The following is the Web3 music experiment when musicians no longer just generate electricity for love From Music NFT platform report recommended by recordtrend.com. And this article belongs to the classification: Wireless music.
The web 3 music track has now attracted the attention of capital and communities. According to incomplete statistics, from 2021 to now, the financing amount of the web 3 music project has exceeded US $200million, and the ecosystem has also grown. In this survey, we interviewed chenhuanren, the first Chinese musician to publish NFT, and began with the traditional music industry to explore why we need web 3 music. The main reasons are that the artists’ remuneration is too low and the industrial chain is miscellaneous and opaque under the traditional music mode. The upstream and downstream of web 3 music include: upstream creation and generation of music, midstream trading platform and downstream streaming media. In addition, there are other directions, including copyright and record Dao. Finally, we discussed the possible problems in the future development of web 3 music, including the complexity of the off chain royalties, the short business chain, the lack of visual impact and application scenarios, the lack of IP and traffic, and the weak token economic model.
1、 Why do I need web 3 music- The distribution cannot be reasonably solved
On spotify, the world’s largest streaming media platform, artists get royalties of $0.003-0.005 per play. The founder of audiom, a streaming media royalties collection agency, said that although the number of users of spotify is increasing, the royalties paid to artists are falling sharply, and the decline in royalties has begun in 2013.
The two-level division of royalties is serious. Eight million musicians upload songs to spotify, and about 60000 new songs are uploaded every day. 99.3% of the artists have an annual income of less than 10000 US dollars.
Artists have low income. This 10000 dollars can not all flow into the pockets of artists. The music industry chain is extremely miscellaneous and opaque. After passing the downstream streaming media, there are also big record production companies, record distribution companies, artist brokers and agent distributors that share royalties upstream. Finally, the royalties allocated to musicians are very few.
Black box royalties. Because there is no simultaneous disclosure of the relevant entities of the music industry chain, it will generate about 655million black box royalties every year. Chen Huanren also pointed out that in recent years, people all believe that music is a free product. In addition, the royalty income often does not reach the core creators, and more than half of the musicians’ income does not reach the minimum wage level.
Music NFT can solve the problems of income, expenses and the establishment of fan circles for artists:
NFT generates revenue directly. Imagine a less famous independent musician selling a music NFT worth 0.1e on the platform, which is equivalent to 67000 plays on spotify, which is often an unreachable number for minority independent musicians. This money can be used as the income of musicians, so that the creation of musicians is no longer to generate electricity for love.
Establish follow-up start-up funds. In addition, the sale of music NFT can also be regarded as a fund-raising behavior for future music products and plans, which saves time and effort compared with the traditional millions of market research and marketing expenses.
Form a benign interaction with fans. Artists can in turn create better works to feed back to investors and communities, forming a closed-loop effect between fans and artists. Chen Huanren also pointed out that fans often support not only music, but artists themselves. Artists used to upload their music free of charge on streaming media and get a pan fan group, but it can’t be quantified. There is no difference between fans. It is a one to many model. With NFT, the “loyal fans” who have invested in music can share the rights and interests of artists’ growth, which has been rewarded and valued by artists. The relationship between the two has become one-to-one.
2、 Web3 music industry chain – complete and traditional, in the exploratory stage
The main tracks of web 3 music include: 1) upstream creation; 2) Midstream transactions; 3) And downstream streaming media playback; 4) Others include music community and record Dao, copyright and fan economy. The whole track is still relatively early. Taking April as an example, the monthly trading volume of opensea music sector is about $4million (the most active 40 Music NFT addresses). At present, the largest market cap of audius market is about $320million, and FDV is about $500million. Financing activities are also mainly concentrated in the seed round, and some projects have not been financed.
2.1 streaming – the traffic entrance facing fans directly
As mentioned above, in the traditional streaming media mode, streaming media, as a third-party platform, is between artists and fans, and artists’ remuneration is relatively meager. Web 3 music streaming media has a strong decentralized color. Through tokens, artists are encouraged to create content and achieve revenue. The most representative project is audius.
