How to Stream on Web3: Best NFT Streaming and Music Marketplaces
Advertising strategies are evolving. Because of Web3 and the rising popularity of non-fungible tokens, the creative economy is stuck in a rut of changing rules (NFTs). About $43 billion is made in the music business each year, but only about $12 billion goes to musicians. If we wanted to improve Web3’s NFT music, we had to think about it in new ways.
Many people still like Spotify and Apple Music, but in the past few years, Web3 streaming platforms and NFT marketplaces have become the leaders in their fields. These sites are especially helpful for unsigned musicians because they make it easier to find new ways to get fans, share their work, and get paid in cryptocurrency through the blockchain.
Web3 streaming services, and NFTs in particular, encourage more P2P communication between users because of how they are set up. By cutting out intermediaries like Spotify and Apple Music, these technologies let independent musicians take back control of their work and the money they make from it.
Producers, musicians, and singers should look into these Web3 streaming platforms and NFTs now, even though it still needs to be clarified if they will be better than established services like Spotify or Apple Music.
Since the web3 world is always changing, we’ve compiled a list of the best Web3 streaming services and music NFT marketplaces to help you stay on top of the latest web3 developments.
Streaming Services on Web3
Using blockchain technology, music streaming services like Web3 or NFT do exactly what music fans would expect them to do. Web3 music platforms offer new rewards and incentives to creators and listeners beyond just letting listeners access growing music libraries.
When it comes out at the end of 2019, Audius will have one goal: to give content creators back control and become the best place to stream and share Web3 content. The core of the platform is a public, decentralized protocol for streaming music based on the blockchain. This goal is to give musicians more control over how their music is distributed and more information about who listens to it through streaming services.
Like Audius, Emanate is a decentralized, blockchain-based music streaming service. It was built on the EOSIO platform, and $EMT tokens can be used to pay for it. Anyone can use EOS mainnet block explorers like Bloks.io or EOSX.io to keep track of transactions made with either the EMT token or the stable internal token.
Emanate pays artists in its token per stream, which is different from Audius, which only has a rewards system for artists to earn cryptocurrency right now. For $6 per month, you can join the Emanate Music Lovers group. In particular, the company gives $5 back to the artists for every dollar it makes.
Emanate, for its part, plans to offer a full range of support options. The website for the platform says that “soon, any label will be able to create a profile and start managing their artists.” It lists current partnerships with labels like Mau5trap, Black Book Records, World Famous HQ, and more.
The OPUS platform is a service that lets people share and find music without a central server. The platform is based on the Ethereum blockchain, and song data is kept in the IFFS (IPFS). The platform uses the IPFS to send out thousands of tracks per second in a distributed way. The company says that the decryption keys and file hashes are stored in smart contracts, which users then use to listen to music. Smart contracts also make it possible for listeners to pay musicians fairly for their work.
They say that 90% of the money goes to the artists, so it makes sense that they would use OPUS. Since the OPUS Player uses the Ethereum blockchain and IPFS, it doesn’t need to keep a central server running to access the music. This means that the storage costs for the OPUS Player are much lower. They said this is a safer and more open way for the artist to get their share of the money.
The platform also gives fans the chance to get paid for taking part. How? Users get a cut of the platform’s royalties in exchange for spreading music, which helps the platform grow.
Simply put, it’s a bot that can be installed in a Discord server and stream NFT music files made with services like Catalog, Zora, Sound, and others.
BPM isn’t your typical streaming service, but if your music has already been “minted” as an NFT, it can help get it in front of the right people. If you want to learn more about adding BPM to your favorite Discord server, you should talk to the moderators.
The NFT Music Market
Artists can quickly and easily make NFTs on NFT marketplaces with single tracks or an entire album. This NFT music content can then be sold straight to fans, skipping the middleman. A new NFT marketplace for music seems to open up every month, giving artists more places to sell their work.
When it first started, SoundMint was a network for trading music that was made by computers. If this feature was added, musicians could use generative technology on their song’s stems to create multiple unique digital collectibles from a single recording. Currently, the company is putting in twice as much work on building as it did before. SoundMint is making a new application programming interface (API) that will be a hub for one-of-a-kind phygital vinyl made by Web3 musicians.