As the trends of metaverse concerts and NFT songs is increasing, it is safe to say that the future of the music industry is about to change. Will we have streaming services and record labels? Let’s find out!
Two weeks ago, NFT music platform Royal closed a $55M funding led by a16z. This funding also included major artists like Kygo, The Chainsmokers, and Disclosure. The venture capital Conibase Ventures was also a part of it.
Royal is a platform where artists give direct ownership of their songs via NFTs and receive royalties. So if the song succeeds, the fans will also succeed and have an equal distribution of benefits.
The latest song of Royal called WAVEFORM offers the owner 100% rights and is currently open for bidding until December 7 at 6:05 pm CET. The first NFT song from Royal was called Worst Case; it gave 50% of the ownership to fans via 333 tokens in October.
Apart from Royal, there are many other blockchain-based music platforms like Audius and Opulous. They are seeing some major growth in the last few months.
Metaverse Concerts
In October, there were two festivals hosted on a metaverse. It shows that the traditional way of going to a concert is changing. Moreover, there was another metaverse party where major artists like Zedd, Alan Walker and Kygo performed.
These metaverse festivals and NFTs music platforms show that the music industry quickly adopts the whole crypto/blockchain approach each day. It is safe to predict that future music concerts will offer their tickets as NFTs.
