Music industry

Will the future of the music industry be NFTs and Metaverse gigs?

Parbit

Will record companies and streaming services exist in the future? Music artists have complained about payment systems in streaming services like Spotify and Apple Music, according to the New York Times. What if artists could directly benefit from their fans?

NFT music Royal platform receives a lot of attention

Two weeks ago, artist investment platform Royal closed a $ 55 million Series A funding led by a16z, which also included venture capitalist Coinbase Ventures and artists like The Chainsmokers, Kygo and Disclosure, according to Royal’s official Twitter.

Royal is an NFT music platform founded by Justin Blau, AKA 3LAU, and JD Ross, the co-founder of Opendoor, where artists give their fans direct ownership of their songs and the ability to receive royalties, therefore if the artist is successful, the fan is also successful, it’s an equal distribution of the benefits, according to the Royal website.

Electronic DJ and Founder Justin Blau said:

“A true fan might want to own something long before a speculator even gets wind of it. Democratizing access to asset classes is a huge part of the future of crypto.

Its latest release song is called “WAVEFORM,” which gives its owner 100% of the rights and is open for auction until December 7 at 6:05 p.m. CET, according to Royal’s official OpenSea account.

Royal’s first NFT drop was called “Worst Case,” which gave fans 50% ownership via 333 tokens, launched last October.

Other well-known blockchain-based music platforms like Opulous and Audius, which have also grown in recent months.

A new era in music concerts

The traditional way of going to a concert or a festival is changing. Last October, we saw the first two festivals hosted on a metaverse. Decentraland hosted its first Metaverse festival, featuring performances from top DJs / producers such as Deadmau5 and 3LAU.

Roblox, through a partnership with Insomniac, hosted the Insomniac World Party, which brought the Electric Daisy Carnival to the Metaverse, pictured in the image below, including performers like Kaskade, Zedd, Kygo, Alan Walker and many more, according to Roblox. website.

The adoption of NFTs in the music industry is growing faster every day, from NFT music platforms to metaverse festivals. It wouldn’t be a surprise if in the future music concerts or festivals like Coachella issued their tickets in NFT form.

Posted in: Metaverse, NFT
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