How Music3 is Changing the Music Industry
In recent years, the Web3 space has undergone significant transformations thanks to breakthroughs in technology like Blockchain, Cloud Computing, and AI. One of the most interesting innovations is Music3 (Music Tech in Web3), which is changing the game for artists and music enthusiasts alike. In this article, we’ll be exploring the impact of Music3 on the music industry, why it’s likely to become a leading narrative in the near future, and how you can join and become a part of the future.
The Rise of Music3: Empowering Musicians through NFTs
One of the key aspects of Music3 is its integration of Non-Fungible Tokens (NFTs), which have gained significant attention in recent years. NFTs allow artists to tokenize their music, giving them ownership and control over their creations. With Music3, artists can release their music as NFTs, enabling them to retain the rights to their work and receive direct compensation for their art.
Traditionally, artists have relied on record labels and third-party distributors to place and monetize their music. This often resulted in artists receiving only a fraction of the revenue generated by their work. Music3 disrupts this model by providing a decentralized platform where artists can directly connect with their audience and sell their music as NFTs. By eliminating the need for intermediaries, Music3 empowers artists by giving them full control over their creative output and enabling them to earn a fair share of the revenue.
How Large is the Investment Opportunity in Music3?
Some may be quick to write off this recent increase in interest as a fad, but if you follow the money, the story is quite different. A prime example of this is Sound.xyz. with a recent Series A funding round raising $20 million led by Andreessen Horowitz and support from renowned artists like Snoop Dogg and Ryan Tedder, Sound.xyz is poised to take Web3 music mainstream, and seeing industry names interested and active behind a company in this emerging space should raise some eyebrows for those both as artist and fans alike.
The Untapped Opportunity in Music3
So far, we’ve witnessed many attempts at solving the music creators’ dilemma through the Web3 platform, which focus mainly on the finalized songs or tracks. This does not take into account the process of making those songs. On the other hand, the companies that are focused on those same building blocks (Loops, Samples, Virtual Instruments) are not implementing Web3 technology, either due to a lack of deeper understanding in the field, or the centralized nature of their business model. The huge untapped opportunity that Soundwork has identified is that bridge between the Music Tools and Sample Industry, and NFT Technology.
The Soundwork Ecosystem: Redefining the Music Industry’s Supply Chain
So how does Soundwork make the most out of this untapped potential? Soundwork leverages AI and Web3 Technologies to redefine how music creators are rewarded for their work. Soundwork serves as a music elements, sounds, and tools decentralized distribution platform. Soundwork provides artists and creators with access to their sounds and creations, no matter how big or small. What separates Soundwork from other Music3 companies is that rather than focusing on the finalized product, like a full-fledged track or album, we focus on the “building-blocks” of the sounds so to speak. Take for example a producer who wants to sell their most recent music loops. Currently, they would sell it as a copyright-free pack to a label and have no way to track who and how their sounds are being used. By minting an NFT that contains their sounds and metadata through Soundwork, they’ll be able to track when and where their sounds are being used on the Soundwork Dashboard, and get rewarded for their contributions in real time. With Soundwork, artists can create, manage, and distribute their music as NFTs on the Music3 platform, in whatever manner they choose. The aim of Soundwork is to provide a new foundational distribution layer for the music industry through AI, Smart Contracts, and NFTs. We are building a system which will track the use of artist’s sounds through AI; which in turn will enable artists to focus on what they do best: creating music.
So if you’re just as passionate as we are about this initiative, drop us a follow, join the email-waitlist for our upcoming Beta Launch, and for all things Music3, check in with us regularly so you don’t miss a beat.