<p dir="ltr">NFT, Web 3.0 and blockchain technology in general are making their mark on the various industries, of which music is one. The participation of NFT and Web 3.0 significantly changed the ownership definition as well as the core value of music to artists and audiences. <a href="https://www.builder.news/" alt="Builder.news" title="Builder.news" target="_blank" rel="" class="">Builder.news</a> will help you learn more about how NFTs can transform the music industry and impact our future.</p><h2>The power of NFT and Web 3.0</h2><h3>Music industry when without NFT and Web 3.0</h3><p dir="ltr">For musicians, the modern era has offered mixed blessings and advantages in the process of producing as well as developing their products. In detail, streaming services such as Spotify and Apple Music have allowed musicians to reach a global audience. However, the same streaming sites are notoriously stingy; according to The Wall Street Journal, Apple Music pays artists roughly $0.01 per stream, while Spotify purportedly pays even less. Such low fees may be adequate for the tiny number of superstars with billions of streams, but for the great majority of musicians, it is a pittance.</p><p dir="ltr">Besides, in the past, artists may have expected their listeners to listen to a full album in one sitting, possibly while laying on the sofa and appreciating the rich elements of the album cover artwork. There are some companies that are continuing to release albums in that way, but in fact, it is being evaluated that it no longer suits the vast majority of audiences’ demand and has a negative impact on the environment.</p><p dir="ltr">While our music consumption habits have changed markedly, the financial sources accessible to musicians have stayed mostly the same. Most musicians, then and now, depend on the profit which they get from touring. However, touring is not just a gorgeous picture like you imagine. Those of us in the stands and on the dancefloor are usually only privy to an artist's amorous moments on tour (the concerts). But behind that, the great majority of music tours, particularly those of emerging musicians, are a nonstop carousel of stress—organizing logistics, talking to venues, eating cheap cuisine, sleeping on buses, and being away from home for extended periods of time.</p><p dir="ltr">But, the appearance of COVID-19 interrupted all of that. The pandemic’s grip on the live music industry for the last two years makes people have to create a new way to bring their music products to audiences again. NFT and Web 3.0 are great tools for that.&nbsp;</p><h3>The value of Web 3.0 and NFT to artists and audiences</h3><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed1c55466d2b03a8e6023f659fee92.jpg" alt="The value of Web 3.0 and NFT" title="The value of Web 3.0 and NFT" width="600" height="338" class="lykafe0"></p><p dir="ltr">In terms of artists, <strong>music NFTs</strong> are a novel method of collecting, selling, and sharing music. A music NFT is a one-of-a-kind token that may be sold as a song, a music video, or even an entire NFT album on the blockchain. These tokens may be exchanged for concert tickets, goods, and so on. Unlike other cryptocurrencies, NFTs are indivisible, allowing artists to produce and sell one-of-a-kind artworks in return for bitcoin. They also let musicians monetise their work by producing one-of-a-kind digital assets that can be exchanged on NFT markets. Some music NFT systems, such as Royal, allow artists to receive royalties each time the NFT is sold because the prior ownership right is stored on the blockchain.</p><p dir="ltr">In terms of audiences, they may express their love and support for an artist by acquiring and owning music NFTs while also benefiting financially from their ownership. When you purchase a music NFT, you are purchasing something that is unique to you and that no one else possesses. You may also sell or swap your music on NFT with other fans. Besides, regarding geographical fans who can not attend the concert, thanks to Metaverse, a product of Web 3.0, they can open up a new entertainment world and dive into every moment of the concert as reality.</p><h2>How the music industry changed with NFT and Web 3.0</h2><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed1c55466d8c55a8e6023f659fee92.jpg" alt="music nft" title="music nft" width="600" height="338" class="lykafe1"></p><p dir="ltr">Both Web 3.0 and NFT promise to advance the music industry to the next level. It not only ensures equal pay for artists, but it also steers audiences toward new music-consuming habits that are in sync with the rhythms of life and society.</p><p dir="ltr">For starters, NFTs may assist artists in better monetizing their work. Unlike traditional music streaming services, which often pay artists just a tiny fraction of overall money earned, music NFTs will allow musicians to sell their music directly to listeners while retaining a larger revenue share. Audio NFTs can provide much-needed financial boosts to many struggling musicians. Additionally, NFTs can aid in the reduction of piracy. People would find it impossible to unlawfully reproduce and distribute record art since each NFT is unique and cannot be copied. This edge is critical for the music industry, which has long struggled to combat piracy. Furthermore, NFTs facilitate a more direct link between artists and token holders. Instead of paying via a middleman, such as a record label or streaming service, fans may directly encourage their favorite artists by purchasing music NFTs. This fosters a close, direct interaction between artists and their listeners, resulting in a thriving and supportive music community.