Are Web3 and NFTS Going To Have AnImpact On Music?

By: Staff –

It seems like it’s impossible to get away from the discussion of blockchain, cryptocurrency, or any other part of the new wave of Internet culture, no matter what your interests are. We’ve seen multiple industries from finance to art profoundly shaken up already, and many are looking at the music world to see what the impact will be. Here’s the breakdown of the current situation.

Web3 and Crypto Basics

There are a lot of different terms being thrown around connected to blockchain. Blockchain itself is the core technology underneath everything, an independent and near-untouchable log of transactions. Web3 is the ‘next generation’ of the Internet based on this, inherently without ownership or outside control.

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Cryptocurrency is the virtual currency being extracted from blockchains, separate from national currencies and increasingly popular in use in everything from online retail to casino sites. It has proven especially popular in the latter. A significant chunk of deposits and withdrawals at casino sites now come via crypto, and sites dedicated to Bitcoin gambling are increasingly common. All these components are tightly connected with each other and exist as their own ecosystem online.

Crypto Music

In terms of the effect on music directly, the first big trend we’ve seen has been in what has been dubbed ‘crypto music’, although that name could equally be confusing. The term actually refers to music NFTs, or non-fungible tokens, which is a kind of virtual possession system tied to the blockchain. In short, a music NFT is some song or sound that is tied to a unique blockchain code which, in turn, makes it entirely unique.

These NFTs can then be traded and bought in the same way as any regular collectable and will hold some monetary value. We’ve already seen major artists dipping their toes into the NFT market with big names like Kings of Leon and Steve Aoki releasing NFT versions of their work, whether that is in the form of albums, songs, or even just unique loops.

The Web3 Music Association

In just the last few months, we’ve seen the launch of a project aimed at completely overhauling the way that music is handled on the Internet. The Web3 Music Association, formed by a number of major music industry executives, is envisioned as a platform for both the integration into music of the modern technologies we’ve been discussing, as well as the reform of things like licensing and music rights.

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As a group, it is expected to deal with topics like the rising impact of AI on music as a whole but given that Web3 is focused on web independence as a core tenet, applying the same concept to music rights is likely to be a priority. In practice, however, it’s not entirely clear how much effect the group can have on the industry, especially given the deep-seated system already in place for licences and rights.

Regardless of the form it takes, it looks impossible for music to escape the impact of these technologies. Whether that’s a good or a bad thing remains to be seen.