Earlier this month, EDM DJ and producer Steve Aoki revealed he was making more money from NFT than he ever had from his music royalties, adding additional credibility to Web3’s ability to transform the entertainment industry as we know it.
“But if I really broke down … in the 10 years I’ve been making music … six albums, and you [combine] all these advances, what I did in one drop last year in NFT, I made more money, ”he said Decipher.
As music NFTs become more integrated with pop culture and entertainment, it is only a matter of time before record labels have to think of their next step beyond relying on streaming charts and playlists.
The elephant in the room right now when it comes to bridging the gap between NFT and the current entertainment infrastructure is the ‘flush, wash repetition’ that seems to be already entering Web3.
“We apply exactly the same business model from Web2, where the old goalkeepers are still there but wear a different suit,” Starseed DAO founder Cynthia Cao said in an interview with Be[In]Crypto on ETHDenver, citing his attempt to break into Web3 and the metaverse.
“Looking at the industry from a‘ bottom-up ’perspective, instead of the‘ top-down ’to which artists are accustomed from the start, creators no longer have to choose between losing property rights in exchange for funding,” she explained.
Starseed DAO is held as the first label for Web3 talent in this industry in the metaverse that aims to build a parallel entertainment realm called Entertainment 3.0 – where underrepresented artists finally have the opportunity to build their brand and monetize it without fear of competing with already established Web2 artists and their extensive network of sources and labels.
“Technology will never be the solution,” says Cao, explaining its role to be a “power that empowers a new innovative idea such as [Entertainment 3.0]”Where tokenization becomes a new standard that allows creators to take ownership of their work, and in this case – DAO which owns 100% of the distribution platform.
Last year in Miami Art Basel, Cao debuted CCisDreamingthe first “metaverse-born artist” currently working under the Starseed label, powered by Solana, and Ca’s alter-ego metaverse reflecting the cultural taboos and limitations she faced in her early days of wanting to be a Web2 artist.
“It was my dream to be an artist, but I faced many cultural limitations, as well as what society thought I should be. So, I gave that dream to CC, and it will symbolize that fight and represent the hope and power that Entertainment 3.0 can give to others. ”
We are also witnessing rapper Snoop Dog this month announcing that he bought the entire catalog of Death Row Music recordings, as well as that he intends to build one of the first music houses in the metaverse – to use the Death Row catalog via NFT. The rapper’s purchase of Death Row allows him to own a major catalog of recordings without any potential ownership and / or licensing stakes in question.
Finally, no matter how Web2 continues to break into the metaverse, it must recognize that this is the time to do things right, and help leverage the established resources and network these artists already have and provide them to those artists in ascendants who want the opportunity to finally be seen and heard.
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