Effect of Blockchain on Music Industry and Feature of Web 3.0 Music

Blockchain Effect on the Music Industry

Blockchain has a tremendously positive effect on the music industry. Via blockchain musicians are able to receive equitable royalty payment, counterfeit tickets are curbed by venues, music streams are easily traced by the record companies, and instant payment is done to the artists. One technology has the promising potential to ease the industry’s woes i.e. blockchain. It is providing a blockchain-powered music platform. The decentralized streaming platform allows listeners to stream music tracks and distribute streaming royalties to artists using the OPT cryptocurrency token.

How Blockchain Changed the Music Industry?

Blockchain-based streaming platforms allow the transparent and secure peer-to-peer music transformation and purchase of music. The blockchain connects artists and fans without any third party. Hence, by solving the payments issue they get 90% of the streaming revenues. It has a cryptocurrency that describes itself as “a stack of financial services including exchange and banking on a blockchain. Token issued on Bitshare Blockchain, designed to be tied to real-world assets, such as the INR and USD.

Web 3.0 Music Feature: The revolution of Blockchain in the Music Industry

What is web 3.0 music? The question arises in your mind, the solution is here Web 3.0 music provides musicians with new income streams and new ways to connect with fans and adobe stock. Musicians have got blessings throughout the modern era. On the one hand, streaming services have enabled artists to reach vast numbers of people around the world. One can put their music on the blockchain by submitting a catalog, creating NFT, and weighing their options. Instead of depending on the intermediaries such as distributors, managers, digital streaming service providers, and accountants or lawyers, music artists can directly interact with their fans. 

Effect of Web 3.0 on Music Industry via blockchain

Web 3.0 music is a natural extension of the creator economy, which builds all web3 platforms’ creator tools directly into their technology. It assumes a musical creator as nimble as a nonmusical creator and brings everything they need with them to activate an experience. Web 3.0 music is doing wonderful work for musicians. Musicians can track their artwork sales using public ledgers and receive revenue accordingly. Because of Web 3.0 music art information is more transparent than earlier. Blockchain-based digital records of art can be made publicly accessible. One can become a Web 3.0 professional by blockchain fundamentals, decentralized applications, frontend web development basics etc. 

Significance of Web3.0 and Blockchain

Web 3.0 is a world-changing opportunity to make a better version of the internet and wrest it away from the behemoths who control it today and will make some people a lot of money. But many other people will lose their shirts. Blockchain is a decentralized technology that uses smart contracts to execute transactions. These smart contracts define the semantics of a web 3.0 application.

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