2.1.1 audius – decentralized music portal
Low threshold of participation: audius retains the shadow of traditional web2 music streaming media and is relatively friendly to Internet users entering Web3. The platform does not require users to have a decentralized wallet. Just log in by email. After the user logs in, if there is no metamask, the platform will automatically assign an audio wallet address of hedgehog. The use process of the whole web page is also very similar to that of traditional players, such as like forwarding songs, creating song lists, uploading music, paying attention to favorite creators, etc. the user experience is relatively smooth, the threshold is very low, and all functions are free, This is one of the reasons why audius can accumulate more in Web3 music track.
Content attracts users: most of the music on the platform is electronic music, hip hop and rap, and the music resources are relatively rich. The IP settlement includes RAC, deadmau5, 3lau, skrillex, kennybeats, etc. last year, the cooperation with Tik tok was also officially announced. The number of active users of the platform reached a peak of 4.83 million in October last year, and has declined in recent months. At present, it is about 2.54 million, and there are about 25000 cash holding addresses. It can be seen that most users come from traditional web2. In addition, the project party has opened the API, and other applications can also call audius’ data. This month, API calls reached more than 100million times. Finally, it is not ruled out that it will form a common ecosystem between audius and other third-party applications.
Strong ecosystem, weak token: the role of token audio is mainly to maintain the content nodes and search nodes stored on IPFs, and to conduct voting governance. In addition, there are some basic incentive activities, such as rewards for creating song lists or publishing tracks. At present, the creators of the platform have no other effective revenue methods except for meager rewards, and uploading music does not need to be reviewed. Besides the operation and maintenance node, tokens do not have an effective content creation incentive mechanism, which is the main problem of the platform at present. However, the advantage of audius is that it has a decentralized vision, strong traffic and low threshold. It has accumulated the largest number of users in Web3 music applications, especially from traditional web2 music lovers. In the future, it will also introduce stable coins to pay for content, artists will issue personal tokens and other modes to generate income for artists, and the team has plans to distribute 90% of the income to creators, 10% to nodes, and the platform will be zero.
Source: audius
2.2 trading platform – differentiated empowerment
The mode of music NFT trading platform is basically the same as that of selling other NFTs, so other differentiated empowerment of the trading platform is the key for users to compare different platforms, such as the competition of traffic IP and the design of token economic model.
2.2.1 Sound. XYZ – emphasize social attributes
Sound. Every song on XYZ can be listened to for free, but only a few users can buy it. The unit price is variable, about 0.1e. It is based on a 1 of many fragment mode. The threshold is not high. Users can choose whether to support the artist after listening to the whole song. One of the highlights of the project is its social attributes. As shown in the following figure, after users purchase music NFT fragments, their avatars can be displayed in audience. The closer they are, the earlier their supporters are. In addition, each user can comment at a certain moment of the song, and the artist will bury the colored egg at a certain moment. If you leave a message at the moment closest to the colored egg, the user will receive a special NFT from the artist. What’s interesting is that you can see the early supporters of each piece of music.
At present, sound XYZ is only available in the primary market, and the secondary market needs to go to opensea. At present, a16z, flamingodao and the Lao have invested in this project. In terms of business data, artists have earned a total of more than $2.1 million on the platform. There are 124 artists and 8660 NFTs on the platform, of which snoop dog contributed 2000 NFTs and issued 2 series, accounting for 23% of all NFTs, raising a total of 200 eth. The number of monthly new releases of the platform continued to grow in December last year, reaching a new record of 3463 new releases in April.
