Music NFTs Revolutionize the Music Industry | Decentralized Arts
BanklessDAO Weekly NFT and Cryptoart Newsletter
Dear Bankless Nation,
Innovation is key to success. Few companies understand this as well as multinational giants such as Google and Apple. Another that stands above in innovation is Disney. This week, we discuss news of the entertainment industry leader bringing together six different companies for their 2022 Disney Accelerator to explore blockchain technology and the metaverse. Among these six is Polygon, which has been developing successful partnerships with household names in an effort to expand the use of blockchain technology and explore new use cases. This will provide new opportunities for innovation at Disney, and further establish the proficiency of the participating companies in blockchain technology.
We also discuss music NFTs and how new platforms are revolutionizing the way we consume and own music, how artists interact with their followers, and how followers interact with their favorite artists, all while creating value for both. While there are many popular NFT platforms, with music NFTs available across many of them, two platforms stand out in their approach, providing benefits to both artists and their fans in ways never before explored.
Blockchain and innovation goes hand in hand, and more industries are embracing this technology to adapt to the new reality and be at the forefront of modernisation.
Welcome to Decentralized Arts.
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Curated NFT News
Disney Selects Polygon to Participate in the 2022 Disney Accelerator
Polygon is one of the six companies selected to join the 2022 Disney Accelerator.
According to the announcement, the accelerator is a business development program designed to accelerate the growth of innovative companies around the world. This year’s Disney Accelerator is focused on building the future of immersive experiences and specializes in technologies such as augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI).
The other five companies working in the Accelerator are Flickplay, Inworld, Lockerverse, Obsess, and Red 6.
During the program, each participating company will receive guidance and support from Disney’s senior leadership as well as having an executive mentor. The program runs through October.
Unstoppable Domains Teams Up with MoonPay Simplify Sending and Receiving Crypto
Unstoppable Domains has announced a partnership with crypto payment firm MoonPay to add NFT domains to its platform.
Thanks to the partnership, users can now send crypto from MoonPay to their wallets using their Unstoppable Domains.
The Future of Music
The size of the global music streaming market was valued at 29.45 billion USD in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030. Platforms such as Spotify, Apple Music, and YouTube have not stopped growing since they were created and it seems that they will continue to do so in the future.
Several of these huge platforms have already set their sights on NFT technology, as it represents a paradigm shift in how we may consume music in the future. As we explained in an earlier article regarding PageDAO, blockchain makes us real owners of digital files. The same goes for music.
To copy a popular refrain in crypto: not your keys, not your music!
Where to start with Music NFTs?
Diving into NFTs may seem overwhelming at first, but once you understand how to create your wallet and mint an NFT, doing it with an mp3 or WAV audio file is pretty easy. Not sure how to get started? This article will show you how to begin your journey in this new market.
In an earlier edition of Decentralized Arts (DA), we reviewed the most popular NFT platforms. Many of them allow the creation and distribution of Music NFTs. While Opensea is the one that stands out above the rest, other platforms, such as Limewire, Mint Songs, Rarible, and Audius are growing, particularly in the Music NFT space. This week we discuss two projects that stand out in the Music NFT market: Sound.xyz and Royal. Both are continuously demonstrating the enormous benefits of publishing your music on-chain.
Sound.xyz is a next generation music platform that enables mid-level musicians to generate additional income by utilizing NFTs. Artists can now accompany their new releases with a limited collection of digital assets, allowing them to engage with fans on a much more personal level. These assets will reward early music fans and help create a community-driven experience. Additionally, each NFT allows fans to “leave a comment” on the track, which can be overwritten by subsequent owners.
Currently, the Sound.xyz team is in charge of selecting the artists for the platform. However, further development with newly acquired funds will see artists engage directly with the platform in the future. Artists benefit from a release on Sound.xyz by receiving 100% of the proceeds from the sale. In addition to owning the song and recording your name in your history, Sound NFTs are your access pass to the Sound community on Discord, where artists and listeners interact with each other through weekly meetups, collaborative projects, and more. If you’re interested in participating on the platform, you can apply here.
Royal NFT is an on-chain music tool that allows fans to own the music rights to their favorite artist. These fans can co-own the music and have a portion of the revenue tokenized.
Typically, a fan supports their favorite artists by buying their music, attending their concerts, and sharing their experiences with the artists’ music. However, most fans are not paid for their loyalty. Furthermore, artists see very little of the profit made by album and merchandise sales. The funds largely go to the record labels, and in turn, the labels distribute the profits to their shareholders. Ultimately, bigger players, like hedge funds and private equity, own the music industry. While social media has provided some shift away from this older model, the industry remains inequitable towards artists. Royal NFT completely changes this equation. It not only allows fans to support their favorite artists, where the artists receive the bulk of the profit, it also creates opportunities for fans to share in the artists’ success.
Smart contracts deployed over blockchain technology makes the direct transfer of benefits to fans possible. This will revolutionize the way we consume music. We will see less dependency on third parties and more benefits for creators. Furthermore, Royal's initiative has drawn funding upwards of 55 million USD, suggesting that the ecosystem is poised for further change in the music industry.
Technology and music have always run hand in hand. While streaming platforms have offered an almost unlimited catalog of music for a low fixed monthly price, providing an incredible value for music lovers, the economics of how we value music is broken, with only 0.1% of artists earning a living wage from their music. This is why it is important to know that, despite the fact that Music NFTs are taking their first steps, the benefits that blockchain technology provides will make the entire music industry change completely in a few years.
Being able to resell music and also distribute royalties between fans and artists, without the need for any intermediary, is a revolutionary change. Come along with us as we continue to study, explore, and report on this space.
Rarities from the Coming Centuries
By Dusty Eye
The DustyEye group owns a Time Machine. With a series of chronojumps to one of the many possible futures, they have collected many artifacts and memorabilia.
!!!!ATTENTION!!!! We only accept payments in Ukron.
#05 - THE LEAF
We are in Berlin. The leaf fell at the foot of android N ° 44 V864.962 in September 2313.
Observing it continuously for three months, it arose as a synecdoche of the Universe. N° 44 deepened the structure of the subatomic matter and related it to the sidereal spaces.
In the role, she tried to figure out which one she held in the Royal scheme.
MATERIALS: leaf, metal, glass
SIZE: 15x20x05 CM (base included)
VALUE: 2,600 Ukron
Decentralized Arts is written and produced by a small team of contributors who are passionate about art—visual, aural, and written—and its growing place in crypto and NFTs. With each edition, we aim to bring you not only the most current and relevant news in the NFT space, but also explorations in what it means for our culture and societies for this market to continue to grow and expand. When everyone is an owner of art, we all gain a deeper appreciation for it.
With great appreciation for you, we thank you for reading and subscribing to Decentralized Arts.