Blockchain is easy to understand at its most basic level, which exists as a distributed database where various devices distributed over the network have to verify published records. As a result, blockchain is known for its decentralization, anonymity, and security, which are evident in the first cryptocurrency, Bitcoin (BTC). While many are quick to connect Bitcoin to the blockchain, this is just one of the possible uses for this technology.
One of the most popular uses right now is in the music industry, where creators have gained new opportunities to communicate directly with their fans, eliminating the need for an intermediary.
Today, the music industry suffers from many cross-cutting problems, including the burden that record companies seem to place on the musicians they work with. Traditionally, posters have defined how an artist will look and sound, as well as generating much of their income. By comparison, the three major US record labels account for two-thirds of American music.
Unfortunately, this resulted in creators being the first to work but the last to make money. These artists often receive little information about the royalties they will receive and no associated data about who listens to their music.
These problems have only been exacerbated with streaming services like Spotify, which, while promising for the industry as a whole, have proven to be label favorites once again. In addition, there are new file sharing platforms that have hit a regulatory barrier and failed to achieve the original goal of editing.
Fortunately, this hidden decentralized ledger technology could give us a golden age of music for artists and their fans.
Several DLT-supported projects that are currently transforming the industry are based on the concept of connecting fans and musicians. Essentially, these platforms consider the user experience of both audiences as they create larger and more interactive communities where fans become marketers. In many of these models, fans are motivated to take on the role as they can profit as the artist’s audience grows.
These platforms also include non-fungible tokens, or NFTs, as a way to register ownership of items, giving artists the ability to release their music on the blockchain. This model ensures that artists can regain full control over their work and resolve ownership issues on their own. For example, these users can sell albums, such as NFTs, where the sale of ownership stakes can provide collective ownership. Using this model, musicians play the role of businessmen and promote true art as they see it.
With the NFT, artists can also access new sources of income. An example is the ability of musicians to automatically gain some benefits when others use their work to create remixes. Alternatively, artists can also receive small payments for their streams while benefiting from NFT coins, which opens the door to many other possibilities.
Local talent will also benefit from new opportunities for international discovery, the opportunity associated with improved algorithms and the incorporation of music platforms based on decentralized technologies. Not to mention, crypto payments will provide almost instantaneous transactions when a fan plays their music.
In addition to NFTs, instruments and other cryptocurrencies play an important role in the development of decentralized music platforms. All in all, platform tags provide an easy way for fans and artists to influence the process of creating, sharing and fixing music.
What is missing now is a platform that will bring these conceptual ideas to life. Several ambitious young projects have already begun this process, among them Tune.FM.
Tune.FM set out to create an independent global music marketplace. Here artists will be able to collaborate, share their music and communicate directly with fans. Artists will receive a hybrid license that will allow them to stream, sell, publish, and stream music by accepting fiat and cryptocurrency payments through the same platform.
More information from TUNE.FM here
As a mainstay of the market, Tune.FM relies on the JAM token to enable micropayments directly between fans and artists, ensuring they earn more than they could otherwise with the traditional streaming and download model. The JAM token also serves as an incentive to broadcast and organize music. As an incentive, JAM will create a win-win system where all members are reasonably rewarded for their efforts and can continue to benefit from the entire Tune.FM ecosystem.