Source: sound.xyz
Sound’s music NFT supply and new series
Source: dune analytics
2.2.2 catalog – return proceeds to musicians
Catalog is a 1/1 music NFT trading platform based on Zora protocol. All NFTs have no Mint copies and support auction. So far, the total sales bonus is $3million, 1311 NFTs have been mint, 373 artists on the platform have mint, and 73% of the artists have sold their works, with an average price of $3450. The trading volume peaked at $600000 in October of 21, At present, it is about 200000 dollars, which is still relatively early. The catalog platform basically does not draw a profit. Artists get the revenue from the first sale, and the secondary revenue share can be decided by artists themselves. It mainly supports independent minority artists who know about cryptocurrency. Delphi’s report points out that the popularity of artists in spotify is not strongly related to the sales on the catalog. For example, Barbados rapper haleek maul sold a total of more than 100e music NFT on the catalog, His monthly traffic on spotify last month was about 4K, which also proves that NFT can effectively solve the income problem of musicians.
Monthly transaction volume of catalog
Source: dune analytics
2.2.3 Pianity – distinctive economic mechanism
Pianity is a music NFT trading platform based on arweave. The primary and secondary markets are open, and the trading methods include real-time trading and auction. The highlight of Pianity is the token incentive. In order to encourage transactions, Pianity also uses transaction mining, but it does not simply brush the amount, but uses liquidity subsidies. The top three who buy the most NFT in a week, buy the most NFT in the secondary market, spend the most, bid the most frequently, and invite the most new users can get the reward of PIA token. The rewards are divided into 2000pia, 1000pia and 500pia. In addition, other users who have purchased NFT on the platform will also be rewarded. The number of PIAS awarded is the share of the total value of NFT on user Pianity in the total value of all NFT on the platform multiplied by the number of PIAS issued every week, so as to encourage players to buy and collect. At present, PIA cannot be traded, and the price is 0.1U. In addition to cash back for purchase, another role of PIA is that the holder votes to decide which song in the waitlist can be put on the shelves. The first song in the waitlist every day can be cast into NFT. The right to audit is delegated to the community, effectively reducing the infringement of decentralized music platforms.
Source: Pianity
2.2.4 oneof – built-in traditional traffic
Oneof is an NFT platform based on tezos network. The founder team of the platform has its own traffic, including the famous producer Quincy Jones. At present, it has established cooperative relations with Warner Music, Grammy Awards and iHeartRadio. Oneof has signed a three-year agreement with Grammy awards to issue NFT for the 64th, 65th and 66th Grammy Awards. The most popular thing about the platform is the release of an unpublished recording of Whitney Houston at the age of 17, with a price of more than $1million. NFT play methods on oneof are very diverse. Musicians can release NFT on the platform, and different NFT play methods are also different, including fan welfare, blind box, rating, collection exchange, synthesis, etc. it is basically the logic of selling collections, and there is no player. KYC is required for the platform, and all NFTs are priced in US dollars to support credit card purchase.
Source: oneof
2.2.5 Mint songs – strong investor resources
Mint songs is a platform built on polygon to help creators free Mint music, album poster NFT and establish Web3 fan community. After artists free Mint music NFT, they can sell NFT in the marketplace of the platform. The first sale can get 95% revenue, and the second resale can receive 10% revenue. All music NFT is stored on IPFs. These posters and music NFT can be airdropped to the artist’s community for free, and there is also a dashboard for artists to analyze their works and the situation of the community to help artists manage the community. At present, the business model on the platform is mainly simple Mint songs and transactions. The community construction between fans and musicians is still very early. The number of twitter fans of top seller artists on the platform is generally no more than 1000, belonging to relatively minority musicians. Mint songs completed a $3million seed round financing in December last year, with Castle Island VC leading the investment, coinbase ventures and iosg ventures participating. This round of financing will be used to continue to expand the team and develop community management tools for artists.
Source: Mint songs
Overall, all music platforms have their own highlights: including sound XYZ’s strong social attribute and fragmentation mode; Catalog complete single 1/1 sales form; Pianity’s token incentive; Investor resources of mint songs; Music resources and traffic of oneof.
2.3 secondary creation / generation of music – the creative source of Web3 music
Secondary creation means that users can create according to the music resources uploaded by the platform or other users, and the platform provides creation tools. And generating music is also a branch of Web3 music upstream creation, that is, players can buy or collect a single track and combine it into different music. The introduction of music units can increase the leverage of the whole music creation sector. Refer to the playing methods and diversity of PFP NFTs to bring more imagination to the music track.
