According to Business Research Insights, the global music NFT market may hit $3.65 billion in 2025 and eventually reach $26.69 billion by 2033. If this happens, the industry will have grown by a CAGR of more than 28%. This institution also projected that the crypto music and audio market could expand from $0.15 billion in 2024 to $0.67 billion by 2033.
Although crypto faces significant challenges like price volatility, these statistics are a testament to its lasting impact on the music industry, including the rock genre. Consider the Bitcoin price volatility, for instance. One day it’s up $100K, the next, it crashes like a drum kit off a festival stage.
But beyond the price wings, the technology behind this and other digital currencies is making serious noise in the rock music industry. Stick around to discover how possible this is.
Like other genres, heavy metal artists often face challenges related to traditional intermediaries such as record labels and management companies. The complex structure of managing contracts and accounting can make it difficult for artists to track earnings and ensure they receive what they are owed. A good example is the recent casebetween the Cranberries, an Irish rock band, and Island Records, a popular record label.
In this case, the rock band accused their longtime record label of cutting their royalties excessively, claiming that the company had pocketed about $5 million that it wasn’t supposed to. Surprisingly, this complaint is not just about being underpaid for Spotify royalties—they also allege to have received fewer royalties for video streams.
In addition to such challenges, record labels often exert significant influence over artists’ creative direction, especially in terms of production, marketing, and album releases. This can lead to artistic clashes and feelings of stiflement or inability to fully express one’s vision. Plus, the pressure to conform to industry trends can make artists feel alienated from their core audience and values.
Thankfully, with the rise of blockchain-based platforms like Audius, musicians can overcome these hurdles. Audius allows you to upload music directly to fans without going through Spotify or Apple Music and even get tipped directly, increasing the possibility of making more revenue.
We have already hinted at how NFTs are affecting the global music sector, and heavy metal is not left out. In fact, several bands have already tried them so far. Let’s consider Avenged Sevenfold, for instance. In 2021, this heavy metal band announced the launch of their Deathbats Club NFT collection, intending to give back to their community.
Holders of this collection would get benefits like early access to tickets, VIP upgrades, meet-and-greets and so on. Interestingly, the band was not just joining the NFT craze for quick money. By the time of the launch, M. Shadows and Syn (band members) held some seriously coveted tokens in their wallets.
NFTs, or non-fungible tokens, are simply unique digital assets stored on a blockchain that can represent ownership of various things, including music. They can help artists by providing a new way to connect directly with fans, control their creative work and even generate revenue.
Bands can drop limited-run digital collectibles or grant NFT holders access to pre-show soundchecks or livestreamed jam sessions. Even small garage bands can create NFTs for loyal fans, maybe a 1-of-1 animated album cover or digital liner notes signed by the whole band. The best part is that you don’t need a major label to mint a collectible – just creativity, a few bucks in ETH and a message for the fans.
Agreeably, metal fans are among the most loyal fans, and crypto is making this dedication more tangible through decentralized autonomous organizations (DAOs). These are community-owned and managed entities that operate on rules encoded in smart contracts on blockchain.
Unlike traditional organizations with central leadership, DAOs are created to facilitate distributed decision-making. In rock music, they can allow fans to vote on which cities their favorite bands can tour next or even which songs will be included in upcoming live albums. Friends With Benefits (FWB) is one such application.
Here, members have governance power through the $FWB token, which they can use for creative collaborations and accessing exclusive events. If you’re an independent artist, you can use it to host live events, fund innovative projects, etc.
Another intriguing aspect is that it offers support to members through grants for the entire journey, from production to promotion. Plus, you can also use it to connect with individuals from other sectors, like designers and technologists.
Indeed, these possibilities could have seemed illogical several decades ago. But thanks to crypto technology, they are actually changing the face of the entire music industry, not just rock.
Take the issue of intermediaries, for instance. For a long time, artists have been grappling with challenges of underpaid royalties because of problems like the lack of transparency. However, with the rise of crypto and blockchain, its underlying network, artists can now get ahead of some of these challenges.
Plus, DAOs allow fans to feel like they are part of the entertainment, improving connection and loyalty. And for artists, this could mean more revenue. With all these benefits combined, it actually makes sense to see crypto penetrate rock music and other genres, as well.
