Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => NFTs & Collectibles => Topic started by: Adams-Richard on November 04, 2022, 07:50:37 AM
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Music serves a purpose beyond simple amusement. It establishes and shapes communities. Our choice of music provides us with an identity. It acts as a key to unlock a broad range of human emotions, which it then magnifies. Music is always present in our lives, whether it is playing softly in the background or capturing our full attention while we are dancing on dance floors at concerts.
However unfortunate it may be, many independent musicians frequently struggle to find viable distribution venues for their songs. Popular streaming providers rarely pay royalties and only pay a tiny fraction of a cent for each play. It’s a broken situation when those that sell the music are making more than those that make it.
What Is the Potential of Blockchain Technology in the Music Industry?
Because of the advent of the digital age, more people are increasingly accepting and intrigued by the idea of applying blockchain technology to the music industry. To meet the issues facing the music industry, numerous main venues for music on Web3 are now being developed. It simply represents a company of people who are passionate about shaking up the status quo.
When cryptocurrencies were first presented and gained popularity more than ten years ago, it sparked a surge of technological advancement that is still gaining momentum today. We now have the foundations of a new infrastracture that offers a decentralized and egalitarian future.
Snoop Dogg and Billy Ray Cyrus Team Up for the Collection "A Hard Working Man"
NFTs, which can be thought of as digital certificates of ownership and validity, are quickly developing as a key element of this new ecosystem. They are a potent invention because they are simple to transfer, clearly unique, and—most importantly—programmable via smart contracts.
In particular, a new NFT drop featuring music industry icons like Snoop Dogg and Bill Ray Cyrus is bringing together musical communities from all genres as well as blockchain networks.
In addition, The creator and CEO of Animal Concerts, Colin Fitzpatrick, emphasized that the "huge existing fan bases" of all three artists will be included in the collection and how Web3 will give these existing communities the resources to grow.
Bottom Line
It is known to most crypto enthusiasts that Snoop Dogg has taken part in several blockchain-related events before. In fact, the rap icon, who is likely the most well-known star in the Web3 industry, has a history of being an early crypto user.
I'm very confident that the use of NFTs in the music industry will continue to soar, especially now that we are starting to see how they can turn listeners and fans into an active ecosystem thanks to the initiatives of various musicians like Snoop Dogg.