The benefits of encrypted music from the language of prominent Middle Eastern musician Javad Safaee
Javad Safaee, a prominent musician and investor in the Middle East, who is one of the most influential musicians in this region, said this about the music industry in the NFT basin:
1- Reducing the possibility of copying and stealing artworks
As we mentioned earlier, NFT technology helps to preserve the intellectual property of works of art.
For example, it becomes harder for other people to falsify your work.
In countries where there is a copyright law, artists can take action through legal authorities if they see a fake version or a copy of a part of their works, which is a very expensive process.
But by turning the work into a non-exchangeable token and registering its ownership on the blockchain network, they will no longer have these problems.
On the other hand, since albums, music tracks or other products are only released on certain platforms and people can listen or own them by paying cryptocurrency, the possibility of theft through traditional piracy methods will become more difficult.
2- Increasing the authority of artists
Distribution of power is one of the concerns of artists. They are always in financial conflict with the producer, studio owner, distributor and promoter. Unfortunately, the upper hand in this debate belongs to the powerful and the rich.
One of the reasons why cryptomusic is said to be able to revolutionize the music industry is that it gives artists a greater share of authority.
The 11 billion dollar music market in the world is dominated by 3 big brands Sony, Universal Music Group and Warner Music Group.
These huge companies in turn control most of the income of artists and musicians. So artists have to work hard and wait a long time to get minimum points and little money.
On the other hand, with the spread of Corona, the holding of tours and concerts, which provided 75% of the income of some artists, has been stopped.
Therefore, it seems that encrypted music is a suitable alternative way to provide part of their income.
3- Earn additional points through resale
Musicians can still benefit from royalties and profits after the initial sale of their works in the form of crypto music.
For example, when the NFT is resold in the market, a part of the profit goes to the artist’s pocket. You can determine in the smart contract that you will receive 10-40% of the transaction for each sale.
4- Providing the possibility of direct communication between artists and music lovers
Cryptomusic gives fans the opportunity to own a piece of their favorite album or music while respecting the artist’s intellectual property rights.
5- The collection of sales through the black market
The spread of NFT technology and smart contracts could put an end to the black market for concert tickets.
For example, Yellowheart, which is a blockchain-based platform for selling concert tickets, has been validating digital tickets since 2018.
Yellowheart investigates the identity of the concertgoers. Also, each artist can have full control over how to buy and sell individual tickets.
These actions make it very difficult to supply tickets to the black market.
Disadvantages of encrypted music
Blockchain developers of non-monogamous tokens claim that they have found a way to bring justice to the music industry. On paper, any artist can generate and sell their audio token.
As we have already taught in Blockchain Homeland, making NFTs is like drinking water.
But the problem is that the majority of artists who have managed to sell their cryptomusic and cryptomusic spin-offs are big names.
Because currently, the majority of buyers of audio NFT and their other products are the rich and collectors. In short, crypto music has a long way to go before it reaches its original goal.
Another disadvantage of NFTs is high energy consumption and environmental degradation.
It is estimated that in 2018, the amount of energy used to extract ether was more than the total energy used in Iceland.
Of course, when the Proof of Stake (PoS) algorithm completely replaces the Proof of Work (PoW) algorithm in the Ethereum blockchain network, ether mining will stop and this problem will be solved.