The post Crypto Technology Continues To Make Waves In The Rock Music Industry appeared first on BraveWords - Where Music Lives.
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Although crypto faces significant challenges like price volatility, these statistics are a testament to its lasting impact on the music industry, including the rock genre. Consider the Bitcoin price volatility, for instance. One day it’s up $100K, the next, it crashes like a drum kit off a festival stage.
But beyond the price wings, the technology behind this and other digital currencies is making serious noise in the rock music industry. Stick around to discover how possible this is.
Cutting down the intermediaries
Like other genres, heavy metal artists often face challenges related to traditional intermediaries such as record labels and management companies. The complex structure of managing contracts and accounting can make it difficult for artists to track earnings and ensure they receive what they are owed. A good example is the recent casebetween the Cranberries, an Irish rock band, and Island Records, a popular record label.
In this case, the rock band accused their longtime record label of cutting their royalties excessively, claiming that the company had pocketed about $5 million that it wasn’t supposed to. Surprisingly, this complaint is not just about being underpaid for Spotify royalties—they also allege to have received fewer royalties for video streams.
In addition to such challenges, record labels often exert significant influence over artists’ creative direction, especially in terms of production, marketing, and album releases. This can lead to artistic clashes and feelings of stiflement or inability to fully express one’s vision. Plus, the pressure to conform to industry trends can make artists feel alienated from their core audience and values.
Thankfully, with the rise of blockchain-based platforms like Audius, musicians can overcome these hurdles. Audius allows you to upload music directly to fans without going through Spotify or Apple Music and even get tipped directly, increasing the possibility of making more revenue.
NFTs and Live Shows
We have already hinted at how NFTs are affecting the global music sector, and heavy metal is not left out. In fact, several bands have already tried them so far. Let’s consider Avenged Sevenfold, for instance. In 2021, this heavy metal band announced the launch of their Deathbats Club NFT collection, intending to give back to their community.
Holders of this collection would get benefits like early access to tickets, VIP upgrades, meet-and-greets and so on. Interestingly, the band was not just joining the NFT craze for quick money. By the time of the launch, M. Shadows and Syn (band members) held some seriously coveted tokens in their wallets.
NFTs, or non-fungible tokens, are simply unique digital assets stored on a blockchain that can represent ownership of various things, including music. They can help artists by providing a new way to connect directly with fans, control their creative work and even generate revenue.
Bands can drop limited-run digital collectibles or grant NFT holders access to pre-show soundchecks or livestreamed jam sessions. Even small garage bands can create NFTs for loyal fans, maybe a 1-of-1 animated album cover or digital liner notes signed by the whole band. The best part is that you don’t need a major label to mint a collectible – just creativity, a few bucks in ETH and a message for the fans.
The popularity of crypto-based communities
Agreeably, metal fans are among the most loyal fans, and crypto is making this dedication more tangible through decentralized autonomous organizations (DAOs). These are community-owned and managed entities that operate on rules encoded in smart contracts on blockchain.
Unlike traditional organizations with central leadership, DAOs are created to facilitate distributed decision-making. In rock music, they can allow fans to vote on which cities their favorite bands can tour next or even which songs will be included in upcoming live albums. Friends With Benefits (FWB) is one such application.
Here, members have governance power through the $FWB token, which they can use for creative collaborations and accessing exclusive events. If you’re an independent artist, you can use it to host live events, fund innovative projects, etc.
Another intriguing aspect is that it offers support to members through grants for the entire journey, from production to promotion. Plus, you can also use it to connect with individuals from other sectors, like designers and technologists.
Indeed, these possibilities could have seemed illogical several decades ago. But thanks to crypto technology, they are actually changing the face of the entire music industry, not just rock.
Take the issue of intermediaries, for instance. For a long time, artists have been grappling with challenges of underpaid royalties because of problems like the lack of transparency. However, with the rise of crypto and blockchain, its underlying network, artists can now get ahead of some of these challenges.
Plus, DAOs allow fans to feel like they are part of the entertainment, improving connection and loyalty. And for artists, this could mean more revenue. With all these benefits combined, it actually makes sense to see crypto penetrate rock music and other genres, as well.
The post Crypto Technology Continues To Make Waves In The Rock Music Industry appeared first on BraveWords - Where Music Lives.
Continue reading...