Quick Summary : Web3 is a term used to describe the third generation of the internet, which is based on blockchain technology. It enables decentralized applications (DApps) and services that are not controlled by a central authority, but rather by a network of users.
Music is one industry that is likely to be impacted by Web3 in a number of ways. Below are the 4 ways we believe it will make its largest impact.
- Web3 can enable a more decentralized approach to music distribution and ownership (Distribution and Ownership)
- Â Web3 can enable new business models for music.(Business Models)
- Â Web3 can provide a platform for collaborative and decentralized music creation.(See link #2)
- Â Protecting Royalties(Securing Royalties)
Overall, we believe Web3 has the potential to revolutionize the music industry by providing new opportunities for artists and fans to connect, collaborate, and monetize their work in a more decentralized way. Another way is through Web3 Music Labels, click to learn even more.