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Artist are diverse and the music industry has always had to change with them. The future is still a mystery for artists, but blockchain-powered concerts might be part of it. As more NFTs (non-fungible tokens) become available in development, we can expect an influx of events that explore using this new technology within their platforms.,
The “music nfts” is a new type of digital music that can be traded and bought or sold in the form of tokens. The “metaverse concerts” refers to the idea of using virtual reality for concerts.
Is it possible that record companies and streaming services will continue to exist in the future? The New York Times reports that music artists have expressed dissatisfaction with the payment processes used by streaming services such as Spotify and Apple Music. What if musicians could be paid directly by their fans?
The NFT Royal platform for music is gaining a lot of traction.
According to Royal’s official Twitter, the artist-investment platform Royal secured a $55 million Series A fundraising headed by a16z, which featured venture capital Coinbase Ventures and musicians including The Chainsmokers, Kygo, and Disclosure.
According to Royal’s website, the NFT music platform Royal was developed by Justin Blau, AKA 3LAU, and JD Ross, the co-founder of Opendoor, where musicians offer their fans direct ownership of their songs and the prospect of getting royalties, so if the artist succeeds, the fan succeeds as well.
Justin Blau, an electronic DJ and the company’s creator, said:
“A sincere enthusiast can desire to possess something long before a speculator ever hears about it.” “A significant part of crypto’s future is democratizing access to asset classes.”
According to Royal’s official OpenSea account, its most recent release song is named “WAVEFORM,” which offers its owner 100 percent of the rights and is up for auction until December 7 at 6:05 pm CET.
Last October, Royal conducted its first NFT drop, dubbed “Worst Case,” which awarded supporters 50 percent ownership via 333 tokens.
Other well-known blockchain-based music platforms, such as Opulous and Audius, have seen significant growth in recent months.
Concerts have entered a new age.
The conventional method of attending a concert or festival is evolving. The first two metaverse events took place in October of last year. Deadmau5 and 3LAU were among the finest DJs and producers that performed at Decentraland’s debut Metaverse Festival.
According to Roblox’s website, the Insomniac World Party, which brought the Electric Daisy Carnival to the metaverse, was presented by Roblox in collaboration with Insomniac, and included musicians such as Kaskade, Zedd, Kygo, Alan Walker, and many more.
From NFT music platforms to metaverse events, the usage of NFTs in the music business is increasing every day. It wouldn’t be surprising if future music performances and festivals, such as Coachella, issued NFT tickets.
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