When the global COVID-19 pandemic begins to turn against us every two years, we are not very close to knowing when our social lives will return to normal or what the new normal will be. The impact on businesses such as nightclubs, music scenes and musicians has been immeasurable. With in-person events either not possible or more difficult and time-consuming at many points over the past two years, changes in an industry that has already begun have accelerated. Namely, the music industry’s use of, among other things, digital instruments and, increasingly, the Metaverse.
The Metaverse, first created by science fiction writer Neil Stevenson in his 1992 novel Cyberpunk Snow Crash, is described as a virtual world where people can interact with each other in the form of avatars in a continuation of the Internet to escape the dystopian (see filled) outside world. . Sounds familiar?
Thirty years after his prophetic vision, and in the midst of a global pandemic with constant restrictions in sight, it’s time to bring music back to life. With live music revenues not expected to recover until 2023, the way to increase the cost of recovery – and provide a new technological alternative to traditional live events – will take more of our events to the virtual world.
Debate about what the Metaverse should look like is raging. On the other hand, libertarians, crypto enthusiasts, and privacy activists advocate a decentralized future for the Metaverse without the control of a single person or organization. On the other hand, it is Mark Zuckerberg (as well) who is promoting the Metaverse as Facebook’s successor, and a centralized version of it would be a natural alternative. If we’re going to spend a lot of time there, the best choice is obvious: one in which we all have a say.
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In a sense, the Metaverse is already here. (Although the world isn’t even as dark due to COVID-19 as pundit Stevenson said.) Artists like Justin Bieber, DeadMau5 and The Weeknd have been holding virtual concerts in recent months. And while some of these events have somewhat expanded the definition of the metaverse — less an immersive virtual reality-based experience, and more at the 2020 release of Habbo Hotel — it’s clear that there are key ingredients to fundamentally change how we think about live music. .
This feature is especially interesting for simple procedures. As any short-term promoter or musician will tell you, touring is essential for any musician who wants to make their art their profession, but it’s also a time-consuming and costly process. The Metaverse “tour” (or a series of shows where artists meet in different time zones) will remove the barriers to live performance not only for fans, but also for artists, with minimal overhead.
If you’re so small that only a few major cities can accommodate enough fans to put on a worthwhile live performance, the concept of a virtual concert where fans from all over the world can gather regardless of location is an exciting opportunity. This is where niche fan bases and quirky communities of music lovers will win.
Curators of Events in the Metaverse
It is clear that there are many ways in which decentralized metafairs can improve the music industry. But there is another blockchain-based technology that also deserves attention: Decentralized Autonomous Organizations (DAOs). DAOs are community-led groups that function somewhat like a council. Only in this board everyone gets a place at the table.
DAOs are the exact opposite of centralized organizations such as record labels or promotional companies because all decisions are made by the group. Anyone can join the DAO simply by getting the tokens they need to say something.
Like other rising stars of the blockchain world such as Non-Foldable Tokens (NFTs), DAOs are already starting to make a name for themselves in the music world. In October, PleasrDAO pooled its resources to purchase a single copy of hip-hop pioneer Wu-Tang Clan’s album. It was once considered so valuable in Shaolin that 74 DAO members raised $4 million to acquire it before relinquishing the title deed as an NFT. But their request goes much further.