One of the main benefits of web3 is the ability for musicians to monetize their music in new ways. In the current web2 structure musicians are relying on current platforms to pay them a fraction of a penny per stream, but when combined with Web3 more exposure is possible and Musicians can sell directly to their fans. This can be done through the use of smart contracts, which automatically distribute royalties to the artists and collaborators involved in the creation of a song. There are lots of web3 music platforms out there that musicians can start using this technology on. Musicians may seek out Record Labels such as BlockJane Records that assists artists in bridging the gap between web2 and web3 music and works directly with web2 and web3 distribution and platforms providing the most potential and exposure.
Another benefit of web3 is the ability for record labels and musicians to create unique interactive experiences for their fans. For example, musicians & labels can use web3 to release limited edition digital collectibles. These collectibles can include things like exclusive artwork, behind-the-scenes footage, vinyl records, tickets, swag etc, you get the idea.
Web3 also enables fans to support artists they love in new ways. In addition to buying music and merchandise, fans can also use web3 to financially support their favourite artists and labels through purchase of their digital collectable or token-based platforms. This allows fans to directly contribute to the success of the artists they love and feel more connected to the music they listen to.
Web3 is a powerful tool for musicians to connect with their fans, monetize their music, and have more options and control over the distribution and promotion of their work. As the music industry continues to evolve, musicians who embrace web3 will be well-positioned to take advantage of new opportunities and build successful careers.
Below is a video where I explain MODA DAO’s web3 Platform