There is no escaping the music industry’s global reach. A song is playing in the background of your day, whether it’s blaring from your car stereo, filling the air during your meal at a restaurant, or interrupting your day in an advertisement.
Our modern society is deeply entwined with the industry. The ease with which it jumped onto the Web3 is not a surprise. It was a big year for integration this past year. Non-fungible token (NFT) platforms have attracted the attention of major players in the music industry, such as Sony Entertainment. Music superstars like Katy Perry and Eminem have lent their support to music platforms that use the blockchain technology.
Streaming music service Audius, based on the blockchain, has been integrated into the TikTok app. NFTs have been hailed as game changers for musicians and their communities by those who have already used them. The metaverse’s expansion, on the other hand, is now moving at top speed. In addition to NFTs and digital wallets, fans and their music worlds are connected by a wide range of other means. The BeinCrypto team spoke with two industry insiders to get a better sense of how this metaverse musical evolution is affecting things.
Oana Ruxandra is Warner Music Group’s Chief Digital Officer and Executive Vice President of Business Development (WMG). The Sandbox metaverse has just received a new music-themed world. “Creator Partnerships” and “Music” Director at Rally is Bryce Carr.
Conceiving the scenario
When it comes to music labels and entertainment conglomerates, Warner Music Group is one of the world’s most well-known. The music label and Sandbox will work together to develop a Sandbox metaverse world themed around music. An amusement park and a concert hall will be combined into one. At Warner Music Group events, the company’s star-studded lineup will perform and interact with fans.
It’s not just WMG that’s making these kinds of moves. Walmart, Microsoft, and other major corporations have invested in virtual reality. But WMG’s endeavour opens up an entirely new frontier for the metaverse engagement of fans and artists.
At BeInCrypto, Oana explained why the music industry is an ideal candidate for digital reality. Many factors contribute to the music industry’s transition to a digital and virtual world, said Ruxandra. Finally, “music spans all territories, all media types, as well as all platforms, throughout time.” ”
The metaverse, she said, is still expanding. She went on to say that. It’s a great time to be a part of something bigger and better. Even so, figuring out exactly how to do it is still a work in progress. Yes, even for someone who’s been in the business for close to two centuries.
It’s hard to predict how the metaverse will evolve in the future. If anything, music consumption will increase as our lives become more digital. The number of people listening to music will increase, as well as the number of formats available to them. This evolution offers enormous potential for growth. While providing real value for our artists and their communities.”
Music from the NFT
Authenticity is built through innovation.
There are still a lot of unanswered questions about this new technology. Authenticity in a virtual world can only be achieved by comparing it to the real world. ‘Web1’ introduced us to the internet and its wealth of static information. The Web2 enabled communities to communicate with each other via centralised platforms. There will be a token-based, decentralised internet in Web3 that will be owned by the users and built by the creators. There will be an emphasis on “fan engagement” in Web3 in terms of content and consumption,” according to a recent report.
She claims that WMG places a high value on authenticity. Authenticity is critical to our artists, their fans, and the platform in the Web 3.0 space. We have a clear plan for how we’ll construct and launch.”
Other artists, in addition to those signed to Warner Music, are making use of new Web3 features to forge deeper connections with their fans. Rally is a platform for artists, with a focus on musicians. They can start building their musical digital reality by launching social tokens.
Director of Creator Partnerships Bryce Carr commented on the new connections artists have made through Web 3.0. Web3 features such as tokenization, he said, aren’t exclusive to those with connections to major league organisations.
In Carr’s words, “social tokens and NFTs have enormous potential and implications for artists at every stage of their career, from emerging talent to megastars to cult classics and legacy artists.” It’s not just a shiny new tool for artists to play around with, but a new, fairer economic model for both fans and artists that Web3 provides.”
The journey will be unique for everyone, he said. Carr is well-versed in this topic. He was previously employed by Fender Musical Instruments Corporation, where he was responsible for the development of young artists. These elements have different meanings to different creators, so their value will vary.
Tokens of Adoration Music
Portugal the Man, on the other hand, is a band that has experimented with new techniques. The Grammy-winning band recently took their fandom to the next level by releasing a new single and social token at the same time.
Over a year ago, their coin, PTM Coin, was launched, and their system rewards fans who pre-save new tracks with 1 $PTM of PTM Coin. Rally is a platform where artists and their fan communities can build shared digital economies powered by social tokens and digital goods and services. At last count, over 3,000 people had pledged cryptocurrency support for the group’s cause on their Rally page.
These tokens have become the new “fan clubs” as the metaverse and other Web3 properties have become more mainstream. Carry points out, however, that “artists and their fans own 100% of the digital economy they’ve created.”