We spoke to industry leaders about how to break into the music industry and foster an engaged audience using a Web3 toolkit.
It’s hard to break into the music industry and even harder to succeed as an artist in the long term. Traditionally molded by industry gatekeepers, curated Top 40 lists, and contracts with legacy record labels, rejection is a common hurdle for new artists climbing the industry ladder.
But blockchain technologies, such as non-fungible tokens (NFT), are shifting the power dynamics within the music industry and creating new opportunities for growth and engagement. Proponents of change say NFTs give artists the tools they need to grow an engaged community from scratch, starting with just a small group of loyal fans. This “1,000-true fans” model was first coined by Wired’s Kevin Kelly in 2008 and suggests that an artist really only needs 1,000 engaged fans to achieve success.
Musicians arguably now have more tools at their disposal to bypass, or at least get a headstart on, the traditional pathway to career success by building their online communities from day one. Web3 – what some are calling the next blockchain-based iteration of the internet – will likely transform the way fans consume music and interact with artists.
“The ethos and focus of Web3 is identity, ownership and community,” said Shannon Herber, managing director of A0K1VERSE, an NFT-gated fan community created by DJ and crypto collector Steve Aoki. Because many new NFT projects are centered around fostering community, having a few thousand followers on social media is what Herber calls “actually quite a large number in terms of Web3 fandom.”
We spoke to industry leaders with collective decades of experience about how to break into the music industry and cultivate an engaged audience using a Web3 toolkit.
Continue reading: https://www.coindesk.com/learn/the-web3-guide-to-getting-into-the-music-industry/
It’s hard to break into the music industry and even harder to succeed as an artist in the long term. Traditionally molded by industry gatekeepers, curated Top 40 lists, and contracts with legacy record labels, rejection is a common hurdle for new artists climbing the industry ladder.
But blockchain technologies, such as non-fungible tokens (NFT), are shifting the power dynamics within the music industry and creating new opportunities for growth and engagement. Proponents of change say NFTs give artists the tools they need to grow an engaged community from scratch, starting with just a small group of loyal fans. This “1,000-true fans” model was first coined by Wired’s Kevin Kelly in 2008 and suggests that an artist really only needs 1,000 engaged fans to achieve success.
Musicians arguably now have more tools at their disposal to bypass, or at least get a headstart on, the traditional pathway to career success by building their online communities from day one. Web3 – what some are calling the next blockchain-based iteration of the internet – will likely transform the way fans consume music and interact with artists.
“The ethos and focus of Web3 is identity, ownership and community,” said Shannon Herber, managing director of A0K1VERSE, an NFT-gated fan community created by DJ and crypto collector Steve Aoki. Because many new NFT projects are centered around fostering community, having a few thousand followers on social media is what Herber calls “actually quite a large number in terms of Web3 fandom.”
We spoke to industry leaders with collective decades of experience about how to break into the music industry and cultivate an engaged audience using a Web3 toolkit.
Continue reading: https://www.coindesk.com/learn/the-web3-guide-to-getting-into-the-music-industry/