2.3.1 eurbeats – main algorithm generates music
At present, eurbeats, an algorithmic music platform, has developed three series of music NFT series: Genesis, enigma and Futura. Here we mainly discuss the third series, Futura. Although the first two series are also music generated by algorithms, they mainly have some interesting ways to play in web 3 music copyright.
Futura’s mode is to first release 4040 mixpass NFTs. Each mixpass NFT holder can generate two mix NFTs. Each mix NFT has a randomly generated cover image and music. Music has a total of 30 attributes, and the rarity of each music is different. The maximum number of mix NFTs is 8080, and now a total of 5423 have been exchanged. In addition, the eulerbeats team has also created 11 master NFTs. All master NFTs and mix NFTs are mixed by future users. Mixing is called Remix NFT. Two input sources can form a remix. The mixing process will be carried out in Remix studio (it has not been launched yet, and the specific mixing tools and how to mix are unknown). In the future, eulerbeats will also introduce clips representing different stems in mix music. Users can buy separate clips. In the future, if clips are used in mixing, clip holders will get a bonus, but they have not been launched yet, and the specific mode of bonus is not known.
Other similar second innovation projects include Melos. The main mode is that users can modify and second innovate with the music NFT uploaded by other users in the station to form Gen 1 music NFT (the original author’s version is Gen 0).
Source: Euler beats
2.3.2 Async. Art – highlight the composability of music
Async. Art divides music into different tracks (i.e. stem), and combines the playing method of PFP to generate art. Buyers can buy a single track NFT and choose the state of stem (variant). Then the state of master ontology music depends on each stem owner. As shown in the figure below, mozartbeats has four tracks, each of which has five states, and 625 different kinds of music can be combined. Other participants can record music in different states by purchasing blank records. The records are divided into platinum records, gold records and silver records. The rarity is different but the function is the same. After recording, they can be sold in the secondary market. In the future, composable music may introduce elements such as rarity and secondary creation, and have more ways to play, rather than the sale of a single music NFT. Collecting a single track or layer may also be another collection strategy.
Source: async.art
2.4 royalty / fan economy – musicians and fans have a positive interaction
The main ways of playing web 3 Music royalties include releasing a limited number of rare original discs NFT similar to vinyl records. In the process of reproducing the original disc, the original disc holder can continue to make profits. In addition, it is the logic of artists’ crowdfunding to distribute the offline royalty income of artists to fans in proportion, which is equivalent to fans investing in artists and sharing their achievements. This also leads to the concept of fan economy. Fans have changed from traditional consumption to investment, and they have formed a cooperative relationship. Artists have also gained more effective fans. In addition to sharing royalties, there are other benefits that need to be cashed in.
2.4.1 Euler beat
The first two NFT series genesis and enigma of eurbeats have certain reference significance for the copyright play of music NFT, and the core is
The idea is that the owner of the original disc has the commercial right to use the music. Mint and buying a replica version are equivalent to investing in the original disc. The more people buy copies, the higher the value of the original and the early copies. Finally, the copies and the original holders form a community of benefit sharing.
There are 27 original disks (also known as LP) of Genesis and enigma. The metadata and music files of the 27 original disks are stored on the Ethereum chain. The price of the original disks of Genesis is 0.271e. The original disks of Enigma are auctioned on opensea. The original disks of Genesis can be copied 119 copies, and the original disks of Enigma can be copied 160 copies. The 8% royalty of Genesis and enigma copies belongs to the original disk owner. The price of the copies of the two series is related to the supply quantity of the copies. The formula of bonding curve is f (x) =a (b+x) +cx+d. the values of a, B, C and D of the two series are different. From the curve of price and supply, we can see that the cost of the reprinted version is very low in the initial stage. By the time of the last copy, the price of Genesis is expected to reach about 721e, and enigma can reach about 53e. Take genesis as an example, only LP01 has cast 61 replica versions, and the mint price is about 4.7e. The rest of LPS have cast about 30 copies, and the price is around 1E. All royalties of Genesis are 1184.68e in total, and all royalties of Enigma are 136.42e.
