Get a glimpse into the thoughts and opinions of Korean musical artists on the use of blockchain in the music industry. A study conducted by researchers at Korea University in Seoul revealed mixed views among artists, with some seeing blockchain as a potential avenue for increasing revenue and protecting copyrights, while others remained skeptical about the ability of blockchain-enabled applications to disrupt the current music industry giants. Despite the mixed sentiments, the music industry continues to attract attention from Web3 builders, with startups like MITH and Modhaus developing platforms for social engagement and fan interaction. LimeWire, the well-known file-sharing site from the early 2000s, has even launched a blockchain-enabled AI Music Studio. Explore the article to learn more about the fascinating intersection of blockchain and the music industry.
Blockchain in the Music Industry
The application of blockchain technology in the music industry has garnered mixed views from industry professionals. Researchers at Korea University in Seoul conducted interviews with 16 Korean musical artists to understand their sentiments toward the use of blockchain in the music industry. The study, published in a subsidiary of Nature, reported mixed results. While the artists acknowledged the potential for blockchain to be a new route for revenue generation and to protect copyright, they expressed doubts about the feasibility of blockchain-enabled applications becoming a reality. This skepticism stemmed from a belief that blockchain music startups would struggle to compete with the established giants in the music industry.
The music industry has become an attractive area of focus for those building in Web3, although startups in this space have yet to make a substantial impact on the status quo. One notable example is MITH, a Web3 social engagement platform for musical artists backed by Warner Music Group. Rapper Jack Harlow leveraged MITH for ticketing purposes during his recent tour after partnering with the platform. Another interesting startup is Modhaus, which raised $8 million in a Series A round for its K-pop fan engagement platform. LimeWire, a popular file-sharing site from the early 2000s, has also made a foray into the blockchain space with its recently launched blockchain-enabled AI Music Studio.
Former Cointelegraph CEO’s Web3 Marketing Agency
Jay Cassano, the former CEO of crypto media company Cointelegraph, has launched his own Web3 marketing agency called 4Labs Digital. This firm is a spinoff from Wachsman, a prominent crypto press relations firm where Cassano previously served as the chief growth officer. With a team of 24 staff, according to a press release, 4Labs Digital will specialize in providing digital marketing services focused on Web3. Cassano, who was editor-in-chief of Cointelegraph from October 2019 to September 2020 and later served as the company’s CEO until 2022, expressed excitement about the opportunity to leverage his industry knowledge and experience to serve the Web3 community through storytelling and marketing.
Interesting Stat
An Ordinal inscription was sold for 2.36 bitcoin, which was worth $95,250 at the time, on Sotheby’s blue-chip art marketplace. This highlights the growing acceptance and use of cryptocurrency in the art world, where blockchain technology can provide transparency and security in the buying and selling of valuable artworks.
Other Noteworthy News
In other news, Amazon MGM studios is reportedly developing a movie titled “Razzlekhan,” which will recount the story of a couple who stole billions of dollars from crypto exchange Bitfinex before being arrested in 2022. This shows the increasing interest in exploring real-life events related to the cryptocurrency industry in mainstream entertainment.
Web3 mobile gaming studio Endless Clouds has announced a partnership with gaming layer-2 Immutable. As part of this collaboration, two of Endless Clouds’ games will debut exclusively on Immutable zkEVM this year. This partnership demonstrates the growing integration of Web3 technologies in the gaming industry, providing new opportunities for immersive and decentralized gaming experiences.
Additionally, NFT platform Droppp has released Harry Potter Funko NFTs, further showcasing the expansion of NFTs into various entertainment franchises.
Conclusion
The survey conducted by researchers at Korea University shows that artists in the music industry have mixed opinions on the use of blockchain technology. While recognizing its potential benefits in terms of revenue generation and copyright protection, there are doubts about the ability of blockchain-enabled applications to disrupt the current music industry landscape. However, with the emergence of innovative startups like MITH, Modhaus, and LimeWire, we can expect to see the continued exploration and experimentation of blockchain solutions in the music industry.
In the wider Web3 ecosystem, the launch of 4Labs Digital by former Cointelegraph CEO Jay Cassano highlights the growing demand for Web3 marketing services. As more organizations and individuals embrace Web3 technologies, agencies like 4Labs Digital will play a crucial role in providing effective marketing strategies and storytelling for the Web3 community.
The sale of an Ordinal inscription for bitcoin on Sotheby’s art marketplace underscores the acceptance and utilization of cryptocurrency in the art world. This trend is likely to continue as more artists and collectors recognize the advantages of blockchain technology in facilitating secure and transparent transactions.
Other notable news in the industry includes Amazon MGM studios’ development of a movie based on a true story related to the crypto industry, the partnership between Endless Clouds and Immutable in the gaming sector, and the release of Harry Potter Funko NFTs on the Droppp platform. These developments demonstrate the ongoing integration of Web3 technologies and their expanding influence across various industries.
In summary, while there may be mixed opinions on the use of blockchain in the music industry, the overall potential and future prospects of blockchain technology in this sector remain promising. As more startups and established players continue to innovate and explore blockchain solutions, the music industry, along with other sectors, will witness further transformative advancements enabled by Web3 technologies.
Source: https://blockworks.co
