The music industry has many problems that need to be solved, the first of which is to eliminate intermediaries and commissions. Due to the wire fences between artists and fans, companies that are not needed at all receive a significant share of the money earned from the work. Web3 and blockchains can do the same to the music industry as they have decentralized other industries.

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It is now possible for musicians to fully own the ownership of their works; protect their copyrights, create communities and interact more effectively than before, and for both singers and their fans to earn money within the music economy. In this article, we will review the top 5 of the many blockchain music projects, each focusing on a problem within the industry.

Audius (AUDIO)

Audius is a streaming dApp running on the ETH network that offers best practices for singers. The application, which is managed by those who hold $AUDIO in the community, has an increasing number of users. Music streaming is free in the application, which is very popular, especially among singers in the hip-hop, rap, and EDM genres, which have been trending recently. Singers use Audius to showcase their work, get recognition, and build fan bases.

A direct competitor to Apple Music, Spotify, and SoundCloud, this dApp requires staked tokens to unlock different types of features and take advantage of various deals. Although the number of active users and singers in the application is increasing rapidly, it would not be wrong to say that the project is still in its infancy and is yet to make a name for itself in the cryptocurrency market.

Opulous (OPUL)

Opulous is a project developed to bring together the music industry and DeFi. The platform provides a launchpad for NFTs backed by music copyrights. Launchpad not only provides funds for artists for their new songs, but also gives fans the opportunity to invest in the things they love to listen to. By accessing the capital they need through Opulous, singers become more enthusiastic about their new work.

NFT holders receive a share of the royalties from the songs and special prizes. Opulous's algorithm estimates how much royalty-based revenue a song could generate in the next 12 months, providing singers with peer-to-peer DeFi loans. On the platform that offers functions of NFT Market, NFT Launchpad, and DeFi Credits, those who own NFTs of songs by singers who continue to develop their career can have increased royalty income. 

Viberate (VIB)

Viberate brings together fans, singers, event organizers, and talent management agencies within a single blockchain ecosystem. Viberate, which works as a B2C and B2B market, has very detailed information, especially on singer profiles. Both fans and event organizers can listen to the singers' previous works, see the dates of their upcoming concerts, purchase tickets for the event, and contact the singer through Viberate. Singers get a constant flow of orders through the platform.

New and lesser-known singers can have the opportunity to advance their careers by creating a profile on the Viberate platform. Fans can crowdfund to get their favorite singer to perform for them. If a certain amount of $VIB is staked by fans, the singer will perform fan-only and receive a large share of the stake. Tickets for festivals and live concerts can be purchased using crypto on the platform. Thanks to smart contracts, fans' funds are always safe from event cancellations.

BitSong (BTSG)

BitSong connects singers and their fans through NFTs, fan tokens, and songs. Located in the Cosmos ecosystem, the project aims to strengthen and simplify the relationship between singers and their fans. BitSong is the first platform to start offering fan tokens for the music industry.

We have closely witnessed the success of fan tokens and NFTs launched by sports clubs with platforms such as Socios, Binance and Bitci. Applying the same concept to the major music industry could be a huge opportunity for the platform, singers and fans alike.

Emanate (EMT)

Emanate is a blockchain protocol that allows distributors, producers, and influencers to communicate via smart contracts. The platform was developed with the aim of adapting the music industry to Web3 technologies and tries to decentralize the way to make money with music.

DJs, singers, remixers, and record companies face many problems, such as being underpaid, difficulty licensing audio tracks, complexity of contracts related to partnerships, late payments, and insufficient funding. Today's blockchain and DeFi technologies offer simple solutions to all problems.

Through the Emanate platform, fans can interact with singers in a variety of ways, both directly contributing to their success and earning money with them. The platform has something for everyone involved in the music industry.

Conclusion

The combination of blockchain technology and the music industry presents the most advanced and decentralized music technology of the 21st century. In a world where musical instruments and studios have thrived, industry stakeholders must also change, and singers and fans alike must be able to manage their own economy. By changing the way fans interact and communicate with their favorite artists, these platforms have the potential to reach a greater impact on the crypto industry in the future.

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