The music industry and the Metaverse are coming together, with more and more Web 3 technologies being integrated over the past year. It’s not just changing the way we consume music, but also how fans can actively engage.
The global music industry is everywhere. Whether it’s the top 40 hits from the car radio, background music at a restaurant dinner or advertising – music is everywhere. And now in the Metaverse too.
2021 has been a big year for the integration of Web 3 technologies. Music industry giants like Sony Entertainment have invested in NFT markets, and major artists like Katy Perry and Eminem have endorsed web-based music platforms. the blockchain. Additionally, social media giant TikTok has integrated blockchain-based and decentralized music streaming platform Audius. Many musicians already familiar with NFTs believe such developments will fundamentally change their careers and their communities.
But now the Metaverse expansion is in full swing. It’s not just market NFTs and digital wallets that connect fans and their music world.
BeinCrypto spoke with two insiders of this industry crossover to better understand the implications of this evolution of the music metaverse. Oana Ruxandra is Chief Digital Officer & EVP of Business Development at Warner Music Group (WMG). The company recently launched its own musical world in The Sandbox metaverse. Bryce Carr is the Director of Creator Partnerships and Music at Rally.
Recently, Warner Music Group, one of the world’s leading music labels and entertainment conglomerates, took a big step towards Metaverse. In collaboration with The Sandbox, the music label there a own virtual musical world create. It’s a mix of musical amusement park and Place for concerts. Warner Music Group plans to hold concerts and music events there, featuring the company’s star performers.
However, WMG is not the only major company currently taking such action. Walmart and Microsoft have also recently invested in digital reality. However, WMG’s project opens up whole new ways for fans and artists to engage with the Metaverse.
Ruxandra explained to BeInCrypto why the music industry is the ideal industry to enter digital reality. “There are so many reasons why the music industry translates well in a digital and virtual world”Ruxandra said. “At the end of the day, music spans all territories, media types and platforms, and even time.”
even more stressed Ruxandra, may the metaverse continue to grow. And that growth offers the opportunity to create new values and enable authentic engagement. However, how this is to be accomplished remains pioneering work. Even for a music industry veteran of nearly 200 years.
“There is not much certainty about the development of the metaverse. One thing I can say with absolute certainty is that more and more music will be consumed. more digital.
“More and more people are listening to music more and more often, and in more and more different formats. This development brings huge opportunities. But only as long as we are able to deliver real value to artists and their communities.
Authenticity through innovation
As with any new technological innovation, there are big questions to ask. What advantages does a virtual world offer compared to reality? “Web 1 brought us the Internet and a wealth of fixed information. Web 2 made it easier to interact with communities through centralized platforms. Now Web 3 will bring a decentralized Internet, owned by users and builders and organized by tokens. The peculiarity of Web 3 is that the emphasis is on the fan engagement located”.
Ruxandra goes on to explain that WMG’s main goal is authenticity. “Everything we build on Web 3 must be authentic to our artists and their fans.“
Alongside Warner Music, artists are taking advantage of the new capabilities of Web 3 to create new opportunities for meaningful engagement. For example, Rally is a platform designed specifically for artists, especially musicians. On the platform, they can shape their digital reality with social tokens.
The potential of social tokens and NFTs
Bryce Carr, Director of Creator Partnerships, points out that the many benefits of Web 3, such as tokenization, aren’t just useful for those who already have ties to big companies.
“Social tokens and NFTs have enormous potential and relevance for artists at every stage of their career. From up-and-coming talent to megastars to alumni,” Carr says.
“Web 3 not only gives artists a great new tool, but also provides a completely new and fair business model for fans and artists alike.”
Carr adds that development will be different for everyone. This is something Carr knows well, having previously worked in youth development for Fender Musical Instruments Corporation. “Different types of artists will see the value of different Web 3 features in their own way. Based on what’s important to them.”
Web 3 is revolutionizing the connection between musicians and fans
Another example of Web 3 innovation is portugal man. Because the Grammy-winning group recently released a new single that was combined with a social token. It took the fan community to a new level, so to speak.
Fans who pre-register the song will be rewarded with PTM coins through the social token system, which was introduced over a year ago. To participate, fans simply need to create a free account on Rally.io. Rally is a platform where artists and their fans can build a shared digital economy powered by social tokens and digital products and services.
The more mainstream the Metaverse becomes, the more Web 3 features like social tokens are transforming existing fan clubs. Carr points out that “Artists and their fans own 100% of the digital economy“. “One of the most compelling things about social tokens is that artists can deliver value to their fans, rather than siphoning them off. Because now fans can own a piece of the community they’ve built with other fans.”
“It’s an incredibly versatile tool: artists can integrate the tokens into their existing communities and implement them anywhere. And that both in real life and in the digital world. The token can also be used as an authentication tool to unlock content, experiences and more.
Music and new digital culture
As with any new development emerging from Web 3 communities, growth is to be expected. Businesses, artists, fans, and developers will find out which features are useful and which aren’t. A new digital culture will emerge.
At the moment, however, it’s unclear how virtual reality concerts, DJ sets and other musical events will win over Web 3 audiences. But Carr knows one thing for sure. Despite the rapid evolution of the digital world live music will never lose its value. “Nothing replaces live music. But digital spaces where fans can discover music and create a culture around them have become equally, if not more, important for many artists. I’m excited to see how Web 3 continues to shift the line between live events and virtual events, allowing artists to showcase their music however they choose.”
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