From creating a music library for television and film to licensing blockchain-native content, projects are bringing music to the blockchain. While critics are having a field day during this bear market as they pounce heavily on crypto and try to belittle its value, some of the projects take this opportunity to develop and launch industry-disrupting platforms on the blockchain.
Some of these projects are inspired by NFTs. This month, companies have launched or shown their intentions to develop blockchain-based music licensing platforms that strive to change the way songs are licensed by getting rid of intermediaries, reducing costs, and bringing all of blockchain’s inherent advantages to the music space.
While commenting on this issue, the CEO of Web3 entertainment firm Faro Company, Mehmet Eryılmaz, stated that blockchain offers a new infrastructure for the traditional industries. He further stated that:
“Blockchain offers an opportunity to rethink a new economic model for all of the entertainment including the music industry.”
Based on Eryılmaz, the most important and primary benefit of blockchain platforms is the fact that it supports full audience ownership. He stated:
“This model holds the secret sauce for full-pledged economic autonomy.”
While blockchain-based music platforms have just started to come up, the event offers a preview of what the technology can do for music. Without more to say, let us see what some of the projects are doing to bring music ownership rights to the blockchain space.
Dequency Develops A Blockchain-Based Music Rights Portal
Dequency, a Web3 project, has unleashed its music licensing platform after completing its beta phase. The team developed a decentralized licensing portal for music rights holders and developers and enable them to perform all their licensing transactions directly.
In an official announcement, the CEO of Dequency, Keatly Haldeman, stated that the platform uses Web3 tools including smart contracts and crypto to facilitate more efficient licensing transactions and payments.
Haldeman stated that the platform enables easy licensing for audio-visual content creators who seek a diverse music catalog. Based on the team, this project is built on the Algorand blockchain and is set to also offer on-chain licensing for blockchain-native content.
Sound Composer To Create Music Licensing Platform On Bitcoin SV
One project led by Sefi Carmel, SphereTrax, has stated that it will launch a music licensing platform powered by Bitcoin SV (BSV) later in 2022. Sefi Carmel is a prominent composer who is currently designing sounds for upcoming crypto films.
In a press release, the team said that the platform will design a gallery of tracks and songs that can be utilized in films, advertisements, and television. Apart from all these, the developers stated that the soundtracks designed by SphereTrax can also be used in virtual reality (VR), gaming, and augmented reality (AR).
Sefi Carmel said that the project will be a boosted music library that offers accessible and timely tracks for the creative sector, Carmel also said that the move is in preparation for the general widespread adoption of AR, VR, NFTs, and metaverse technologies.
