- Blockchain technology has the potential to revolutionize how indie artists are paid, according to a Rolling Stone writer.
- Tony Fountain highlights a number of blockchain platforms and other technologies that are helping artists get paid fairer and quicker
- NFTs and decentralized platforms are the keys to a better deal for artists, says Fountain
Blockchain technology has the potential to “revolutionize” how indie artists are paid, according to a writer for Rolling Stone magazine. Tony Fountain, writing for the magazine’s website, yesterday offered the opinion that blockchain technology represents the next technological evolution in the music industry that continues to grow thanks to online streaming services, but the money is not finding its way to artists readily enough. Fountain highlights several blockchain-based startups and related technologies that are helping to skew the balance back in the favor of artists.
NFTs and Audius Among the Game Changers
NFTs are perhaps the best known of Fountain’s blockchain-based artist-friendly developments. The Kings of Leon began this trend in March when their album, When You See Yourself, became the first to be released as an NFT. NFTs, which record the transaction on the blockchain, allow easy creation and distribution of music, with royalties coming directly through to the artist upon the purchase according to the predetermined ratio.
Fountain also highlights Audius, a blockchain music platform that says it will give artists 90% of the revenue gained. Audius is a decentralized streaming service that cannot delete anything uploaded to its platform and allows artists to connect directly with consumers. Payments to artists are “fair and prompt” according to Fountain.
Blockchain Technology Can Help Artists Get a Fairer Deal
Another blockchain-based music platform mentioned is Choon, which FullyCrypto profiled back in 2018, while Fountain also references the Open Music Initiative (OMI) which is designed to ensure that data from music sites online is accurate and transparent. To encourage these goals data points are stored on the blockchain, which is a perfect use of its decentralized and immutable design. Spotify, Sony and YouTube have all signed up to the OMI.
Whether any of these decentralized options can ever replace the likes of Spotify, Apple, or Amazon Music remains to be seen, but at least blockchain technology is doing what it can to help artists get fairly remunerated for their work.