Overview of Web3 Music Projects
Web3 (sometimes referred to as web 3.0) has become the go-to space for musicians looking to forge new paths, build communities, and push the boundaries of high-tech creativity. But how does music relate to Web3? First, beginning this inspection of the music projects in web3 wouldn’t make a lot of sense without a good grasp of what web3 actually means.
What is Web3?
A lot of attention is gradually drawn to Web3 especially in an era where cryptocurrency, NFTs and metaverse are becoming a global discussion in the digital space.
Web3 represents the next iteration or phase of the evolution of the web/internet that is built upon the core concepts of decentralization, openness, and greater user utility. Both Web2 and Web3 are iterations of the web that came after the original Web1 in the 1990s and the early 2000s. Web2 is the current version of the internet that we are all familiar with, while Web3 is its next phase.
Web2 has grown at a breakneck pace, thanks to phenomenal innovations like internet access and social networks, as well as powerful mobile devices like iPhones and Android. These advancements have increased the presence of apps such as Facebook, Instagram, TikTok, Twitter, WhatsApp, and YouTube, among others, which has aided in improving interactivity and utility in the twenty-first century.
Web 3 and Defining Features
There is no standard known way of defining Web3. However, it has some characteristics that define it. Which are:
- Decentralization: because information would be found based on its content in Web3, it could be stored in multiple locations at the same time, making it decentralized.
- Connectivity and ubiquity: information and content with Web3 are more connected and ubiquitous, accessible through multiple applications and an increasing number of everyday devices connected to the web, such as the Internet of Things.
- Trustless and permissionless: The network will enable participants to interact without the need for a trusted intermediary and also anyone can participate without the need to have government's approval.
- Artificial intelligence (AI) and machine learning: computers in Web3 will be able to understand information in the same way that humans do. Machine learning will also be used in Web3. This will help in improving accuracy.
How web3 is putting control in the hands of artists
For musicians, the modern era has brought mixed blessings. On the one hand, streaming services like Spotify and Apple Music have allowed artists to reach a global audience. At the same time, those same streaming platforms are notoriously stingy; according to The Wall Street Journal, Apple Music pays artists about $0.01 per stream, while Spotify reportedly pays even less.
Such low rates may be considered "okay" for the small number of superstars with billions of streams, but for the vast majority of artists, it is meagre. While our music consumption habits have changed dramatically, the income streams available to artists have remained largely unchanged. Most musicians, then and now, resort to touring to ek a living for themselves.
Part of Web3’s attraction is financial. Who can blame artists for jumping on the non-fungible bandwagon? In comparison to the ever-shrinking income from streaming royalties that most artists receive, NFTs may perhaps be a once-in-a-lifetime opportunity to profit from the craft of songwriting and music production.
A few popular web3 music projects
Public Pressure, a web3 music marketplace based in London, cofounded by bigwigs in the fashion and designers industry Giulia Maresca and Francesca Versace, Sergio Mottola a reputable expert in blockchain and cryptocurrency investment, and a respected recording artist and label owner Alfredo Violante.
The main objective of Public Pressure is to use cutting-edge technology to build a sustainable economic model that will transform the music industry at all levels. The project is built on the Polkadot/Kusama blockchain protocol and connects artists, labels, and fans, enabling them to create and share content via NFTs.
Publicpressure.org, a sister website to the NFT marketplace, serves as a decentralized channel for the purpose of NFT Hip Hop, Punk, and Electronic Music, as well as LGBTQ, social, and mental health issues.
Atlanticus aims to create a web3 version of streaming that musicians can profit from. It combines music and technology to create an all round marketplace for artists to list their music as NFTs while also giving artists the liberty to share music video experiences, DJ sets and other creations related to music.
Catalog entered the NFT space in March of 2021 with the mission to revolutionize the music industry by empowering independent artists and giving them direct contact with their fans.
Catalog allows creators or artists to decide on how revenue and royalties will be shared. Artists, who also determine the rate, get to have 100% of sales and have a share in every resale. And as a result of verification done by every artist on the platform, fans can be confident that they are purchasing items from the actual artists rather than people who have stolen the tracks.
Mint Songs is a Web3 music platform built on polygon network that allows artists turn their works into NFTs. Minting your songs on Mint Songs is free. Musicians keep 95 percent of primary sales while 10 percent is royalty cost anytime that music NFT is resold by a fan.
There is also an in-built analytic tool provided for musicians to analyze their sales. Additionally, through SmartLink musicians can curate and display their NFT music collections.
In a bid to restore value to music and closing the gap between artists and their audience, Pianity was launched as the first French platform dedicated to music NFTs that allow music creators and community to create, sell and collect digital artworks that are blockchain technology driven.
One thing sets pianity apart from other web3 music projects and NFT marketplace. It is a dedicated dashboard specially for record labels. On this dashboard, a lot can be done such as publishing NFTs, setting price and distribution strategy. Artists managers and labels can even determine the rarity level of the NFT and the mode of purchase.
Audius is another Web3 music project worth looking into. It is the first decentralized music streaming and sharing platform to partner with Tiktok. Audius was launched in 2019 and allows music creators to add their own tracks. Meanwhile, listeners on the other hand can move and discover new tunes.
Audius is quite unique in its music streaming services. It integrates a combination of the Ethereum and Solana blockchains, with an NFT feature that gives creators the liberty to display their NFT collections. Artists can keep track of who is streaming their tracks and also have better control over the music distribution.
Artists are paid in $AUDIO as a reward for placing in the Audius chart. Examples of clients who have used this feature include Diplo, Weezer, and Odesza.
The Web3 space is still evolving, and so far, there has been rapid growth and adoption. The rate at which this new Web3 music scene has grown is probably the most remarkable aspect of it. There is a lot of experimentation going on, and there is still a lot to learn about what works and what doesn't.
Right now, the identity of tomorrow's thought leaders in the space is being defined. Artists who are willing to take a risk and do the hard work of engaging their fans with the new mechanisms available in the NFT space will get ahead of their peers and establish an enviable position in the coming years.
Pontem is a product studio working toward global financial inclusion powered by blockchains - primarily Aptos, the most scalable and safest L1 network. We are partnered with Aptos to build foundational dApps, development tools, AMMs, and more. The first dApp, LiquidSwap - the first-ever AMM for Aptos - is already available as a test version.
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