First, a report on the current state of music and Web3
The last decade has been tremendously eventful in terms of the global adoption and implementation of blockchain-based technology. Following the development and widespread use of cryptocurrencies, an ecosystem of digital collectibles has emerged, with the benefits of decentralization swiftly infiltrating the creative sectors.
Currently, the music industry is witnessing a period of continuous and ongoing innovation, with numerous communities forming around a mutual faith in these revolutionary technologies and a shared conviction in a future in which the artist, fan, and collector would gradually merge into one.
In terms of NFT and digital collectibles sales volume, the music industry lags behind digital art, which is a really intriguing fact. However, the music industry is substantially ahead in terms of community building around the technologies in the issue.
The problem is that we are currently in the process of constructing web3 (the new internet), which inevitably leads to ideological conflicts, particularly about legacy music business systems. This so-called war between new inventive ways and more traditional legacy approaches is producing an unprecedented quantity of inventions and ideas, making the music tech sector a very intriguing market to observe.
This is why we decided to provide the first-ever State of Things Report, which focuses on the projects, trends, and processes occurring in the music3 area, as well as potential future implications and considerations.
Next week, Part Two will be released.