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Playing it louder: Companies bring music licensing to the blockchain
From creating a music library for film and television to licensing blockchain-native content, projects are bringing music to the blockchain.
While critics use the bear market as an opportunity to pounce on crypto and belittle its value, some projects take this chance to develop and launch industry-disrupting platforms on the blockchain.
In July, firms launched or revealed their intentions to construct blockchain-based music licensing platforms that aim to change the way songs are licensed by reducing costs, removing intermediaries, and bringing all of blockchain’s inherent benefits to the music scene.
Commenting on the topic, Mehmet Eryılmaz, the CEO of Web3 entertainment firm Faro Company, said that blockchain provides new frameworks for traditional industries. He explained that:
“Blockchain offers an opportunity to rethink a new economic model for all of the entertainment including the music industry.”
According to Eryılmaz, the most important and primary advantage of blockchain platforms is the fact that it allows full audience ownership. “This model holds the secret sauce for full-pledged economic autonomy,” he said.
While blockchain-based music platforms have only started to pop up, the event gives a preview of what the technology can do for music. Without further ado, let’s have a peek at some projects that aims to bring music ownership rights to the blockchain. Read More
How Solana, Polygon, and HTC’s New Crypto Phones Compare
Blockchain phones are back. Here’s how crypto and tech firms are approaching their latest mobile Web3 projects.
Solana and Polygon have both launched mobile Web3 initiatives, plus HTC has a new “metaverse phone.”
It’s the latest wave of Web3 smartphone projects following a wave of them a few years back.
Just a few years back, tech giants like Samsung and HTC and startups including Sirin Labs attempted to make crypto-ready smartphones a thing. It didn’t appear to click with a mass audience, however, and the trend disappeared for a while.
But now the concept is back, as the creators behind major blockchain networks Solana and Polygon eye the mobile market as a way to introduce Web3 and crypto to potentially hundreds of millions of new users around the world. And yes, HTC is still at it with its own new “metaverse phone.”
What’s different this time around, and how is each company approaching its new mobile Web3 effort? Here’s a look at what Solana, Polygon, and HTC are doing in the space. Read More
Reddit to Launch NFT Avatars Built on Polygon
Reddit's Polygon-based NFTs are just the latest crypto move from one of the Internet’s largest social platforms.
In the coming weeks, Reddit will be launching a new Collectibles Avatar marketplace leveraging non-fungible tokens (NFTs) hosted on Polygon’s blockchain.
Home to countless forums and online communities, the website will partner with independent artists to create unique avatars that Reddit users can buy for a fixed price and customize with gear, yielding creators a slice of the sales.
Aside from a flex, the purchase of these avatars gives owners a license to use the artwork on and off of Reddit.
Profiles with Collectable Avatars set as their profile image will also have a “glow-like effect” in the comment section, according to the press release.
However, Collectable Avatars will only be available for purchase using local currencies, such as U.S. dollars. There isn’t a crypto option at current, nor can they be auctioned off either on a secondary market like OpenSea. Read More
Colombia Issues Guide for Implementing Blockchain for Public Projects in the Country
The Ministry of Information Technologies and Communications of Colombia, Mintic, has issued a guide that describes the steps to implement blockchain in projects directed at the state level. The document defines blockchain and its basic elements, and also describes the guidelines that some projects should follow, depending on the needs of each project.
Colombia Issues Guidelines for Blockchain Projects:
More and more governments are including blockchain in projects that require transparency and decentralization. The Ministry of Information Technologies and Communications of Colombia, the main technology institution in the country, has issued a guide that describes how blockchain should be integrated into projects directed to solve problems at a government and state level.
The document, titled “Reference Guide for the adoption and implementation of projects with blockchain technology for the Colombian State,” explains the basics of blockchain and the kinds of projects that would benefit by integrating blockchain in their services. About this, the document states:
A blockchain technology project in the public sector requires a detailed review of the requirements of the public challenge to be resolved and the usability that the distributed database would have depending on the type of project. Read More
A democratic society values a free-flowing media ecosystem. A healthy media ecosystem is one of the characteristics of a democratic society. Mass media outlets such as newspapers and cable TV networks were prominent in the past. Today, the internet and social media platforms allow for greater communication across society.
Journalism, investigative correspondents, and even freelance writers are essential to that ecosystem. High-quality reporting revealing brutal truths and users' scope and exposure on social media to either create or access information are forces that can drive genuine societal change. And even keep the power structures in check.
