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Society has always placed a high value on music. As technology starts to become more part of our lives, social media and music platforms have become more and more prominent in the music business....
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Photo: Royal
One of the biggest questions many spaces face today is how blockchain technology may overhaul industry norms, and the music industry is no exception. In particular, creators and listeners alike are wondering whether blockchain might disrupt long-held understandings of ownership, earning, and engagement through the distribution of musical non-fungible tokens (NFTs).
An early mover in the music and cryptocurrency space is rapper Snoop Dogg, who earlier this year launched his first NFT project with the blockchain gaming company Gala Games, making his newest album Bacc on Death Row available for purchase as a digital token. Other prominent artists such as Eminem, Lil Pump, and Nas have also provided their own drops for fans interested in the emerging space.
Hip-hop creators appear to be the most eager to embrace blockchain’s place in the music industry. Snoop Dogg’s son Champ Medici, a crypto entrepreneur, has likened NFTs to the early days of hip-hop.
In a conversation with skidrowcrypto, Champ Medici said, “When I look at the footage, and I see people in New York, see Biggie on the corner freestyling, and my dad in Long Beach freestyling with Nate Dogg and Warren G, I’m like—yo, this is the same shit we’re doing with NFTs. I’m linking up with artists, graphic designers, and creative people to come up with a concept that can keep people entertained and engaged. That’s the same as making music."
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Snoop Dogg believes that NFTs have the potential to upend the current status quo in the music industry and make it more fair to artists and consumers. Placing the ownership of musical works in the hands of artists and consumers instead of record labels allows artists to retain much more of their earnings, and for fans to engage with their favourite creators in new ways, including collecting and selling works in similar ways to other collectibles markets. Taking the label out of the equation can also afford the artist more creative freedom and room for self-expression.
This new form of engagement will not completely see record labels out of the picture, however.
“[Labels] know that they have so much control traditionally,” Snoop says. “And all that they’re hearing about in the NFT [and] Metaverse space is that the artist has control.” As a result, he predicts, record labels will slowly but surely find ways to enter this space in an effort to maintain control.
While the exact role blockchain will play in the music industry remains uncertain, it is definitely carving out a place for itself, especially among hip-hop creators and fans. If you are an aspiring music creator interested in the crypto space, be sure to keep an eye out for new developments as there is no doubting that blockchain technology is here to stay.
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