&nbsp;</p><p dir="ltr">As mentioned above, <strong>Metaverse</strong> has provided artists with a broad new range of possibilities, not only musically, but also in terms of how they engage with listeners. Regarding artists, Metaverse can offer them a less unpleasant alternative to spending months on the road on a tour. Musicians can hold their concerts through Metaverse, and fans can also join it at home. This reduces not only the cost of travel and renting a home, but also the risk of infectious diseases in crowded areas.&nbsp;</p><p dir="ltr">Another buzzword at the core of the music industry's ongoing move to Web 3.0 is 'control.' Previously, control was primarily in the hands of record executives and other business titans, much to the displeasure of artists. The young, brilliant, naive musician signing a major percentage of their future earnings away to some money-grubbing label at the start of their promising career has become something of a music business stereotype. However, as some of its supporters point out, Web 3.0 may make contracts considerably more open, trustworthy, and less prone to legal wrangling or other nonsense that can land artists in hot water.</p><h2>The prior artists have used NFT and Web 3.0 in their projects</h2><p dir="ltr">Web 3.0 is here, whether we like it or not, and it requires our full attention. And it is not difficult to find music products which use blockchain technology.&nbsp;</p><h3>Snoop Dogg</h3><iframe width="560" height="315" src="https://www.youtube.com/embed/RjrA-slMoZ4" frameborder="0" allowfullscreen=""></iframe><p></p><p dir="ltr">Snoop Dog, an American rapper, has teamed with Enimen to produce a new product showcasing their Bored Ape NFT in a music video. While Snoop Dogg has Bored Ape #6723, a cheetah-furred ape dressed in a Vietnam helmet and a pimp coat, Enimen's Bored Ape #9055, a white-furred ape, is dressed in army headgear, a golden chain, and a jacket. According to market prices, Snoop Dogg's persona is worth around $168,864. (equivalent to 147,83 ETH). At the same time, Eminem's character earns $125,732. (equivalent to 110,07 ETH).</p><h3>BLACKPINK</h3><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed1c55466d94dda8e6023f659fee92.jpg" alt="BLACKPINK fan meeting" title="BLACKPINK fan meeting" width="600" height="340" class="lykafe2"></p><p dir="ltr">A well-known South Korean all-girl pop trio is using the metaverse to communicate with and connect with fans. The group had a virtual fan meeting on ZEPETO, a platform where users can create 3D representations of themselves. The event drew 46 million attendees in only two weeks. The success of the encounter fueled the establishment of the whole virtual K-pop group MAVE, which will have four AI members.</p><h3>Justin Bieber</h3><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed1c55466dacd1a8e6023f659fee92.jpg" alt="Justin Bieber — An Interactive Virtual Experience" title="Justin Bieber — An Interactive Virtual Experience" width="600" height="281" class="lykafe3"></p><p dir="ltr">Justin Bieber is a celebrity, and he collaborated with the virtual entertainment company Wave to bring fans inside his world with Justin Bieber — An Interactive Virtual Experience, which EW gets an exclusive first look at. The Biebs will turn into a digital avatar and perform a full live concert at the event, which will combine gaming, real-time motion capture, and live musical performance. In preparation for his 2022 global tour, Justin Bieber will play songs from his No. 1 album Justice.</p><p dir="ltr">Besides, a number of other celebs and brands have bought virtual spaces and launched their digital representatives. In order to discover and get closer to it, read more about <a href="https://www.builder.news/crypto-insights/celebrities-and-brands-owning-metaverse-and-what-are-their-properties-gjZug" alt="Celebrities and brands owning Metaverse" title="Celebrities and brands owning Metaverse" target="_blank" rel="" class="">this article</a>.</p><h2>Opportunities and challenges</h2><h3>Opportunities</h3><p dir="ltr">Obviously, NFT and Web 3.0’s potential to transform the music industry is limitless. It brings a lot of interest for artists as well as new experiences for audiences. NFTs appeared to be a strong weapon that might help artists retake control of their careers and revive a blossoming relationship with their fans when it appeared that the music industry's light would be extinguished, at least temporarily. Music in real life may have been put on pause, but music on Web 3.0 was only getting started.&nbsp;</p><h3>Challenges</h3><p dir="ltr">A lack of formal education remains a significant hurdle for prospective Web 3.0 musicians. When compared to employing decentralized databases to offer 100% irrefutable evidence of ownership, NFTs are more accessible than most people know.</p><h2>Wrap up</h2><p dir="ltr">This new Web 3.0 music scene has grown at a rapid pace, which is astounding. Web 3.0 was unheard of just a few years ago. It's now a popular promotional and financial technique that, like social networking, might help a musician's career. Artists and their Web 3.0 expert advisers have a long way to go, a lot of things to try, and a lot more money to make.</p><div class="pr-block-special"><strong>Disclaimer:</strong><br>This article is intended for and only to be used for reference purposes only. No such information provided constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific name.</div><p><br></p>

Let's see the way Web 3.0 and NFT have changed the music industry through this article!

How NFT and Web 3.0 transform music industry