Web 3.0 refers to the third generation of technologies that are used on the web (Web3). Services for creating websites and applications are provided by the World Wide Web, which is more fr...
Web 3.0 refers to the third generation of technologies that are used on the web (Web3).
Services for creating websites and applications are provided by the World Wide Web, which is more frequently referred to as "the web."
The World Wide Web is the fundamental component that makes up the internet.
Many of us now include a monthly subscription to Spotify or a service of a similar nature among our regular outgoings, thereby granting us access to any music we desire at any time.
But does having so many options prohibit us from forming new, stronger relationships with music and artists than we may have in the past? According to Rob Duffin, co-founder of Mixtape Social, this is unquestionably the case.
Based on the idea that music is frequently about more than just the beats, notes, chords, and samples a track is made up of, this community-based music streaming software was created.
The goal is to revive the sense of ownership or personal connection with songs that sometimes feels lost in the age of streaming by enabling users to tag their favorite songs with memories and anecdotes about what makes them so essential.
He just joined me for a webinar on Web3 and the music industry, and he said, "We think about the significant relationships in our life, and somewhere there's a song that's significant to that relationship. Mixtape enables that link and allows the story to be shared.
The mixtape is a web3 application because it makes use of the creator economy and blockchain technology, using a cryptocurrency token called Mixtape Token to let fans pay the artists they support. According to Duffin, as the roadmap develops, the tokens will have even more usefulness and be used to unlock special content.
The hypothesis is that the open, persistent, and collaborative nature of the metaverse, which we can think of as the "front end" of web3, may very well be ideal for developing the social listening and sharing environments required to reintroduce that element of connection between listeners and artists.
Web3's potential, according to Duffin, is that it can lead to "A whole different environment, where artists control their content, are appropriately compensated, and fans can communicate directly with their favorite musicians... While we are already beginning to see some of that, blockchain will truly open the floodgates."
The initial use of blockchain was in cryptocurrencies, where Satoshi Nakamoto, the person who invented BitcoinBTC +1.3%, first saw it as a method to do away with the ineffective system of middlemen required to run financial services.
Another area where middlemen have historically been required to bridge the gap between artists and audiences is music.
These were the record labels in the past, and streaming services are what they are today.
Both of them take a sizable share, which results in less money for the musicians themselves.
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Dunffin informs me, "That is not to imply that middlemen have no place in the economy.
There are many labels that offer great assistance to musicians throughout the recording process, during live performances, and in other areas where artists may not be well-versed.
But musicians and web3 developers, including Duffin and Jon Cheney, CEO and co-founder of the Ocavu network, think that blockchain, cryptocurrencies, and NFTs will largely eliminate the need for middlemen who just serve to facilitate transactions.
In Cheney's words, "Web3 will perform the task more effectively, more correctly allocate royalties, and without the need for pricey, extortionate middlemen.
Platforms and applications can be set up to automatically pay royalties to artists at the rate specified in their contracts thanks to the smart contracts provided by blockchains like EtherETH +2.2%eum and PolygonMATIC +0.7%.
Cryptocurrencies can be used to carry out transactions instantly anytime a fan presses the play button, giving musicians meaningful control over how their work is listened to and appreciated.
The blockchain and cryptographic components of web3 in particular pose a challenge that cannot be disregarded. Of course, with new technology comes obstacles.
This is due to the enormous amount of computational power required to operate some blockchain algorithms, which is known to be incredibly power-hungry and may result in significant energy use and emissions.
Any platform that wants to bring web3-based music solutions into the mainstream and compete with current streaming services would undoubtedly need to address this issue.
The creation of "proof-of-stake" blockchain algorithms is one potential answer.
Despite the fact that many of the most well-known blockchain networks, like Ethereum, do not currently support it, these are significantly more effective and power-efficient.
The regulatory environment for web3 technology is the other significant challenge.
The ecology is currently thought of as being in a "wild west" state due to a lack of regulations and control.
This obviously results in a proliferation of scams and illegal activity.
When dipping a toe into these waters, it's relatively simple for the unwary to get burned, and what consumers may view as an acceptable level of risk when engaging in activities like financial speculation with cryptocurrencies might seem completely unacceptable when we just want to listen to some music with friends.
Cheney claims: "Mass adoption requires regulation, and end users must be safeguarded. Although it's being worked on, I believe we're still far from being protected from the numerous scams and Ponzi schemes that exist.
There is clearly a lot of anticipation about the potential applications of blockchain, web3, and metaverse technologies to the music business.
Music has always been about social gatherings and activities, and new platforms built on immersive and interactive technologies give people new opportunities to exchange and enjoy music together.
This might also result in a better deal for artists and additional means for fans to make sure their money goes to the people they want to support when combined with blockchains, cryptocurrencies, and smart contracts.
You can see my discussion with Rob Duffin, co-founder and senior VP at Mixtape Social, and Jon Cheney, CEO and co-founder of OCAVU, by clicking here.
In it, we discuss other ways that web3 might affect the future of music.
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