Gm Good Contributors! 👋
Last week, I discussed art, but I didn't delve into all its various forms.
Of course, music is an art form that enables us to express ourselves through the power of sound.
And you know what?
DAOs can also have a significant impact on the music industry.
That's why today, we'll explore the current state of music DAOs and how they can bring benefits to both artists and fans alike.
DAOs Market Brief 📈
The Promise of DAOs in the Music Industry 🎶
The music industry underwent a significant boost thanks to streaming, but there are still many areas that need substantial improvement.
Let's get straight to the point. Here are some of the main problems in the music industry and how DAOs will solve them:
Decline of long-term record deals
Instead of relying on traditional record labels, artists can collaborate and release music through DAOs, allowing for more flexibility and ownership of their intellectual property.
Low artist payouts from streaming services
Smart contracts within a DAO can automatically distribute royalties to artists based on predefined rules, ensuring that they receive a more significant portion of the streaming revenue.
Dominance of major players
Through DAOs, artists can collaborate, pool resources, and collectively negotiate with distributors, streaming platforms, and other industry stakeholders, challenging the dominance of major players.
Difficulty for new artists to break in
DAOs can create supportive communities where emerging artists can find mentorship, funding, and collaboration opportunities.
Disposable nature of music
DAOs can incentivize long-term engagement with music by creating decentralized platforms where fans have a stake in an artist's success.
Overall, DAOs have the potential to transform the music industry by empowering artists, fostering transparency, and enabling more equitable distribution of resources and opportunities.
Top Music DAOs 🔝
These are some of the DAOs that are innovating within the music ecosystem.
Water & Music DAO is a research-driven decentralized autonomous organization focused on the music and Web3 space. They provide in-depth analysis and insights through their newsletter and research publications. They also offer a membership program, providing exclusive content, community discussions, and interviews with music-tech experts.
Songcamp DAO is an artist collective using onchain technology to create and release music online. They organize songwriting camps, collaborative projects resulting in experimental music releases. They foster a network of artists and supporters, exploring new ways to distribute and value music. They also run Labs for member-initiated experiments and are launching Sessions for musicians to collaborate on songs.
ColorsxDAO represents a groundbreaking decentralized community that has arisen as a result of the tremendous accomplishments of the COLORS platform. Boasting an impressive track record of surpassing 2 billion views on YouTube and a worldwide renown for honoring extraordinary artists, this transition empowers creators and visionaries to harness their talents, curate unparalleled experiences, and actively participate in a thriving global network.
Noise DAO is a decentralized organization supporting the convergence of music and web3. They collect music NFTs, invest in web3 music projects, and encourage creative experimentation. Their mission is to elevate artists, onboard musicians to web3, and foster the growth of the web3 music ecosystem.
MODA DAO is a Web3 music community where you can mint, collect, and party with $MODA tokens. Gain access to creator tools, digital ownership, grants, metaverse experiences, and music collecting. Own part of V3RSE, a community-owned club, and join private events. Artists can partner with Moda for releases and utilize on-chain tools.
Collect my Thoughts for FREE 💭
Normally, now I would include my own philosophical reflection on the topic of the day.
Now you can collect my thoughts on Mirror!
Read 📚
This week, my degen recommendations are two must-haves if you want to learn more about music and blockchain technology:
➩ State of Music Web3 Tools for Artists
Goal: Reach 1000 Subscribers! 🌠
Forget about chasing mainstream fame. It's time to tap into the real power of 1000 subs!
Back in 2008, visionary Kevin Kelly introduced the world to the mind-blowing concept of the “1000 True Fans Theory”. He revealed that in the digital age, success lies not in catering to the masses, but in cultivating a tribe of fiercely dedicated supporters.
Now, let's take a moment to marvel at RAC, the living embodiment of this theory.
So, how am I conquering the realm of “1000 true fans”? By becoming a force to be reckoned with as a “Good Contributor”!
Check out these articles I crafted for the BanklessDAO Writers Guild:
→Music NFTs Revolutionize the Music Industry
Listen up! If I can become a DAO contributor, so can you! Musicians, this is your call to dive headfirst into the exhilarating world of music DAOs.
Chippi's corner ⭐
New section!!!
In collaboration with an old fren I met at BanklessDAO, I am pleased to announce that starting now, I will be publishing this section where you can enjoy the art and humor of Chippi through his comics.