For years, the music industry has led technological innovation in Future of Music production and consumption. The sector has carried on its tradition of innovation in recent years, but now it serves as a platform for experimenting with Web3 technologies. Startups are racing to reinvent how fans connect with their favourite artists and how artists make the most of their platforms, with solutions ranging from blockchain-based royalties to non-fungible tokens (NFTs).
Many aspiring musicians still see a bright future with Web3 capabilities interwoven into the future of the Music-making and sharing process, so this isn’t a disappearing myth either. But no matter how digital ecosystems change, one thing will never change: the power of live music. Dave Stewart, one-half of the popular duet The Eurythmics and one-half of the company SongBits, has speculated that live performances may connect Web3 innovation and genuine audience involvement.
Live events for Web3 music platforms
Web3 music platforms, such as SongBits, see live events as an integral part of their expansion plan, rather than an extra feature. Unlike other digital platforms, SongBits considers themselves more than that. What we call technology is really only a means to a goal. “The music, the artists, and the fans are what really matters,” Stewart told Cointelegraph.
To raise money for Big Issue’s fight to eradicate homelessness and poverty in the UK, SongBits will host its inaugural Christmas charity event in London. Performers at the event will include Future of Music whose music is available on the platform.
Stewart elaborated on how live events like this provide digital platforms like SongBits a much-needed dose of authenticity. You can’t make it in the world of innovation and the arts by relying only on the internet. For genuine connection-making and music-loving growth, showing up in the actual world is essential. Live events are more than simply a growth plan; they’re an opportunity to showcase artists in a prominent position, which is truly their rightful place, as Stewart pointed out.
Web3 charity community
SongBits has also investigated Web3’s potential to make a positive impact. Stewart claims that a nonprofit organization receives one hundred per cent % of the proceeds. Fans and contributors may rest easy knowing their support is truly making a difference because Web3 allows us to guarantee total transparency in handling these funds.
Built with Web3 capabilities, SongBits allows for innovative types of fan participation beyond transaction transparency. For example, fans can buy fractional music ownership and have the earnings go to charity. By making a donation, individuals join a collective narrative; in doing so, they strengthen their bond to the music they adore while simultaneously contributing to a worthy cause.
A Hybrid Music Industry Future
With a long career spanning decades, Stewart has been a mainstay in popular music as a producer, musician, and multi-Grammy winner. He shares the optimism of many other big names in the music industry about the future of Web3 music crossover.
Stewart thinks Web3 will play an important part in the music industry going forward. Whether it was the transition from vinyl to streaming or the emergence of social media as a means of discovering new artists,” he remarked, adding
Web3 and the Future of Melody
Transparency, fair compensation, and deeper fan engagement are long-standing challenges, but Web3 represents the next frontier, offering solutions to all of them. Stewart sees a future where Web3 and traditional music industry techniques coexist, rather than Web3 completely displacing established ones.
Web3 platforms will play an essential role in the music ecosystem of the future, which is expected to feature a combination of classic and creative elements. The challenge will be in developing new methods and tools that can enhance the current industry while also providing fans and artists with something special.
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