The emergence of music platforms has completely changed musicians’ lives. Most musicians are paid based on their popularity, which makes it difficult for new artists to join the industry. Concerning users, their actions are limited: choose music, listen to it, add it to favourites in a playlist... The interaction between users and musicians stops there. But the music is more intense than that, right? Music makes us resurrect memories and feel new emotions. Nowadays it’s possible to just click, like a song, and then get it inserted into a playlist. An instant connection between the audience and the artist is thus facilitated by the companies without requiring the audience any further knowledge of the song or singer.

What are the benefits of blockchain in the music industry?

Various music projects, led by teams of Web3 developers and entrepreneurs are working on the future of music. Through some of their projects, users can pay artists through NFT and virtual events, allowing artists to be recognized for their work and to observe how their work is appreciated and consumed by the public. It’s quite impressive, is it not?

Blockchain-based platforms can help make resources and participants more accessible to each other, namely between users and artists. For example, users can tag their favourite songs with stories, and memories about what makes them important to them. Smart contracts have the potential to automate and accelerate the flow of income from labels and publishers to their rightful owners (e.g. songwriter, composer, musicians,...)

Another benefit worth highlighting is the contribution to combat illegal downloads and modifications of content. Blockchain can permanently store metadata, providing a history of ownership and provenance rights. Artists would be able to own their content, permanently stored.

Even music festival organizers have a variety of options and benefits available for them in the adoption of blockchain-based technology. Such as recording ownership of digital collectables, and even access to exclusive areas and attractions. Many festival organizers have started to create their own NFTs market: where users can buy and trade with each other, bringing longevity to once-in-a-lifetime events.