Web3 Music: An Attempt No Longer Just for Passion

The Web3 music sector has recently attracted attention from capital and the community, with related projects raising over $200 million since 2021, and the ecosystem is gradually growing. This article starts from the pain points of the traditional music industry to explore why Web3 music is needed, with the main reasons being that artists are underpaid in the traditional model and the industry chain is complex and opaque.

The Web3 music industry chain includes upstream creation and generation of music, midstream trading platforms, as well as downstream streaming media, along with copyright and record label DAOs, among other directions. Major projects include:

• Streaming platform Audius
• Trading platforms such as Sound.xyz, Catalog, Pianity, OneOf, etc.
• Secondary creation platforms EulerBeats, Async.Art
• Royal, a royalty distribution platform
• Music community Songcamp, Good Karma Records

These projects attempt to address issues such as artist income and fan interaction through methods like NFTs and token incentives. However, the industry is still in its early stages and faces challenges related to business models, application scenarios, IP traffic, and token economics. Future development requires:

1. Strengthen the closed-loop economic ecosystem between fans and artists.
2. Explore more application scenarios
3. Acquire traditional music resources and IP
4. Innovative Music Distribution and Promotion Models
5. Improve token empowerment and economic model

Overall, Web3 music provides new possibilities for independent musicians, but more exploration and practice are needed to truly change the industry landscape.