Source: Euler beats
The owners of the original discs of the two series have the commercial right to use the music, and can carry out a series of commercial activities based on the music of the original disc, which has potential profit and appreciation space. The reproduction of the copy is equivalent to the investment in the original disc. The appreciation of the original disc will drive the increase of the market price of the copy, and more people will Mint the copy of the LP at the same time. It is also easy to form a community between the original disc holders and the replica holders to jointly manage and make decisions on the development of LP original discs, such as reverberation and other commercial applications, and finally form a community of interests.
2.4.2 Royal – solve royalty allocation
Royal sells the royalties of artists’ streaming media under the spotify chain to players through NFT. Players can obtain the royalties of future artists. NFT holders at different levels receive different royalties, which is equivalent to collectors’ investment in singers. In addition to royalties, different NFT holders can get other benefits. Now there are 10 music on the platform, including the Grammy award-winning DJ and the single don’t forget my love by electronic musician diplo. The founder of the project is the famous musician DJ Justin Blau, also known as 3lau. The platform has relatively rich music resources.
Source: Royal
The artist decides the proportion of royalties to players and NFT’s tier. For example, the NFT of the song “rate” in tunas is divided into three tiers: gold, platinum and diamond. The corresponding royalties, prices, supply quantities and exclusive rights are different, but some offline rights such as VIP concert tickets and surrounding areas need a certain delivery capacity. The process is equivalent to that after the artist gets the payment of streaming media, he sends a part of the payment to the smart contract and pays it to the fans who hold NFT, that is, the fans are regarded as investors and record companies. The process of crowdfunding is similar to that of a brokerage company Dao. Music itself is not NFT, but the copyright of music.
Similar projects include opulous, whose main logic is to generate NFT from the royalties under the artist chain. Investors can buy this securities NFT to obtain 50% of the artist’s royalties in the future. Singers have also achieved financing to raise the cost of making music, which is similar to the music+defi model.
Other fan economy models, such as the 10000 death bats NFT collections released by the band avenged sevenfold, allow fans with NFT to enter the exclusive community and establish contact with the band. Fans with rare death bats can have other benefits, including offline meetings, lifetime free tickets to spend a day with their favorite members, etc. The sales volume of death bats in the secondary market has reached 345eth. Another example is the music album released by Snoop Dogg on Gala music, which is released in a blind box. In each blind box, there is a random one of the 17 albums. In the future, it may get the chance to air drop awards and go to concerts. If players have collected all 17 songs of the album, they can participate in DJ snoopadelic’s concert, or go directly to Snoop Dogg’s home for a night. Using the form of music NFT, the relationship between artists and fans has changed from the traditional one-to-many mode to one-to-one mode. The few “effective loyal fans” who have more value contributions to artists deserve more attention and feedback from artists, and they have a higher status, The community of artists and fans has formed an effective value closed-loop relationship (fans invest funds to raise funds for artists, and artists give back benefits to fans).
Source: opensea
2.5 web 3 music community – decentralized exploration, using DAO mode for reference
Music naturally has the cohesion to form a community. Record Dao and music community are important talent cradles in the web 3 music track. Although they are not yet mature, they are also using web 3 to cultivate talents, create communities and innovate business models.
Songcamp is like the hacker song of web 3 music creation. It was started in March 2021 and is carried out at the rhythm of two activities every year. So far, there are three activities: camp genesis, camp Elektra and chaos. Here we mainly discuss the latest activity, chaos.
As the third activity of songcamp, chaos has a larger scope than the previous two activities and was launched in March 2022. It is an eight week music creation experiment. 80 participants came to songcamp district to create music and form a headless band. Chaos includes seven teams: music, vision, operation, development, radio blog, economic model design and cross functional teams.
