One of the biggest music organizations in the world, Warner Music Group, recently announced that 4% of its workforce would be let go. Many people in the music business are shocked by this news because the business has been doing well financially recently. However, conventional music corporations like Warner Music Group are finding it difficult to adapt as the music industry continues to move towards streaming and digital platforms. There is hope for those who are willing to seize new chances in the developing Web3 industry, even though the news is surely terrible for the laid-off workers.
Web3 technologies have the potential to completely change how music is produced, shared, and enjoyed as the music industry continues to develop. In addition, there is a growing trend toward Web3 music labels, which could offer workers who have been laid off new employment, thanks to initiatives like INSTRUMENTALIZ3.
What exactly is Web3, and what connection does it have to the music business? Web3 is the third iteration of the internet, where new ways of exchanging value are created using decentralized networks and blockchain technology. Web3 technologies have the potential to open up previously unattainable new fan involvement, revenue-sharing, and ownership structures in the music industry. Additionally, as a result of the emergence of NFTs (non-fungible tokens) as a brand-new type of digital asset, artists and record labels may now design distinctive digital collectibles that can be purchased, sold, and traded on decentralized exchanges. Projects like INSTRUMENTALIZ3 fit under this category.
INSTRUMENTALIZ3 is a new Web3 music label. Their platform provides artists with a range of tools and services to help them create and distribute their music in a way that is more transparent, fair, and rewarding than traditional music labels.
One important feature of INSTRUMENTALIZ3 is its Genesis NFTs. By creating a unique digital collectible that represents a kind of ownership, or stock, in INSTRUMENTALIZ3 which allows holders (investors) to collect earnings from the sale of Music NFTs, and Music NFT holders will benefit from collecting revenue from streaming.
You are getting a shameless plug from me because I work on the project, but INSTRUMENTALIZ3 is only one of the many Web3 music projects that are emerging in the WEB3 industry. As musicians, fans, and investors explore for new and inventive ways to interact with and support their favorite performers, we should expect to see a surge in creativity in the WEB3 music sector.
There is some learning involved with Web3 for those who have lost their jobs at traditional music corporations like Warner Music Group, but there are many resources available to help people make the transfer, including online groups and training programs. Additionally, as more individuals adopt Web3 technology, new employment possibilities in industries like blockchain development, smart contract creation, and digital marketing are likely to arise. As well as the Web3 Music Industry, which is essentially undeveloped given all the opportunities that are and will be available in the future.
We are aware that the announcement that Warner Music Group is laying off 4% of its workforce will be challenging for individuals impacted. But it also serves as a reminder of how the music business must keep changing and advancing in order to keep up with the times. Please take a look at our links below if you're interested in a fantastic opportunity to connect with some fantastic individuals that are working to develop and grow Web3 Music.