For many reasons, blockchain technology can provide services traditional web2 technologies and applications cannot offer. In short, these services include an ideal delivery of data and information. This information, stored on an immutable ledger, or public, unalterable record book, is entirely transparent, secure and can be viewed or shared by anyone.
It's okay not to know everything about blockchain; taking the first step in understanding it can be daunting. My goal is to point you in the right direction with some notable and relevant developments. Let’s get started!
Decentralization for Musicians: Tools, Communities, and Marketplaces
For musicians, decentralization in web3 means that musicians can operate outside the confines of the traditional music industry and create their communities and revenue streams. By using blockchain, musicians can create a decentralized marketplace for their work, allowing them to bypass intermediaries such as record labels and distributors. Previously, this required artists to understand and know how to code to get their web3 homes set up, but protocols like Decent and Bonfire are making it easier to be onboarded with the tools you need to succeed. These tools allow for greater control over your work in the web3 space.
Alternatively, other blockchain protocols also allow artists to interact with fans and build a community around their work. As far as communities go, you'll notice a lot of web3 communities composed of fans, application users, investors, and developers. These communities are critical to the success of blockchain projects, as they help create a network effect that drives adoption and innovation. Everyone has value.
When leveraging this aforementioned blockchain protocol, artists can use marketplaces, like Sound, to connect with fans and share their work. These platforms ensure that artists maintain control over their content and are compensated for their work. With this ability to create or leverage existing decentralized marketplaces for your work, you can bypass these intermediaries and sell their work directly to fans. This can lead to more significant profits for artists, as they can keep a more substantial portion of the revenue generated from their work.
You can also web3 metalabels and other resources like DreamsNeverDie, DAO Records, Venice Music, Coop Records, Vol Records, Player Zero, Nvak Collective, Hume, and Leaving Records to assist you with your potential web3 music release.
Another benefit of blockchain technology for musicians and artists is the ability to protect their intellectual property. By storing information about their work on the blockchain, artists can prove ownership and prevent others from copying or using their work without permission. This can be especially important for musicians, who often face issues with copyright infringement and unauthorized sampling.
Stellar! You're now familiar with a few mechanisms leveraged by web3 artists, which provide new ways to distribute work, interact with fans, and protect your intellectual property.
Ethereum and Other Chains (Layer 1s)
When it comes to the underlying technology these applications are built on, you'll notice Ethereum being one of the more well-known base layer (or Layer1) blockchains. While there are many chains like Avalanche, Solana, BinnaceChain, Polkadot, etc., each of them accomplish the same goal with varying efficiencies.
For our music producers, think of these on-chain coding languages similar to Digital Audio Workstations (DAWs) like Pro Tools, Ableton, Cubase, Logic, or FL Studio. Even though each DAW is used for the same goal of creating music, each one has varying efficiencies for music production and performance.
Where is the Space Going?
Decentralization is a key aspect of blockchain technology. We can now see how this aspect of blockchain gives rise to Decentralized Autonomous Organizations (DAOs) and Decentralized Finance (DeFi). DAOs are organizations that are managed by code and project contributors and run autonomously without the need for a centralized authority. Similarly, DeFi refers to using the blockchain to create financial applications that operate in a decentralized manner.
The question arises whether we are meant to go fully decentralized or not. While that's up for debate and practice, we still see a potential future for less-centralized, more-autonomous organizations to adopt this idea to improve their community base with more forward-thinking, decentralized business practices.
In conclusion, starting your Web3 journey can be challenging, but it is a worthwhile endeavor that can provide many benefits. Blockchain technology offers musicians and artists a range of benefits, from creating a decentralized marketplace for their work to protecting their intellectual property and interacting with fans. As the technology continues to evolve, we will likely see even more innovative ways that artists and musicians can use blockchain to further their careers and reach new audiences.
The EQ and YouniDAO instruction manual is an excellent resource for learning more about Web3 and how to get started.
Remember, the Web3 community is all about helping one another, so don't be afraid to ask questions and seek support.
About The Author
Indie-pop artist, producer, and songwriter. Marketer by trade. Been in crypto since 2020. Current affiliations include Upshot, Dreams Never Die, and Before The Data