Source: Chaos twitter
45 creators were divided into bands in groups of three, a total of 15 groups, each of which was equipped with singers, producers and a musician with other functions. The eight week period was divided into four nodes (as shown in the figure below) for random creation and collision. Some groups (alumni who participated in activities before Song camp) must be based on the creative inspiration of other groups. The following figure is the eight week pipeline of chaos. The final output is 45 songs, and 45 songs will be edited into 20000 NFTs for sale due to the different rarity of their covers.
Eight week schedule
45 songs packed into 20000 NFTs
Source: songcamp
2.5.2 Good Karma Records
Good karma records is a web 3 record Dao. Before signing any artist, good karma records will hold a live showcase in Los Angeles to show potential signers to members. The event will provide exclusive access for $karma token holders and Genesis NFT holders. Artists need to raise funds through mirror to onboard, Dao members can use the $karma token to vote directly to choose their favorite performances and artists. Artists will receive $karma tokens after signing. The amount of $karma tokens allocated to each artist will be voted by the Dao at the time of signing, thus giving the artist Dao the right to govern. Members receive $karma awards by signing contracts with artists, engaging in record production (production, graphic design, etc.) and contributing to the daily operation of Dao. The services that Dao can do for artists include: setting up wallets, creating and distributing NFTs, and answering all Web3 related questions; Recording and making songs; Publicity work. But the potential risk is that Dao organizations may not have very professional operation and production capabilities to promote artists and their records.
An artist is mirroring a crowdfunding album
Source: Mirror
3、 Web3 financing focuses on the seed round, indicating that the industry is relatively early
Below, we have sorted out the project financing of the main web 3 Music sector. Most of the projects focus on seed round financing.
4、 Thinking about the development prospect of web 3 Music
4.1 web 3 music can strengthen the closed-loop economic ecosystem between fans and artists, but the current business chain is too short
Fans’ investment in artists has become quantifiable, and the relationship between the two has changed from one-to-one. Artists can pay more attention to their loyal fans. These fans also deserve different benefits. They are artists’ investors. Artists’ financing becomes simple, and they can also directly generate income. Creating music is no longer generating electricity for love. However, at present, the whole business chain of Web3 music’s fan economy is relatively short. Most singers still stay in the logic of surrounding sales with the help of Web3 music, and regard the sale of NFT as another means to increase income. The relationship between fans and artists is not close enough, and it is difficult to rely on music NFT to form an artist community only by trading surrounding and collections.
4.2 music NFT can make the industrial supply chain more transparent, but the actual operation is difficult
As mentioned above, there are a lot of black box royalties in the traditional music industry, and casting music into NFT can automatically distribute royalties. For example, in the activity of sound and brand sound cooperation pointed out in the Delphi Research Report, after the listening party, more than 300 NFTs were sold to buyers at the price of 0.1e, and then automatically divided to brands, planners and artists with 0xsplits technology. However, the supply chain of traditional music industry is quite complex, including upstream creators and singers, midstream record companies, downstream streaming media, etc. If the industrial chain and business model are all moved to the chain, the legal risks involved and the complexity of practice need to be considered. In fact, only considering the upstream creative level, including lyric writing, composition, artists, modeling, vision, designers, photographers, producers, directors and other relevant parties, Most of the time, it is not simply to record the income of all entities in the smart contract in the form of percentage in the same mode as that under the chain. If there are very few and simplified participants, we can consider using online revenue splitting agreements such as 0xsplits to split revenue.
4.3 compared with PFP, music NFT has more application scenarios waiting to be mined
Compared with picture NFT, the visual impact of music NFT is not strong enough. People need at least 10 seconds to listen to music and decide whether to buy it. This also determines that it is particularly important that Web3 music applications are equipped with players in general. In terms of application scenarios, the most intuitive applications of picture NFT are avatars of social media, games and avatars of the metauniverse, which have natural and powerful social attributes. But where will music NFT be more widely and widely used in addition to collections? Will it be the twitter homepage or BGM of game characters? However, Gala music under Gala ecosystem is also trying to use the music NFT on the platform as the background music of its ecological game. The flow of music comes from the game. At the same time, music NFT holders, nodes and artists will be rewarded when the music is played. In addition, for the social attributes and communities of Web3 music, sound XYZ’s visual social networking and listening parties provide us with a reference example.
