creator income to support your own life. Kelly, a famous Chinese-American author and investor in the creator economy, first proposed the “1,000 True Friends” theory. Most people believed that 1,000 fans was too many. Let’s take a look at a Web3 music platform case study: Kasbeel, a Colombian musician, sold 1.81 ETH to buy three singles. This is a substantial amount of money in her hometown. For his efforts in releasing singles, American DJ Mija, 30, received 10 and 15 ETH, respectively. For each single, 25-120 NFTs were distributed. Reo Cragun, another Web3 artist, said that he had a natural fan base on Web2’s Web3 platform. He is willing to host private concerts for fans and NFT collectors in order to provide the best possible music experience. He is also actively purchasing works by other artists, as they are his favorite works and he can gain a lot from them. Without NFTs, it would have been difficult to create this kind of creator-fan network. Reo CragunWeb3 music goes offlineIRL. This stands for offline experiences and events. Web3 sounds like an internet product, but it is actually a product of the real world. It has evolved beyond the internet and into the real world of music and arts to generate income. Many live performances were cancelled due to the pandemic. But, there is a growing fan demand for music and arts. Don’t believe it? The IFPI (International Federation of the Phonographic Industry), and RIAA(Recording Industry Association of America) report that the music market in 2021 has exceeded its peak 10 years earlier and continues to grow. Web3 has not been the “savior” of the music industry. Web3 is just an icing on a cake. Web3 quickly recognized a new social need about avatar NFTs. Many people started new communities around the same NFT type, either for investment value or bragging right. These new communities are rebellious from the moment they were created, much like the hippie culture of 1970s. People from all walks of the life, from entrepreneurs to students, come together under the Web3 banner to chat in Twitter Spaces and Discord channels. They also plan Web3 events. Web3’s rebellious, ethereal core has made it a stronger community than the Web2 community. It is evident that people are more curious, exploratory and communicative when they form new circles. The entire Venice Beach was in depression at that time due to the epidemic. Seth, who is depressed, has nothing to do. He shoots sunsets with his telephoto lens and saves many beautiful sunset photos. Seth decided to turn these photos into NFTs after a friend suggested it. Seth used AI to convert his photos into video NFTs quickly and was not satisfied with the results. Seth began to think about NFT’s value as a new form of art. Seth believes that entrepreneurs and artists using NFT don’t need to own physical artworks or paintings to enjoy them. Imagine an online community where members can visit a local gallery to view a digital work of art, interact with others, and then enjoy the work on the blockchain whenever, wherever, they want. Seth was inspired by this idea and created a DAO (Decentralized Autonomous Organization: Bright Moments). This is because Seth wanted to create an active online community that would be beneficial to all members. Seth also practiced the governance form that a DAO should have: issuing governance tokens and exclusive NFT. Bright Moments has been very successful commercially, launching many amazing NFT projects and showcasing them. One of its most important aspects is the unique offline experience. To get an exclusive NFT, you must visit Bright Moments’ gallery in order to make it. This approach is popular with many people. This approach appeals to many people, even if you cannot travel to Los Angeles for the moment, which has offline galleries for now, but people are willing to purchase NFT in secondary markets. Some of the best-known artists began to showcase their talents. In Berlin, for example, Bright Moments musicians created an offline electronic music club called “GLU:T/” to create a Web3 fan base based on offline venues. Although the project was once at top of five lists from the well-known Web3 culture incubator SeedClub it was eventually removed. The community is still strong. Another similar project, wavWRLD, was also launched by musicians from Web3 company SongCamp. It hosted weekly offline shows for NFT collectors. Numerous independent artists who have released NFTs have been invited for concerts. This is exactly what Web3 artists like Reo Cragun dream to do. These artists and their small communities developed a closer relationship. They facilitate NFT distribution and sales. WavWRLD is also exploring the possibility of using live performance audio and/or video as NFTs. This idea was absurd even in the Web3 world just a few months back. But now, this also seems to be a new trend.ConclusionThese examples show the impact of Web3 on the music industry. Web3 was developed in the technology field, but it has transformed the music and arts industry from creation to distribution to fan interaction. This was unexpectedly triggered by the pandemic. The convergence of Web3 with the arts is based on community and experience. As the global pandemic’s impact recedes, music consumption, which is dominated by live music will make a comeback. We believe the Web3 paradigm will continue to have an impact. We’ll see what the future holds. Let’s wait and see. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comHaroldCoincu NewsTags: EthereumIFPINFTNFT Musicsound.xyzWeb3Web3 Music