Music and Metaverse are merging. The music industry has been aggressively integrating Web3 technologies. This transition not only affects music consumption but also how fans interact with the industry.
Global music is unavoidable. Music is everywhere – in cars, restaurants, and advertisements.
The sector is deeply entwined with modern culture. Its rapid entry into Web3 is unsurprising. Integration had a tremendous year last year. Sony Entertainment, for example, invested in non-fungible token (NFT) systems. A list of celebrities has backed blockchain-based music platforms.
TikTok’s app now includes Audius, a blockchain-based music streaming platform. Many musicians who have used NFTs say they have changed their careers and communities.
Now, the metaverse is expanding at full pace. Fans and their music world are not just connected via NFTs and digital wallets. BeinCrypto spoke with two industry insiders on the impact of this metaverse musical evolution.
Oana Ruxandra is the Warner Music Group’s Chief Digital Officer (WMG). Consequently, the company just created a music-themed metaverse in Sandbox. Creator Partnerships and Music Director at Rally is Bryce Carr.
Getting Things Started
Warner Music Group, one of the world’s largest music and entertainment corporations, just entered the metaverse. The music label will develop a music-themed realm in the Sandbox metaverse. It will be a concert and musical theme park. A star-studded lineup of performers will perform at Warner Music Group concerts.
WMG, however, isn’t the only big corporation to do so. Walmart and Microsoft have also invested in virtual reality. But WMG’s move opens up a whole new metaverse for fans and creators.
It’s still expanding, she added. Growth brings chance to add value and interact authentically. But how to do so is still a pioneering act. Even for a nearly 200-year-old music veteran.
Integrating Authenticity and Innovation
But, as with any breakthrough technology, major uncertainties linger Web1 gave us the internet and a lot of static data. Web2 enabled community participation via centralized platforms. So, Web3 will deliver a decentralized internet run by tokens owned by users and builders. Web3 will see a shift in content (music, video, streaming, interactivity, etc.) to focus on audience participation.
True authenticity is WMG’s main goal and authenticity is key in the Web3 arena. We build and launch with purpose.
Other artists, including Warner Music artists, are using new Web3 features to build new channels for authentic engagement. Rally is a platform for artists, especially musicians. They can start creating social tokens and their musical digital reality.
Director of Creator Partnerships Bryce Carr commented on artists’ new Web3 connectivity. He emphasized that using Web3 technologies like tokenization isn’t just for big-leaguers.
He added that everyone’s journey will be unique. Carr is well aware of this. He formerly worked for Fender Musical Instruments Corporation in young artist development. These aspects have value for different creators depending on their priorities.
Music and Devotional Tokens
Portugal the Man is another example of a band dealing with such advances. The Grammy-winning ensemble recently increased their fan base by releasing a new tune with a social token.
For every $PTM of PTM Coin pre-saved, they reward supporters with 1 $PTM. The only requirement is a free Rally account, where artists and their fan communities may construct shared digital economies based on social tokens and digital goods and services. As a result, over 3,000 people have pledged crypto support accordingv to their Rally page.
These tokens are the new fan clubs as the metaverse and other Web3 properties mainstream. But, as Carr points out, artists and fans own 100% of the digital economy they built.
Previously, crypto-music pioneer Dylan Rhodes discussed how music NFTs, tokens, and DAOs create collectives with BeInCrypto.
Making Digital Culture with Music
The Web3 communities expect growth with every new advancement. Companies, artists, fans, and developers will learn what works and what should be abandoned. But a new digital culture will emerge.
It’s hard to predict. It’s yet unclear how virtual reality concerts, sets, and other musical engagements will appeal to audiences. We are just beginning to grasp how artists might link with their business’s future. Moreover, fans of all ages are struggling with the changes as their idols enter the meta-realm.
Carr does know one thing. Despite the rapid evolution of digital music, there is a time and place for both.
Live music is irreplaceable. But for many artists, internet platforms where fans may interact with music have become as crucial as physical venues. I’m excited to see how the technology progresses. Also, this will allow artists to showcase their work in any way they wish.
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