There was a time when web3 creators felt confident enough to take Spotify head-on, possibly. Although such grand ambitions deserve recognition and applause, these projects and initiatives were never likely to stand the test of time. But there is a quiet revolution going on in the music industry, and it involves NFTs.
As luck would have it, the record label space is embracing NFTs significantly and leading the charge on real-world use cases for these digital assets. Some emerging artists use NFTs to connect with their fans and target audience. The NFTs should add some buzz around their music and allow listeners to find these new tracks easier.
At the moment, there's a problem with being a Spotify user, and that is, although, as listeners, we get access to an unlimited amount of music and creative artists, the problem is that this platform pays the artists next to nothing while making money hand over fist.
With web3 and NFTs, artists can control their music and have the final say regarding how much they get paid. Some executives are panicking because as artists move to this new decentralized model, it's more likely that these fat cats will find their never-ending gravy train come to an abrupt end.
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