4.4 traditional Web 2 music resources cannot be ignored
In the early stage, the project party needs to obtain as many well-known musicians’ IP as possible, and it can’t attract traffic only by relying on long tail or minority musicians. Although the Delphi research report points out that the sales of Web3 artists in catalog and the traffic in spotify are not related, there are only about a few thousand twitter followers, and most singers on the Web3 platform are independent and have received early support from collectors. However, for most projects, having traffic and IP is the best way to start the project. In the early stage, independent musicians’ works on platforms without good music resources and operational capabilities can easily become zombie music that no one cares about. Referring to the founders or investors of royal, emanate, audius, opulous and oneof, there is no doubt that they all have a strong background in the traditional music industry, and the music resources of the platform are also commendable, such as diplo, the Grammy winner on royal, and NAS, the rapper known as “new York rap emperor”. Referring to the explosion of small pictures, although people’s acceptance of crypto native things seems to be higher than that of traditional art works, it is undeniable that the NFT works of artists who have made achievements in the field of traditional art such as Takashi Murakami and Spanish humorous artist Joan Cornell à are still very popular.
4.5 the innovative mode of music dissemination and dissemination is worth thinking and exploring for web 3 music
As mentioned above, the final result of Web3 zombie music may be that no one cares about it, and the world of music NFT is also reserved for people who have a certain accumulation in the traditional music industry. Although Web3 gives musicians a platform, it essentially does not solve the problem of exposure. How can minority musicians start cold? We can refer to the form of decentralized music distribution platform sonorus. The platform cooperates with local players in Vietnam. The platform track link and SDK coexist. Users can share music to social media through the platform. Third party apps can also call the project party’s music library and data to promote to earn. Those who spread will receive token rewards, so as to gather people with strong communication ability, Communication and publicity are also what minority independent musicians need most. Spotify’s publicity and distribution operation for independent musicians without brands and their songs is to put their songs in the popular song library and song list for general publicity. In addition, platforms such as short video and live broadcast also allow artists to promote music and cultivate musicians, but these platforms, such as Tik tok, are highly dependent on upstream copyright owners, so it is necessary to put the copyright owners’ song library in the app for creators to use. Moreover, most musicians and brands are exclusive, and other publicity channels cannot be used. Therefore, referring to the model of sonorus, from the perspective of publicity, dissemination and exposure, the cold start of long tail market musicians in the web 3 world seems to be no longer so difficult.
4.6 token empowerment and economic model design need to be improved
The main functions of most web 3 music platform tokens focus on pledge and governance, and there are few other enabling functions, such as on-site trading, token paying to listen to music, and more token incentive modes. As for the listen to earn, create to earn and other modes of the music NFT platform envisaged by many people, there may also be problems such as script scavenging and the creation of a large amount of junk content and copyright infringement similar to some socialfi platforms. Without other effective capabilities of tokens, the platform will also fall into a dead cycle of digging and selling. Read more: kingdata: there are more than 1million dapps on BSC and Ethereum. Midia research: 10% of American consumers are “very likely” to subscribe to Apple’s music service spotify: how far is the king of music streaming from loss to profit? IFPI: the global music market grew by 5.9% in 2016, the highest growth rate in a decade vocus group NZ: the study found that streaming media services stifled the piracy market, and the number of paying users of Apple music reached 10million in half a year. App Annie: in 2015, spotify, the world’s mobile music streaming service, fell out of the list. Spotify, a streaming music giant, revised its version: integrate video functions, digital music news: watch the 30-year history of changes in the music industry structure in 30 seconds, spotify said It’s only a matter of time before we surpass Apple Nielsen: 2015 annual music industry report (with download) the number of subscribers of Apple Music in the United States has exceeded spotify. See the next growth opportunity of Tencent music’s future network radio through spotify: car music quartz: let it go has been played more than 280million times on spotify
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