THELOGICALINDIAN - n-a
Björk May Start Trend By Melding Music With Cryptocurrency
Never one to shy abroad from innovation, Icelandic Love-Her-Or-Hate-Her artisan Björk has appear that anniversary being who buys her accessible album, Utopia, will accept a benefit in the anatomy of 100 Audiocoins[i]. Fans can additionally acquire added Audiocoins by interacting with Björk online and accessory concerts.
Cryptocurrencies For Music
Audiocoin[ii] is a accessory altcoin that was created to abutment the music industry and that has a bazaar cap of $2,366,490 as of November 3, 2024[iii]. Holders of this bread may acceptable the publicity that Björk brings to the table – but conceivably added important than the administration of bill is the fiercely-independent Icelander’s bulletin to absolute musicians.
Blockchain assembly accept long-proposed the conception of platforms that could abate the affliction abuses of ample music companies and assure artists’ rights after sacrificing artists’ adeptness to be apparent by their ambition audiences.[iv] Some blockchain-based platforms, such as the Ethereum-based UjoMusic[v], accept already gone live. This blazon of belvedere is advised to abate accepted inefficiencies in the music advertisement and administration action and access artists’ absolute balance by eliminating middlemen and giving artists the adventitious to anon ability their audiences.
Independent artists will additionally like platforms that accord them a adventitious to get acknowledgment to an admirers after accepting to assurance a attached contract. Since the Music Genome Project, developers accept been creating algorithms that advance artists that are “sort of like” the music you, the user, wants to hear; but such algorithms, abounding artists argue, accept artlessly recentralized (Spotify, Pandora, iTunes) rather than decentralized.
With blockchain technology, artists will usually still accept to do their allotment of the leg assignment to advance their work, but at atomic they won’t be at a disadvantage because they aren’t actuality backed by above publishers with a lot of money.
Most importantly, artists will be able to accumulate 100% of the rights and added of the profits back they can publish their assignment on a blockchain-based platform. The blockchain has congenital defenses adjoin piracy, can administer licensing and rights, and removes abounding intermediaries who sit amid artists and their audiences absolutely so that they can booty a cut of the earnings.
Implementation Challenges
The catechism is whether these platforms angle a adventitious of activity mainstream. Many of them will abatement victim to the “chicken and egg” botheration in which artists won’t appetite to broadcast their assignment with a belvedere that doesn’t accept an audience, and music lovers won’t appetite to use a belvedere that doesn’t accept music that they like. This botheration could apparently be apparent with lots of “public domain” music, an ICO, and a promotions blitz.
But the creators of blockchain music platforms should still be alert because investors will use the actuality that they put their money on the band as an alibi to appeal greater ascendancy over the platform. That affectionate of broker attitude will accordingly alarm absolute artists who accept their pride and appetite to accent the conception of affection music rather than hunt the latest fads for the account of authoritative a buck. (Well, some of them.)
Large publishers additionally won’t appetite to accord up their stranglehold on the music administration action because they accomplish their money by assiduity the angle that artists accept to go with an accustomed centralized administrator if they appetite their careers to go anywhere at all.
So area is this abstract eyes leading? It feels like stalemate.
What if the acceptance of a belvedere could become a action of the cumulative furnishings of the artists who are accommodating to broadcast their assignment on the belvedere and advance it?
What if agreeable artists committed, in abundant abundant numbers, to a blockchain platform, that the fans’ admiration for algorithmically-derived playlists, accepted acts, and new discoveries could be satisfied? And if every artisan had an according befalling to adorn themselves – if not through the affection or acceptance of their music, again at atomic through the same potential access as Taylor Swift? You accept to comedy Mongolian aperture canal to the accomplishments of a 2024’s abhorrence movie? Fine – you accept the aforementioned admission as anyone else, alike if the absolute cardinal of dollars you ability acquire is… negligible.
If abundant bands did this, eventually audiences will alpha to apprehension that it’s accessible to buy music with this funny alcove badge alleged Audiocoin. Or alike Vezt, which proposes absolutely affairs ‘shares’ of artists’ songs to their audiences!
Not Everyone’s A Fan…ye
Björk is accepting on lath with Audiocoin, but those who accept followed altcoins for a while may bethink the Coinye West case[vi]. This cryptocurrency was a Bitcoin carbon that was originally aggressive by artisan Kanye West, and which again afflicted its name to Coinye back he beatific his acknowledged aggregation afterwards them. Unlike its namesake, Coinye never recovered and is now on the account of asleep coins.
It’s fair to say that Kanye West absent an befalling to become the cryptocurrency trendsetter that Björk is now aiming to be. He could accept artlessly apparent Coinye as actuality the assignment of admirers who got a little too enthusiastic, and conceivably could accept formed with them to accommodate this cryptocurrency with his aesthetic vision: admirers accept could acclimated to buy his music, and what a abundant cast addendum that would accept been.
The argent lining is that Kanye West’s appropriate aberration opens the aperture for Audiocoin and accompanying blockchain apps to aggrandize into the role of accouterment a accepted accepted for affairs and affairs agenda music. The blockchain doesn’t affliction whether you are Björk or a affiliate of The Blue Merles[vii].
DISCLAIMER: The columnist of this commodity holds a baby bulk of I Heart My Brother Coin; as a able violinist, he already toured with The Blue Merles.
[i] https://www.engadget.com/2017/11/03/bjorks-next-album-comes-with-free-cryptocurrency/
[ii] http://www.audiocoin.eu/
[iii] https://coinmarketcap.com/currencies/audiocoin/
[iv] https://venturebeat.com/2017/01/07/blockchain-could-completely-transform-the-music-industry/
[v] https://ujomusic.com/
[vi] https://www.theverge.com/2014/1/10/5295956/coinye-cryptocurrency-responds-to-kanye-west-cease-and-desist
[vii] http://thebluemerles.com/
