5 reasons musical artists should embrace blockchain

Blockchain technology is gaining popularity in the digital music industry (Image source: Pixabay)
Blockchain technology is gaining popularity in the digital music industry (Image source: Pixabay)

Blockchain technology is gaining popularity in the digital music industry

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The music industry is one of the most face-paced, quickly changing industries. From the age of streaming to online-based concerts, musicians always find new and creative ways to connect with their fans. One of the major concerns about the digital music industry, however, is how royalty-payouts work. Not only are numbers very small in how much money artists get, but the process is very long and dragged-out. Blockchain-based streaming companies such as Audius Music are looking to solve that problem.

Below is a list of five reasons why artists should embrace crypto-technologies shortly.

1

Artists can receive payouts in cryptocurrency

Crypto-based music streaming services such as Audius Music give cryptocurrency as payment to the artists on the platform. As the value of the platform rises, so does the cryptocurrency itself.

2

Artists can sell online collectables that appreciate in value

Artists such as Shawn Mendes are getting involved in the NFT (non-fungible token) marketplace. Fans will be able to buy unique collectibles from Shawn, but users will be holding artwork instead of an actual currency.

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