Read the Original Article:
https://cryptoslate.com/will-the-future-of-the-music-industry-be-nfts-and-metaverse-concerts/ by Ricardo Rivas
Tempest Takeaway:
While the metaverse evolves over time, there's no question that first-generation gaming worlds illustrate the vital role of live entertainment and related brand marketing. The power of music is the loyalty it creates between fan and artist - an indelible bond. Now the challenge for every artist is to learn how to build upon that loyalty and grow alongside the needs of their fans.
However, perhaps even bigger than NFT-driven concerts in the metaverse, is just how democratized software and stakeholder capitalism legal operating structures change the game for artists now - finally releasing the ball and chain, and giving them the tools to control their enterprise and brand..
Yes, artists and their management can't do it alone (they aren't financiers, techies or digital designers) - but to pull it off, they need a "loyal" super team to execute new fan and media experiences. Another truth is that record labels and distributors that have forever controlled the music industry, simple don't have next-generation inhouse arsenal either, and the artists know it. So the power curve is shifting quickly to the artists - that are simply put, the core bankable asset.
So, artists must start thinking about how they grow into the metaverse, and building their own loyal super teams around transparency, while insisting that they call their own shots going forward. NFT's and DAO legal operating structures allow artists (and their super teams) to visualize and design their future into a business plan, that can then be financed through a series a NFT initiatives. For talented artists that still control their rights to their music, image/likeness and media, it's a brand new world. with a brand new operating and economic structure. It's not just fan involvement either - there's billions in Silicon Valley ready to seed talented artists as well.
Let the talent renaissance begin!
Original Article Abstract:
Will record labels and streaming services exist in the future? According to The New York Times, music artists complained about the payment systems in streaming services like Spotify and Apple Music. What if artists could benefit directly from their fans?
Two weeks ago, artist-investment platform Royal closed a $55 million Series A funding led by a16z, which also included venture capital Coinbase Ventures, and artists like The Chainsmokers, Kygo, and Disclosure, according to Royal official Twitter.
Royal is an NFT music platform founded by Justin Blau, AKA 3LAU, and JD Ross, the co-founder of Opendoor, where artists give their fans direct ownership of their songs and the possibility of receiving royalties, so if the artist succeeds, the fan also succeeds, it’s an equal distribution of benefits, according to Royal’s website.
Electronic DJ and founder Justin Blau said:
“A true fan might want to own something way earlier than a speculator would even get wind of it. Democratizing access to asset classes is a huge part of crypto’s future.”
A new era in music concerts
The traditional way of going to a concert or to a festival is changing. Last October we saw the first two festivals hosted on a metaverse. Decentraland hosted its first Metaverse Festival including performances by top DJs/producers such as Deadmau5 and 3LAU.
Roblox, through a partnership with Insomniac, hosted the Insomniac World Party, which brought the Electric Daisy Carnival to the metaverse, shown in the picture below, including artists like Kaskade, Zedd, Kygo, Alan Walker and many more, according to Roblox´s website.
The adoption of NFTs in the music industry is growing faster every day, from NFT music platforms to metaverse festivals. It would not be a surprise if in the future music concerts or festivals like Coachella, issued their tickets as NFTs.