Blockchain has been a game-changer in the music industry. Just like many other industries, the music industry has excellent benefits from innovation. More and more musicians are optimizing on blockchain platforms to help them make better returns from their music.
Why blockchain?
Blockchain is a decentralized ledger, which ensures there is more transparency and visibility with privacy. There is a peer-to-peer connection, which means there is no need for intermediaries or agencies. Once music is on the blockchain, anyone in the chain can access it. You can also track the music to know the singer.
Blockchain application in music
Blockchain helps in peer-to-peer transactions, which does away with intermediaries. This allows musicians to connect to their target audience directly. As a result, it helps them make better returns as they do not have to pay commissions to intermediaries. Blockchain does away with many intermediaries such as Spotify, which plays an artist’s music, gets more money through subscriptions, and gives less money to the artist. Now, artists can be able to add more funds to their production.
Blockchain also helps music fans to connect with the musician without any intermediaries directly. This increases the efficiency and convenience when they want to access music.
Due to smart contracts used in blockchain, musicians are sure that they will get their money. It is hard for them to be conned. Smart contract works such that the contract terms have to be met for contracts to be done. That means there is no way fans can lose their money or cheat the musician.
Many musicians have struggled with copyrights of their productions. But this has finally come to an end thanks to blockchain. It helps users to protect their copyrights. Once a song is on the blockchain, there are timestamps in the ledger that no one can change. That means anyone in the blockchain can always know the legitimate owner of the song. Blockchain is immutable, meaning you can assert copyright without any legal fees required. This has helped to reduce piracy, which has been on for a long time.
Through blockchain, musicians can easily collaborate with other musicians. Blockchain platforms such as K-tune connect musicians to other musicians. One musician can upload music and easily find another musician to collaborate with. You can also sell or buy music on the platform by use of the KTT token. Through the KTT token, you can exchange it for any fiat currency in exchange. You can also hold the currency and use it later when its value is higher than the current one.
Songs are currently being used as non-fungible tokens(NFT), which you can trade in NFT marketplaces. Musicians are gaining are firm ground in NFT marketplaces, which helps them earn good returns. In the marketplace, you can auction an NFT, and the highest bidder gets the prize. NFT has been sold as high as millions of dollars.
Blockchain platforms have helped in ticketing when it comes to musical events. It is easy to track the number of tickets sold and avoid double-selling. You can read more on Blockchain topics on our blog on the News Coverage Agency.