The future of the music industry starts with cryptocurrencies

Centralized platforms have long sought to maintain control over an artist’s intellectual property and distribution rights. After a song or album is produced, the artist can wait months before their creations see the light of day and months after that before they start to see revenue come in. That’s because of the endless middlemen that need to take their cut before the artist can get theirs.

Over the years, we have learned from interviews and even song lyrics that the money-making chances for a music artist are very limited. Oftentimes, the one responsible for creating the music gets compensated least for it.

Some artists find that they can really only make money by going on tour. Unfortunately, fraudulent ticket and merchandise sales victimize fans and the artist. Some people buy tickets and resell them at a profit that the artist gets no part of. Crypto can change all of that.

Why it makes sense to be unconventional

A decentralized platform for exchanging goods and currency can sound scary at first. Decentralized must mean chaos, right? Wrong. Decentralizing the marketplace simply means that artists and fans no longer have to use conventional methods to interact.

The artist doesn’t have to rely on the industry to be successful. Which is great because the industry is fickle. Policies change, contracts change, algorithms change, trends change, and the artist doesn’t have control over any of that.

Blockchain transactions give artists the option to keep full ownership of their music and all other associated intellectual property. One thing the industry is good for is providing startup costs for studio time, physical CDs and vinyl, and touring costs. Now fans can fund that process directly with cryptocurrency using blockchain.

In a decentralized marketplace, artists can bet on themselves without falling victim to predatory loans disguised as contracts.

Create a supportive community around music

Technologies that push us more into the digital realm are not often thought of as community builders. Music NFTs and cryptocurrencies don’t have to isolate people. They can actually bring like-minded people together. All the fans of an artist can gather in a digital space and support the music together. Music recorded on the blockchain offers unique ownership to the artist which leads to unique buying opportunities for the fan.

Musicians can now know the name of every single person who bought their album or concert tickets. Then they can shout them out specifically or show appreciation in another way. The fans will know each other as well. Music lovers can bond over favorite songs and albums and trade music NFTs using cryptocurrency. Ultimately, music NFTs improve the overall relationship between musician and fan. More direct contact between the artists and fans creates a close community.

New technology offers a new way forward

Blockchain is the technology that makes cryptocurrency work. Every transaction is kept track of with a ledger. Not only does that prevent theft and fraud, but it also ensures the authenticity of the music shared on the blockchain.

Once a song or project is shared on the blockchain, that becomes a one-of-a-kind property with a specific originator attached to it. When someone buys music on the blockchain, they have confirmation of who the original creator is and the authenticity of the music. Artists and fans won’t get taken advantage of anymore because the copyrights of the music will be protected.

Some platforms already exist where fans can buy copies of albums and songs with cryptocurrencies. The fans can then sell their copies to other people on the same platform.

Each transaction on the blockchain is verified and creates a new layer of existence for the digital property. This process adds a layer of protection for the music since it cannot be easily changed or deleted. Buying music this way is also faster since there is no third party needed to verify the authenticity of the music. The blockchain verifies itself with each transaction.

Cryptocurrency and blockchain transactions are here to stay and that’s good news for artists and fans. Here’s what both can look forward to in the decentralized music industry:

Meaningful engagement between artists and fans
Instant payment for music for artists
Accurate information in databases
Freedom for the artists to sell their intellectual property how they want
Secure purchases and music-sharing transactions
Increase the value of music faster
Fans can make money from their music purchases

The big record companies would be glad to have everyone continue to consume music in the way that makes them the most money. However, the industry, the musicians, and the fans are ready for a change. Decentralized marketplaces restore the balance of power and let artists control their creations.

Conclusion

The benefits of using cryptocurrency and blockchain for music are too many to count. And it’s just the beginning. The definition of music ownership is changing in a good way. Artists can take true ownership of their intellectual property and fans can enjoy higher-quality versions of the music they love. Blockchain is opening a way for us to leave conventional music industry practices behind.