The music industry has been transformed in the last two decades. First, the advent of streaming services like Spotify and Apple Music changed how we listen to music tremendously. Afterward, the blockchain music space revolutionized how artists collaborate, sell their work, and get paid for it.
The blockchain in the music industry
The COVID-19 pandemic caused the collapse of live music. Gone are the old types of festivals and concerts. Now, we have a much more direct relationship with artists. For example, Ariana Grande offered a show in August 2021 for players of the videogame Fortnite.
However, there are still inherited problems, like counterfeit tickets, intermediaries for royalties distribution, etc. Blockchain is here to solve some of those traditional music industry problems. For example, artists can receive their royalties without intermediaries, and tour promoters can avoid counterfeit tickets.
Blockchain can help musicians have some control over the end use of their songs and recordings too. Also, NFTs manage payments between the parties involved in the production process.
Some projects combining blockchain and music
Developers worldwide have seen the benefits of including blockchain in their music platforms to improve artist earnings and protect copyrights. Here are some crypto music platforms on the market:
Opus
OPUS is one of the first decentralized music-sharing platforms that used blockchain technology to ensure fair compensation for artists. In addition, it allows transparent and reliable payments. The musical content of this blockchain platform is not located on central servers but on community servers.
OPUS’s blockchain platform used IPFS technology to reduce music storage costs. One of their goals was to allow most of the revenue to go directly to the artist safely and transparently.
OPUS has its token (OPT), and the development of the decentralized music platform began in 2016. In 2018 the OPUS Beta came out on Ethereum. However, this platform did not achieve the expected success, so currently, its Social media activity is minimal.
Audius
Audius is a decentralized music platform based on Solana. Any artist can post and share their work as NFT tokens on this platform for free. Also, artists and fans can interact directly.
Audius users have the $AUDIO token to support a digital economy with artists. Also, $AUDIO is a mechanism to send tips to favorite artists. In 2021 Audius partnered with Tik Tok so that users could play the songs of the artists of the crypto music platform on the social network.
In conformitate to Audius, about 88% of the revenue on platforms like Spotify is for administrative expenses, the record label, and platform fees. With the descentralizat music platform, 90% of the gain would go directly to the artists.
Vetz
Vetz, on the other hand, is a blockchain-based music rights marketplace. The platform uses the Initial Song Offering (ISO), so artists can negotiate their copyrights and share them with their fans. The ISO includes a particular date and time when song royalty rights will be available to the public, the platform notes.
This music rights market also functions as a decentralized music investment platform. Vetz uses its blockchain to record and track artist royalties.
For Vetz developers, ISOs are much better than NFTs regarding royalties. Thus, ISO participants would receive royalties for song reproduction, use, and licensing.
Before Vetz, the Orfium platform also used blockchain for digital rights management. It was released in 2015 with a hybrid public-private blockchain with sponsors such as Warner and Sony Music.
Rocki
Rocki comes like the future of Blockchain Backed Music Streaming. This streaming service came to the Binance Smart Chain blockchain in 2021, and its main focus is independent artists. For this reason, this decentralized music crypto platform only supports those artists who own copyrights to their songs.
Streaming on Rocki, artists receive $ROCKI, a token they can stake or burn. Fans can also receive tokens for listening to their favorite artists on this crypto music platform.
However, the project’s whitepaper is not currently available. Furthermore, since 2021, the value of its token has continuously decreased, perhaps due to the crypto winter.
OneOf
OneOf is a decentralized platform that combines music, sports, and lifestyle with NFTs. Well-known artists like Pitbull and Whitney Houston are part of it. OneOf is built on the Tezos and Polygon blockchains.
From this platform, artists can create NFT collections with their songs. They can also launch exclusive NFTs, which artists use to offer unique experiences to their fans, present unreleased music, and sell VIP tickets to events.
The music future powered by blockchain
Traditionally, new artists to break into the music industry and build a name were forced to comply with standards that led them to make little to no profit. Luckily, the blockchain can definitively change the paradigm of the music industry.
În prezent, only 22 tokens on CoinMarketCap are in the crypto music category, with a market capitalization of $313 million. However, the benefits of blockchain in the music industry and the NFT rush we have experienced in recent years could increase the frequency with which we see these types of projects.
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