LEADING TO CHANGE IN THE MUSIC INDUSTRY NFTS are taking place!

The rise and mass adoption of cryptocurrency is changing the world. Doğu Taşkıran, CEO of the social NFT marketplace Orderinbox, drawing attention to accelerating the formation of a digital collection ecosystem as the benefits of Web3 rapidly permeate creative areas, states that the music industry along with NFTs is developing the Music 3.0 process has started.

The new adventure of the Internet, Web 3.0, is shaping communities and even community preferences. As the new Internet adventure continues to evolve in a decentralized order, some sectors in particular are deeply affected. According to Doğu Taşkıran, CEO of Orderinbox, who stated that owning digital collections in the world of blockchains opens up a new era in the music industry, this new era is causing NFTs, which are making significant gains in restructuring artists’ ownership rights, the new music world that will be called Music 3.0.

Proprietary rights will come first in music 3.0

NFTs are preparing to significantly change the music industry as it affects every sector. In particular, the proliferation of creators and artists working on NFTs is accelerating the change of classical standards in the music industry. There are many new opportunities in the music industry, such as symbolizing songs and albums through NFTs, selling limited digital products to generate additional revenue, providing royalties to content creators, artists, producers or providing exclusive experiences for fans. Dou Taşkıran emphasizes that these benefits should not be ignored and also emphasizes that the music industry will lead the way in creating a community in the metaverse world, with various initiatives and projects aimed at unifying the material relationships between artists and their fan base. Taşkıran also stated that unlike the traditional transfer or assignment of music copyrights, there will now be an important distinction between true copyright ownership and digital blockchain ownership. He also states that legal disputes will take on different dimensions with the completion of contract information surrounding NFTs and digital collections.

Independent artists earn more thanks to NFT

Many artists in the classical music industry work under the roof of music companies. While it seems that independent artists are starting to have a freer economy with the popularization of various online music platforms, the situation is changing with NFTs and Web3. In the new process, where independent artists will begin to reap short-term benefits, there will be more flexibility and less legal friction to export digital collections, especially when it comes to copyright transfers, Orderinbox CEO Doğu Taşkıran told fans that a independent artists should have all their music. He also states that it will allow the formation of more active artist fan communities in the music world by making it much easier to present different benefit values.

Source: (BYZHA) – Beyaz News Agency