The music industry has seen successive waves of disruption and change over the last century. Are NFTs the next driver of innovation?
in a digitally native way. All these unlock potential opportunities for independent artists willing to innovate in the next iteration of the music space.The music industry has always been willing to try new things. As Mattias Tengblad, CEO and co-founder of Corite — a blockchain-based crowdfunding music platform — told Cointelegraph, “When music videos came out in the 80s, it was entirely new and people weren’t sure what to make of it.
These innovations aren’t exclusive to incumbents of the music industry and young talent native to Web3 can open the gates for new expression and monetization. It is encouraging the relationship between artists, middlemen and fans to transition into a community.Music innovation empowers those artists testing new technologies with the opportunity to become the next established artists of the upcoming generation. This can potentially diminish the importance of record labels to an artist’s success.
Successful Music NFT drops show how Web3 can disrupt the fundraising model by allowing artists to go directly to fans for funding. Those artists that make an effort to engage with their community and build a direct relationship with their fanbase will benefit the most from Web3.An audience is generally understood as a one-way relationship, while a community suggests a two-way communication between the artist and its fans.
If an artist posts a new video on Youtube, their community can contribute to the artist’s work by providing instant feedback and proposing new ideas that can help the artist grow and develop further.
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