The music business may undergo a major shift in 2022 when Web 3.0, Music NFT, and blockchain technologies become more widely available.
Discrepancies in song ownership and appropriate compensation have been well-known in the music industry for many years. Many of the world’s finest painters, including Vincent Van Gogh, Paul Gauguin, and Rembrandt, died without receiving enough remuneration for their work.
Analysts predict record sales will reach $25.9 billion in 2022, but just 12% will go to artists.
Modern music has mixed benefits. Spotify and Apple Music have helped musicians reach a global audience. Apple Music pays musicians $0.01 per stream, while Spotify pays even less. Such miserly fees may be plenty for a few celebrities with billions of streams, but it’s a little for most artists.
Web3.0 gives artists additional cash sources and audience connections
Many vinyl lovers argue that aesthetic quality has been compromised for the immediate satisfaction of streaming, with…
