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Music in NFT format

Indice

Introduction

Currently, if an artist wants to stream their music on centralized platforms like Spotify or Apple Music, it would involve the artist paying for the use of the service, then earning a profit depending on the number of streams they get if the revenue generated exceeds their revenue. investment. All this in turn depending on the discretionary changes that the platforms may have in terms of their policies, amount paid per reproduction, payment methods, etc.

With new blockchain developments like Audius or Releap, artists could upload their music directly to a decentralized platform for listeners to access. Thus, the profit goes directly to the artist themselves, rather than to a middleman, such as the music streaming provider.

In my opinion, this paradigm shift, where content generators can obtain direct compensation from users, will completely change the rules of the game, forcing the current large subscription platforms to reconvert.

“This paradigm shift, where content generators can get direct compensation from users, is going to completely change the rules of the game”

NFT as a solution to centralization:

In the current scenario, and when the adoption of subscription streaming services for music, movies, series, books and countless other options is already massive; These new concerns arise about how the benefits are divided between the creators and the platforms given the inequality of bargaining power that exists between these platforms and the majority of content creators.
In the music example we are mentioning, the answer appears through decentralized platforms hosted on the blockchain that allow artists to interact and obtain direct compensation from the consumers of their content.

NFT as a solution to music piracy:

At the beginning of web 2.0, the music industry encountered a big problem that forced it to change the way it had historically worked; piracy.
The possibility of users accessing platforms such as Napster or downloading their favorite songs from some websites and then playing them on winamp took this industry by surprise, which even today has not yet found a solution to this problem.
Since an NFT is a token on a blockchain that is unlike any other, an NFT can be created from a particular song and put up for sale. Unlike a regular digital download, an NFT held in a digital wallet acts as proof that the buyer owns the song.

NFT as a solution to censorship:

In the current model, centralized platforms and according to their corporate interests curate the content they publish, being able to eliminate content at will and possibly, given that their algorithms and Artificial Intelligence are based on what users listen to or request the most, generate a feedback bias that does not make it easier for the user to encounter new genres or expressions.
Having a decentralized network means that no one entity can decide if certain music stays on the platform or not. This a priori has pros and cons since we might think that inappropriate, abusive or offensive materials could be available to the entire public. But these platforms provide ways to remove certain content at the suggestion of a user by voting in DAO’s, which would a priori make such decisions more democratic.
Like all systems, it is perfectible and will still require a long journey and improvement through trial and error, but it will undoubtedly generate great changes in the current ways of producing and consuming content.

Intellectual property:

Centralized music services store data on centralized servers controlled by an entity, so if the server were to be hacked or the platform simply decided to shut down, the music would be lost.
By registering the music as NFTs on the Blockchain with nodes operating in different parts of the world and therefore many different servers, the music would be available to anyone at any time, even if 1 server temporarily failed.

“The generation of community will be vital for creators who need to have and retain a critical mass of prospects to whom they can offer their content”

Conclusion

As we already mentioned, we are at the beginning of a new paradigm where content creators will be able to obtain compensation from their consumers directly and without intermediaries.
It will remain over time to see how this atomization of the content offer impacts consumption habits.
In my opinion, the generation of community will be vital for creators who need to have and retain a critical mass of prospects to whom they can offer their content.

From NFT Smart Design we can advise you to digitize and immortalize your works of art in NFT on the blockchain. Click here and register to get in touch and together we can see how we can help you.

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