The music industry is awakening to the numerous potentials of the Metaverse, especially with its digital property rights transforming how musicians earn a living. Music lovers, on their part, are discovering interactive and immersive ways to connect with the music and other fans.
Metaverse has caused a significant shift in how we use and interact with technology. For instance, Augmented reality (AR) combines aspects of the digital and physical worlds. It creates a digital economy where users can create, share, and monetize experiences and intellectual property (IP).
The synergy of music and the Metaverse is galvanizing tremendous growth and transformation through Web3-related trends like NFT assets. These revolutionary trends revamp the musical scene beyond conventional music clips with highly immersive 3D experiences. Let's see how.
Music in the Metaverse
For music artists, the Metaverse brings a strong sense of ownership that allows secondary market royalties to get added to smart contracts governing the exchange of digital items. This process ensures artists' properties, so they are perpetually paid for their next legendary track every time it gets resold.
Compared to the stipends musicians receive from their record labels, the Metaverse offers artists the possibility of absolute control over their works, eliminating mediators and third parties from the equation. They have complete control of rights over their supply chain. This sort of creative system enables artists to rake in insane figures, even as independent artists - a near impossible feat under the common traditional structure.
For users, the Metaverse forges a specific value and sense of ownership that cannot be replicated. Fans would have the opportunity to own valuables directly from their favorite artist. Although artists get to retain the copyright of their tracks, fans would also hold a digitally signed copy of songs that can be limited or even a 1 of 1 edition. The buyer has the right to sell it, just like they could sell an autographed vinyl!
In essence, the Metaverse is bridging the physical divide between artists and fans through virtual options that have opened doors for more personalized and meaningful conversations outside our reality.
Some Metaverse Brands and Artists
Snoop Dogg X Sandbox
Snoop Dogg announced last September that he was creating his virtual world within the Sandbox, one of several rapidly growing social metaverse platforms. Users can traverse custom virtual worlds featuring all things Snoop Dogg, collect valuable NFT drops and watch exclusive in-world concerts in the "Snoopverse." Snoop's Metaverse world is so popular that one fan paid a whopping $500,000 to be the rapper's virtual neighbor. The rapper is credited for releasing the first-ever virtual music video to his track "House I Built," which was created in the Sandbox Metaverse.
Binance X Trey Songz
Recently launched on Binance NFT, Trey Songz, award-winning R&B singer, curated an exclusive NFT Mystery Box featuring unreleased new tracks and music pieces composed by Trey Songz himself. Another set of NFTs in the collection includes other rewards such as the latest songs, the opportunity to have zoom calls, and once-in-a-lifetime music co-creation with Trey.
Roblox hosted its first-ever virtual concert in November 2020, where Lil Nas X performed to an audience of millions across two days and four shows. The shows gathered 33 million views across the performances. The show starred a motion-captured embodiment of Lil Nas X, with outfits and backdrops that all suited each of the four songs he performed.
Music has always seemed bound for interactive multimedia spaces. Integration of music in the Metaverse provides immeasurable benefits for music artists and music fans. Numerous music firms and projects are building in this immersive and value-laden space with NFT assets and records that create value for music fans and empower musicians.
This reality of music in the Metaverse has undoubtedly created a new world full of endless opportunities. At the same time, many have claimed that only an elite few can genuinely afford to partake in the Metaverse. This latest iteration intensifies our modern-day music's ubiquitous and all-inclusive nature.
What are your thoughts? Are you excited about having immersive musical experiences in the Metaverse?
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