The internet as we know it is changing. New web3 tools and platforms are arising that harness blockchain, NFTs and cryptocurrency. And thanks to metaverse technologies, online experiences are fast becoming much more immersive and realistic. In this future internet, web3, and metaverse technologies will transform how we engage with our favorite artists, musicians and sports stars. It’ll give us more immersive gaming and entertainment experiences and new ways of consuming art. It will alter creative industries forever.
Music is one creative industry that’s already being disrupted by metaverse and web3 technologies. Here are four major shifts taking place in the world of music.
Imagine going to a concert with millions of other people. It would be impossible in the real world. Hellish, even. But it’s a breeze in the metaverse, as shown by Ariana Grande’s series of virtual Fortnite shows – which, over the course of several days, attracted an audience of 78 million. Virtual gigs like this, where the artist performs as a digital avatar, are becoming increasingly popular, providing an exciting way for artists to expand their audience. So much so that the MTV Video Music Awards have now introduced a “Best Metaverse Performance” category. Launched at the 2022 VMAs, the first award was won by K-pop band Blackpink.
Popstars that only exist in the metaverse?
If we can enjoy a virtual show by a real-life star like Ariana Grande, why shouldn’t we enjoy a performance by an artist who doesn’t exist in the real world? Which brings us to the rise of metaverse popstars.
The appeal for fans is pretty clear. With a real-world performer, you can watch their videos, follow them on social media, and so on. But with a virtual popstar, fans can do all that and meet and interact with the star in the myriad of 3D, immersive worlds that make up the metaverse.
Boosting merch sales
When Swedish singer Zara Larsson began selling virtual merchandise on the Roblox gaming platform, she had no idea she would net more than $1 million in sales. What an incredible revenue stream this could provide for performers! But what sort of virtual merch are we talking about? It’s basically like buying in-game accessories for your virtual avatar – in Larsson’s case, fans could buy items like virtual hats, sunglasses, hairstyles, dance moves, and even a virtual likeness of the star.
Just as in art, NFTs are quickly making their way into the music industry. Think of NFTs as digital tokens or collectibles, and it's easy to see how they could be leveraged in the music industry. Collectible album covers, NFTs of individual songs, membership to an exclusive fan club, digital versions of tickets to events … there are many ways NFTs could form part of a musician's revenue stream. And the beauty of NFTs is if an NFT owner decides to resell their NFT, the original artist could get a cut of the resale.
Source: Bernard Marr & Co.