Web 3.0 is going to 10x your revenue per day if you are a musician! Web 3.0 is the vision of creating a direct bridge between musicians and fans, which will ultimately increase the quality of services & high revenue for fans & creators, respectively. Sounds interesting? Let’s deep dive into web 3 to know more about it.

What is Web 3.0?

Web 3.0 or Web 3 is a long journey from the 1990s. The first web, web 1.0 was emerged in the 1990s. That web was a “Read-only” web. Web 1 was not dynamic, interactive & productive as compared to web 2.0.

Web 2.0 was a “Read-write” web & emerged in late 2004. Web 2.0 brought amazon, Facebook, Google, Twitter & other social media platforms to interact with users, centralize the user’s data & make a business revolution in the IT industry.

Web 3 is the game-changer for all where people will be able to operate in divvy platforms. The aim of web 3.0 is to cut the maximum cost of big giants like Amazon, and Facebook, and to create a direct bridge between service providers & customers.

How does Web 3.0 work?

To 99% of people, web 3.0 is confusing but the Web 3 enthusiasts better know, that Web 3.0 is beneficial for all buyers & sellers. Web 3.0 is the combination of modern technologies like Blockchain and machine learning. With the help of advanced technology, web 3.0 works in such a system where transactions are made in bitcoin or any other currency & the records are maintained across chains of computers that are further linked to the peer-to-peer network.

How Web 3.0 is empowering musicians?

With the evolving streaming platforms like Spotify, Apple Music, YouTube & Amazon music, musicians barely earn their bread & butter. These streaming platforms work as the middlemen & after cutting down all the expenditure & taxes, the content creators only get 20% bucks in comparison to their talent.

But what if we cut down the middlemen & give all the credits and control back to the musician? What if the content creators get fairly paid for their content? Web 3.0 is real & it has the potential to give the power back to creators & boost their careers beyond expectations.

How True Fans theory is empowering the musicians?

True fans are those who truly admire the artist’s talent & buy every art piece from him. With 100 true fans, an artist can thrive in the digital market & make the living online.

An artist can make a deep connection with true fans by offering exclusive content & fans can play a vital role in the success of their favourite artist.

True fans theory is the reflection of web 3.0. This is exactly what web 3.0 want to do to financially empower the musicians & give full credit for their work. Moreover, web 3 allows content creators to build up a community around themselves rather than on third-party platforms.

How smart contract works?

In Simple words, smart contracts in web 3.0 allow the musicians or content creators to set rates for their artwork & set lifetime royalties for every piece of their work. These smart contracts not only generate quick payments but also becomes a source of passive income.

How does NFT work for musicians?

Non-fungible tokens (NFTs) are the heart of Web 3.0. NFTs are exclusive content that could be anything. For musicians, it could be unreleased tracks, audio-video tracks, one-to-one exclusive performances or special song dedication to a true fan.

Is NFT’s are only beneficial for content creators? No, NFTs are digital assets for the investors & they can get a quick profit. In 2021, an NFT art collector purchased art from Lindsay Lohan for $17K & sell it for $78K.

How DAOs work for music industry?

Decentralized autonomous organizations help the content creators to connect with fans & influencers to work together. DAOs are managing bodies’ works on the promotion & success of the creator’s projects.

DAOs enable the musician to decide the price of content & take full control of their work. On the other hand, it allows the fans or consumers to directly interact with the musician & support him.

Moreover, DAOs reduce the maximum cost & give back a huge share to the music industry. For example, the sites that sell concert tickets cut out a huge amount from concerts. In contrast, DAOs cut the middlemen & distribute the profit equally.

How Web 3 is securing the ownership of musicians?

How much the music industry has an obscure ownership structure isn’t hidden. We have examples like Taylor swift & Asim Raza whose songs have been copied without giving them ownership credits.

Web 3.0 bring a Fix for this problem as well. Here, Artists get lifetime ownership of their work. They can sell their work in form of NFTs & generate passive income as well & the opportunities do not end here.

Web 3.0 builds a secure, transparent & unique system that allows everyone to get recognized, valued & generate multiple sources of income.

How web 3.0 is empowering musicians through monetized channels?

Do you know only 0.2% of musicians earn more than 50,000 dollars per year? It is a shred of clear evidence the big giants, ticket reseller websites & third parties get a large share of the musician’s income. This is where web 3 comes into action & introduces the monetized channels to support the musicians in every possible way.

The platforms in web 3 like Socios, Roll & Vezt allow the musicians to directly monetize their work without the interference of third parties. These platforms work best for fans as well. They can share the song or recording royalties of their favourite artist.

To conclude…

Web 3.0 is new hope for the music industry. Smart contracts, True Fans theory, NFTs, DAOs and monetized channels will bring a revolutionary change to the music industry. Moreover, the modified Ownership structure will give authority, security & Power back to where it belongs__ to content creators. We hope that Web 3 will bring golden opportunities for entertainers to thrive in.