What Does Web 3.0 Mean For Music? The Future of The Music Industry
Crypto enthusiasts have prophesied a more promising, sustainable environment for artists and musicians with the dawn of the new internet. Whether it’s talk about NFTs or the decentralization of streaming platforms, there’s a lot of buzz surrounding Web 3.0 shaking up the music industry -- but what does that all mean?
Don’t worry, we’ve got you covered. Below, we’ll explain exactly what you need to know about the future of the internet and how it relates to your career as a musician (spoiler alert: it’s a good thing).
What Is Web3?
So, what is Web3 anyway and what does it promise for music? Web3, otherwise known as Web 3.0 is just a way of classifying the next order of the internet. You can think of the internet in different eras based on how we interacted with the interface.
In the earliest days, or Web 1.0, consumers were now able to access information democratized off of the internet. This stage is also referred to as “static web” since there was very little user interaction and everything was fairly disorganized.
Web 2.0, or the social web, serves as the current era of the internet, where users can share data within platforms. While it is a lot more organized and easier for users to find the information they’re seeking, a lot of the data is centralized across a couple of main players (think Google).
The future of Web 3.0 is taking back some of the power that’s otherwise hoarded by a couple of big institutions. In a web 3.0 world, anyone can create and monetize online, without the need for a middleman.
Web 3 opens the door to NFTs and other ways of monetizing your creations as an artist, without having to rely on the hysterically low payout rates of major streaming sites like Spotify. Without the limitations of the centralization of Web 2, you can provide creations directly to your audience and collect payments from patrons without an unnecessary cut.
What is a DAO?
We can’t talk about the future of Web 3.0 and music without talking about DAOs, or decentralized autonomous organizations. These platforms are designed to run without a central authority, instead allowing users to dictate the rules of any particular community through proposals and voting. This democratized nature extends so far to the code itself, allowing developers to audit based on the set protocols of a community.
So how does this tie in with music? Well, music DAOs enable artists to set their own rates for streaming music and other aspects of the creation process. One artist may set the streaming rate at a couple of cents per song, another might opt for a subscription model, where fans pay a set amount every month to access their art.
Whatever it may be, it’s up to the musician. In this way, Web 3.0 and DAO open the floodgates of the creator economy in which artists can sustainably fund their works through a small, dedicated audience. The common held optimism surrounding earning just 1,000 true fans becomes a lot more realistic through these cutting-edge platforms.
Music DAOs to Keep An Eye On
There are a wide variety of DAOs, including those popping up to serve the future of music. Here are just a few music DAOs you might want to consider for monetizing your art:
Open network Audius allows artists to monetize their works and create new experiences for fans through the platform’s token $AUDIO. Artists are able to mint and provide new audio iterations all within a familiar streaming platform interface.
This platform by Ditto Music allows artists to secure creative loans using their future royalties as collateral (essentially acting as your own label). It also serves as a market for artist NFTs for direct monetization.
MODA DAO is a fully decentralized Web3 music hub focused on music ownership, publishing and licensing via NFTs. This space will allow artists to mint and monetize NFTs, seek out creative grants, and crowd fund their next project.
Music Fund is an NFT community where users can vote on which up and coming artists earn funding for future projects. This is a great way for music lovers to have a say in upcoming radio play and find new cutting edge artists before they break out.
Web 3.0 might be the missing piece we need to fix the music industry. Let us know in the comments your thoughts on the future of decentralized music!