T

he music industry is one of the first major adopters of Web3 integration, with cases ranging from song rights and blockchain-based streaming all the way down to new forms for digital releases.

The entrance of classical music into the world of NFTs is an interesting development, as it has been used to help foster appreciation for this genre. With opera's newfound exposure comes many opportunities, including increased revenue streams and a better understanding among listeners.

This genre has long represented music that cannot be digitized or recorded, but now we're seeing it take on new forms with cryptocurrency as well!

Through a series of strategic partnerships, Living Opera is giving emerging blockchain technology the chance to be heard alongside some of today's most prestigious artists. The community has united with pioneers in art and music on one mission: to transform lives through new voices while celebrating classic works from across centuries--all powered by cutting-edge tech.

According to Soula Parassidis, CEO of Living Opera, the premiere Magic Mozart collection is a method of linking the revolutionary world of fintech to the traditional world of classical music and vice versa. "We wanted it to be simple to understand, low risk, and comfortable for people."

The idea of a “musikalisches würfelspiele,” or dice game to randomly generate music from precomposed options, is one the earliest examples in history. Mozart thought up this concept.

Classical music is about to get a serious renovation. With new technologies like this, musicians can introduce innovative income schemes for their fans and extra revenues that could give them an edge over other types of artists in today's competitive marketplace.

The National Endowment for the Arts survey says the portion of adults in the United States who participate in at least one opera each year fell from 3.2% in 2002 to 2.2% in 2017.

The pandemic exacerbated this by closing down classical places and opera houses worldwide. The Metropolitan Opera, one of the world's premier opera houses, reported a $25 million revenue decrease from the previous year in July 2021.

Christos Makridis, CEO of Living Opera, stated that NFTs provide a new avenue for classical artists and opera singers to bypass the traditional grant and endowment proposal process.

"Blockchain-based digital assets remove traditional barriers, such as proposals, artist grants, and so on, allowing artists to connect directly with philanthropists while eliminating much of the administrative costs."

Makridis stated that it delivers artists in this genre with "short-term liquidity" that was previously unavailable.

Some classical musicians, such as New Zealand composer Matthew Thomas Soong and American composer poser Cristina Spinei, have dabbled in personal NFTs.

In 2021, the Dallas Symphony Orchestra became one of the early adopters and pioneers in music NFTs. They released a fundraising single for musicians who were left jobless after Met Opera's paychecks were suspended because it came from dealing with a pandemic-related issue.

Living Opera's DAO-like structure facilitates micro-philanthropy for the artists engaged and their projects. NFTs, according to Parassidis, are a catalyst for socio-cultural change due to their rarity in a very traditional industry.

"They can be used as a mechanism to draw attention to voices, art forms, and causes that need to be heard more."

The promise of this technology is to help excite young people and allow long-term fans new engagement possibilities.

Posted 
Sep 6, 2022
 in 
Digital Lifestyle
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