Since its conception, the Internet has undergone continuous evolution. We have progressed from simple messengers and static websites to interactive social networks and apps with cutting-edge technology.
Web 3.0: The Internet's New Era
It's now time for Web 3.0, the next stage. It was back then, that my companion Tomasz Olszewski, aka "Mr. Vinyl," initially introduced me to Web 3.0. I questioned, "Hey, you're talking about Web 3.0, but what happened to Web 2.0 or Web 1.0?" at one point.
I was perplexed because the web we use daily is older than what web browsers, email, digital messaging, and messengers are.
What, then is Web 3.0? In other words, it's the next phase of the Internet, like it or not. It opens up new options, such as allowing musicians and artists to use Non-Fungible Tokens (NFTs).
NFTs: The Dawn of a New Humanity?
Using blockchain technology, NFTs—unique, indivisible digital assets—certify the legitimacy and ownership of a work of art, a song, or other digital property. Blockchain technology guarantees their validity and unquestionable ownership history.
Artists may turn their creations into valuable digital collections with NFTs, while admirers and buyers can acquire ownership of their works. NFTs are gradually transforming the ways in which musicians and artists make a living from their work, moving away from conventional business models centered around the sale of tangible products and toward a digital landscape with almost limitless opportunities.
Artists may turn their creations into valuable digital collections with NFTs, while admirers and buyers can acquire ownership of their works. NFTs are gradually transforming how musicians and artists make a living from their work, moving away from conventional business models centred around the sale of tangible products and toward a digital landscape with almost limitless opportunities.
1. Musical Minting
Artists and musicians can profit from their creations through traditional means as well as digital sales when they mint their works as NFTs. They may now make money without relying on album releases or shows thanks to this. For this reason, a lot of musicians release their tracks as NFTs. As an example, the band Kings of Leon published their album "When You See Yourself" as an NFT, providing token holders with access to exclusive content. This increases fan loyalty and gives artists access to new cash streams. In a similar vein, Olga Kravchenko, a Ukrainian artist, made unique album covers for the Polish-Ukrainian band DAGADANA specifically for them. The creation of the NFT token also made it possible for fans to access premium files and exclusive content known as digital vinyl, which is still for sale.
2. Control of Ownership
Artists maintain complete control over their creations when using NFTs. They can decide how much money they want to make on each sale as well as how many copies will be made.
3. NFTs and Digital Art
The realm of digital art has grown in popularity among NFT collectors. The millions of dollars that artists like Beeple and Grimes sell their works for as NFTs serve as evidence that digital art may be just as valuable as traditional art. As the market stabilizes and purchasers become more conscientious about what NFTs represent and what digital assets they actually obtain in exchange for their money, the days of NFT speculation are probably over.
As mentioned in our post, DIGITAL VINYL VERSUS DIGITAL PRESSING. A NEW CHAPTER OF MUSIC THANKS TO TECHNOLOGY? and NEW POSSIBILITIES FOR ARTISTS AND FANS. THE EXAMPLE OF THE DAGADANA BAND and Web 3.0. Artists and fans now have more options. The Dagdanada Band illustrates this the artists are making their way into the music industry by providing digital pressing or vinyl and digital arts.
4. Virtual performances (and beyond)
The COVID-19 outbreak brought to light the difficulties experienced by artists when their customary sources of funding abruptly dried up. Then, musicians hosted virtual performances and offered tickets as NFTs, enabling fans to take part in events that were exclusively for them. They also get a digital NFT ticket as a memento. 5. Interaction with the Community Musicians and artists can use NFTs that give them access to exclusive interactions with their communities, such as private conversations, video calls, or backstage encounters.
In summary, musicians, bands, and their fans have a lot of chances thanks to Web 3.0 and NFTs. It's a ground-breaking approach to monetize creative and forge closer ties with your audience. In the digital realm, special experiences and works that are only available to NFT owners are becoming highly valued assets. It's time to let go of inhibitions and welcome the new era!