Despite the positive aspects mentioned above, harmful practices and negative external forces related to the media ecosystem often eclipse them. These issues are usually easy to recognize once they’re identified. Therefore, it is important to acknowledge them and spread awareness about their potential risks.
Doing so will help you make informed decisions about how you use media and how it can impact your life and the lives of others. The following are a few issues pervasive in many digital news sites, forums, and social media platforms. Read More
Markethive Media has embraced blockchain technology and cryptocurrency, building an ecosystem that belongs to “we the people,” eliminating many of the issues plagued by media outlets today. With its meritocratic culture, dynamic social media interface, and growing community, Markethive is enhancing and bringing the platform into the future internet with new technology and interfaces, but still in keeping with the human touch.
Three Ways the Music Industry Can Reduce NFT Speculation
Now that the market is in turmoil, NFT market participants expect more than just a quick return. These use cases show what NFT looks like when utility is prioritized over speculation.
The recent drop in the market has had a significant effect on non-fungible tokens (NFTs). Most NFT floor prices have gone down by 75% or more over the past few months. As prices have dropped, many investors have lost faith and are now wondering if the whole NFT craze was just speculation.
This Chainalysis report suggests that the meteoric rise in 2021 was caused in part by ‘wash trading,’ which is when someone sells an asset to themselves to make it look like there is market demand.
But even in this chaotic situation, musicians are finding new and interesting ways to use non-fungible tokens. Let’s look at three examples of how NFT might be useful – revenue rights, digital tickets, and VIP access, and NFT-based charity efforts. Read More
Deconstructing sidechains — The future of Web3 scalability
Web3 has had severe scalability concerns. But application sidechains have emerged as a viable answer to crypto’s most persistent problem.
By far, the innovation with the most impact in the Web3 world this year is the sidechain. The highest-volume blockchain providers in the world — Binance, Polygon, Ankr, and Avalanche — have all recently released sidechain functionality. They are investing hundreds of millions into these new implementations — and with good reason.
Sidechains are the most likely multichain solution to crypto’s scalability problem. Multiple projects have failed or stalled once they hit a certain level of traffic. Ethereum gas fees are notoriously expensive, while Solana is continually congested to the point where it needs to be turned off. Needless to say, Web3 cannot grow unless transactions are fast, low-cost, and secure.
Layer-2 (L2) solutions did not solve the problem despite much expectation and implementation. Sidechains are different and could prove to be the best answer as crypto enters mainstream adoption. Read More
Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs
The subscription-based unique NFT is capped at 10,000 and buyers would receive a digital debit card along with the NFT to pay for their subscription.
On Friday, Web3 subscription and ticketing solution provider Revuto announced a novel subscription model for Netflix and Spotify, using a nonfungible token (NFT) solution.
Revuto said it would offer a lifetime digital subscription for Netflix and Spotify via its Revolution NFT. A total of 10,000 users would be eligible to get their hands on the unique subscription model. Dino Ivankovic, head of business development at Revuto explained how these subscription-based NFTs could become an ecosystem of their own. He told Cointelegraph:
"We aim to bring more control to the end-user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to others who will be using them. Users might be able to even rent it in the future."
These subscription NFTs can be traded on crypto exchanges as well, allowing for the growth of a secondary market for these types of NFTs. Once the NFT changes hands, the old user’s digital debit card would get canceled and the new owner would be provided with a fresh debit card.
Revuto plans to introduce more subscription-based services through its NFT solutions and put an end to unwanted subscription charges. Read More
Redefining The Gig-Based Economy With Blockchain Technology And Cryptocurrencies
Just like the era of fractionalization has seen office sharing, ridesharing, and even apartment sharing arrive on the scene, it has also transformed work and employment opportunities, setting the stage for the gig economy.
The gig economy is made up of short-term jobs, freelancing, and independent contracting. The economy that has sprung up around gigs over the last decade has experienced expansive momentum. The primary reason behind the gig-based culture's growth is its flexibility.
With no fixed hours or schedules, gig-based work allows people to manage their time and work on their own terms. It also offers benefits such as an increased level of control over one’s career path, opportunities for creativity, and an increased work-life balance. It's not just millennials and GenZ who are joining the gig-based economy, but more and more people of all ages.
Commenting on how work is changing, Natalia Ameline, the mother of Ethereum co-founder Vitalik Buterin and founder of CryptoChicks, explains,
"I really think that this gig economy that everybody is talking about is going to be a big thing. Younger people just want to do their own thing, they want to work independently, they want to travel, they don't want to have to be connected to any particular one entity. They want to be the owners of their time." Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
