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Revolutionize Music Industry
It's a wonderful time to be a musician or audio engineer because there are vast array of new music and Web3 tools.
Every week, it seems like a new platform is released to assist musicians and other creative professionals use NFTs, social tokens, and DAO to forge novel business models centered on their work and the participation of their audiences.
But to make the next stage of this ecosystem healthy and sustainable for musicians at all career levels, we must urgently address inequalities in music/Web3 funding flows, as well as deficiencies in the underlying metadata and community-building models.
In the coming decade, folks like you and me may get compensated for our focus.
Play-to-earn games, in which players receive a share of the profits, are an early illustration of the type of common payment that will be available in a Web3 society.
The concept of compensating audiences for their time spent enjoying content has broad implications for the future of the internet.
It's possible that if fans were compensated for listening to their preferred music, artists might be able to be paid more for creating it.
This loop has the potential to eliminate inefficient industry middlemen and return more money to musicians and their audiences.
You need to be familiar with how people now listen to music in order to grasp how Web3 may alter this practice.
The industry has been on an upward trajectory ever since the introduction of the internet and streaming platforms, which have allowed musicians to bypass traditional distribution channels.
Publicists, managers, record labels, lawyers, and streaming services all need to be compensated before listeners may access new music.
Since streaming services have to pay for so many things, including licensing relationships with record labels, the artists seldom see any of the money that is made.
Artists aren't getting paid their fair share from streaming services like Spotify and Apple Music because record labels are too powerful to adapt their business models.
MusicFi is the ultimate Web3 Solution that eradicates middlemen and connects Artists with Fans, and benefitting them both.