The music industry is undergoing a significant shift with the integration of blockchain technology, as discussed in the article on Cointelegraph. Blockchain tech, primarily through the concept of tokenization, is allowing artists to sell their music as NFTs (Non-Fungible Tokens), giving them more control over their work and a higher share of the profits. The process of tokenization allows an artist’s music catalog to be converted into a digital asset on a blockchain, which can then be bought, sold, or traded much like any other digital asset.
The process of tokenizing music catalogs is a part of the larger Web3 revolution. Web3 is the next generation of the internet, which aims to create a decentralized and user-centric online space. In this new system, artists will be able to monetize their work directly, without the need for middlemen like record labels or streaming platforms. This shift to a decentralized Web3 platform can potentially revolutionize the music industry, empowering artists and creators like never before.
