The music industry is going all in on Web3 technologies as more companies get involved with adopting these new practices. From royalty distribution to blockchain licensing, it's exciting just looking at what we can expect from this technology.
Legacy companies like Sony Entertainment have also filed patents regarding nonfungible token-authenticated files, which will revolutionize how we listen. While electronic dance and pop seem to be attracting the most attention in music, they’re even making a difference in traditional areas like opera.
With the recent rise in popularity of music NFTs, it's no surprise that hundreds of projects are popping up on Twitter. This can be seen as almost a subgenre or movement with all these different types being created and released daily.
The desire to create music NFT is perhaps among aspiring musicians' most common desires. Many people want their own original pieces of sound, but what comes first? The answer: it depends on who you ask! Some say they’ve always been driven by creativity, while others believe that an intense passion for creating something new evolved out from deep within them.
According to Adrien Stern, CEO and founder of Reveel, a Web3 revenue allocation platform for musicians, NFTs are currently breaking rather than establishing genres. "Music NFTs are a subgenre. We're seeing a lot more diversity and creative freedom as if artists are eventually free to create for the sake of creating, rather than for the sake of fitting the algorithms."
Prior to NFTs, the next generation of internet musicians focused on making music for viral distribution in short video clips. "There is no doubt that it has liberated artists in terms of creativity. They don't have to write music for a 30-second TikTok video," Stern says.
One example is NFT musician Sammy Arriaga, who sold out over 4,000 pieces of music by leveraging his internet community on TikTok and Twitter.
Thomas "Pip" Pipolo, another musician and blockchain record label creator, stated that his artistic enthusiasm for music creation comes first. "What motivates me is the desire to create music and then use NFTs as an artistic tool to create an actual product to market to fans and investors."
Nevertheless, when it comes to music overhyped for NFT creation, Pipolo believes that good music is good music and bad music is bad music, regardless of whether it's in Web2 or Web3. "What I think is essential to remember from 'bad' or 'lower quality' music sales is that artists sell more than their music."
The significance lies in the technology that allows artists to use easily accessible tools like Twitter for marketing their personalities and tales while giving the audience more validity as owners and participants rather than simply followers. Pipolo states this "levels the playing field for those with the capacity but a lack of connections."
Jeremy Fall, the founder of Web3 Records, backed up this claim, saying it's not about hype. Even more so, the concept is: "To use technology to develop an ancillary experience around music that people couldn't get before."
Fall claims that musicians have always been required to incorporate various types of art into their work — visuals, performance, audio, and video — and that these new Web3 tools enable them to do so.
The power of decentralized technology has allowed for the creation and distribution of NFT music. Musicians like Pipolo, Fall, and Stern see this as a result that is both earned through hard work and natural growth due partly to how accessible it can be on Web3 networks, where creators have more control over their creations than ever before.
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