How Web3 can help emerging artists!

May 20, 2024

The music industry is undergoing a massive shift with the advent of Web3, blockchain technology, and AI, reshaping how music is created, distributed, and monetised.

Let’s dive in and see how these technologies can benefit emerging artists.

But first a brief overview of the history of the internet. 

Web 1 was made up of read only websites. Static websites where you could browse for information but could not contribute. 

Web 2 introduced social media and user-generated content, where everyone could easily contribute to content on the web. However, the ownership of this content and the majority of the value from it all goes to the companies who own the platforms (Facebook, Instagram, Spotify, etc.) 

Web 3 represents ownership by users, where users don’t just contribute content, but they earn value from and become part owners of the platforms and people they contribute value to. 

With Web 3, instead of having giant companies like Meta or Google who own and extract value from all the apps and websites we contribute to every day through content, reviews, and engagement, we will all become owners of and gain value from these platforms, based on the value we bring.  

Sounds amazing right?

Now, how can this help artists? 

Previously, artists would spend years making music and trying to get discovered. They had to create their own music, do their own production, distribute their music, interact with fans, book their own gigs, and market themselves… 

A pretty tough job even for the most multi-talented and disciplined artist.

And then, most artists would make it big only if they signed up with a label that would help finance and promote them.

And even then, most of the value would go to the middlemen. Labels, streaming platforms, marketing budgets, etc. 

But all that is changing!

Blockchain technology introduces a decentralised model for the music industry, where anybody can create their own digital assets or digital collectibles (aka NFTs) and sell them directly. 

Unlike traditional systems where intermediaries dominate, blockchain allows artists to connect directly with their fans, sell their music, merch, content, or tickets directly, and allows fans to invest in them and share in their success.

Because digital collectibles have a limited supply, their value naturally increases as the popularity of the artist increases. Just like an original vinyl record of The Beatles is now worth way more than its original resale value due to a limited supply, so it is with digital collectibles.

This means not only artists win, but fans who invest early in them can win as well!  

Whereas before fans were happy to be passive consumers, fans now want more and more interactivity and engagement in their lives.

With Web 3, Fans are able to be active investors and participants in their favourite artist’s careers. 

Web 3 technology is going to change the way the whole world interacts with and participates in online universes, and the music industry is no exception.

More and more, artists using Web3 tools will be able to manage their own careers without the need for intermediaries, labels, or even teams.

They just need great music and a community of fans who are invested in their careers, helping them with financing, marketing, and even in the creation process. 

This will allow even small artists with a strong but loyal fanbase to find their niche and to make a successful career (or at least a living) from doing what they love best!

And a win-win for everybody, where both artists and fans come together to create magic! 

If you’re interested in being part of this revolution, join the Loop Fans platform today.