The popularity of crypto assets is growing. Crypto assets have the power to increase financial inclusion. Without realizing it, these digital assets are changing the lives of many people around the world, especially in the countries that need them the most. It is also what makes Nick Sasaki create business planning schemes in the form of crypto assets.
The development of technology and the popularity of digital assets have also influenced the music industry. Currently, assets such as Bitcoin and non-fungible tokens (NFT) are starting to penetrate the music industry. What are the conveniences that crypto-assets offer in the music industry?
The efficiency of Paying Royalties to Artists
One of the benefits of crypto assets in the music industry is that it reduces the number of middlemen from the sales process to music streaming services. Streaming platforms have made it easier for music fans to listen to a wide variety of genres and musicians and created new intermediaries between artists and fans.
Royalty payments in the music industry don’t just happen on streaming services. Royalty problems in the music industry also occur from labels to artists. The royalty payment process must involve various bill payment parties such as the vendor and the software platform used. Plus the artist management has to re-examine all the necessary documents.
Therefore, the presence of crypto assets for the music industry is a breath of fresh air. Crypto assets in the music industry play a role in cutting out various intermediaries and artists. So that artists can get royalties directly through album sales.
Bringing Musicians and Fans Closer
One of the easiest strategies to make crypto and blockchain assets easier for music fans to understand is through digital collections in the form of NFT (non-fungible tokens). Although described as tokens, NFTs have unique capabilities that are capable of storing assets and information. NFT is also considered special because it is non-copyable and has high liquidity.
NFT can also be a new way for fans to interact directly with their idols. If fans buy art through NFT, they can tell if it’s original or not because they can see its history and who was the owner.
Bringing New Experiences to Artists and Fans
Blockchain-powered projects can also create new, more interactive, and rewarding experiences for music fans. One of the forms of collaboration for crypto assets in the music industry is the presence of unique platforms that use blockchain technology.
The Inmusic platform, for example, has a similar system that rewards users directly with Sound Coin ($OUND) for ranking artists. In addition to Sound Coin, Warner Music has joined in a new blockchain network called Flow, created by Dapper Labs.
The purpose of Flow is to create a new way for music fans to explore their fandom and engage directly with idols. The emergence of Flow provides a new experience for artists and fans alike.
