Touring and performing live is a necessary part of most musicians’ careers. Centralized web2 platforms take up to 80% of streaming profits, leaving only 20% for record labels and artist management. Because of this, musicians struggle to make a living from streaming services. Streaming mp3 music services are helpful on the web. Web3 streaming platform is distinct from their predecessors in that they are decentralized and provide artists with more freedom.
Music NFTs and the Web3 streaming platform have a lot to offer early adopters. The question of whether or not Web3 streaming platforms and NFTs will be superior to services like Spotify and Apple Music is still up in the air. However, it’s still in the best interest of working producers, musicians, and singers to investigate these options now.
This article will introduce you to some of the best Web3 streaming services available today.
The release of Audius at the close of 2019 was motivated solely by a desire to restore authorship and make Web3 file streaming and sharing easier. At its heart, the platform is a blockchain-based public, decentralized protocol for music streaming.
They claim that artists will never again have to pay to have their music heard by the public. In addition, unlike competing music streaming services, Audius does not profit from the sales of artists’ work. A whitepaper was released in which the team detailed the operation of Audius. The following items are included in this bundle:
- An economy based on tokens will be driven by the $AUDIO token issued by the Audius platform, stablecoins issued by third parties, and tokens published by artists.
- Fast metadata requests are made possible by a protocol, and users have control over the encryption of their tracks by selecting their own proxy re-encryption keys.
- A protocol for distributed administration in which all participants—developers, node operators, and users—have an equal and direct say in policy modifications.
- If a musician successfully climbs the Audius charts, they will be rewarded with $AUDIO on the platform. The artists get to keep 90% of the proceeds from AUDIO, while the network’s stakers get 10%. You can start adding music as soon as you sign up for an account, and it’s free to do so.
- Musicians cannot use the popular Web3 and NFT streaming service Audius to generate new NFTs from their work. In addition, once your $AUDIO balance is above $100, you can brag to your friends that you have NFT.
Emanate is another blockchain-based music streaming service similar to Audius. The EOSIO blockchain powers this platform, which accepts $EMT tokens as currency. There are two tokens on the EOS mainnet: the unstable EMT token and the stable internal token. Block explorers such as Bloks.io and EOSX.io make it possible for anyone to observe transactions on the EOS mainnet.
When comparing Emanate and Audius, it is clear that the former employs a rewards system to aid artists in making crypto, whereas the latter only uses its token. You can join the Emanate Music Lovers community for just $6 per month. The artists and the company split the profits 50/50. There is a $6 threshold at which the artists begin receiving their share of the company’s profits, which starts at $5.
When it comes to the music industry, artists can use Emanate Distro or promote their music on their own (DIY). To distribute their music to other platforms like Spotify and Soundcloud, Emanate users can use Emanate Distro. Emanate is a closed-loop system, which means that all transactions, including payments, are recorded within the ecosystem, and all funds are recycled. Team members have stated that they intend to remove Emanate Distro to give artists complete freedom of expression on the Emanate platform. With the increasing popularity of Web3 streaming services, the business is providing this option because it is currently impossible to eliminate the existing intermediaries.
When fully implemented, Emanate’s product and service offerings will be comprehensive. Soon, “any label will be able to create a profile and start managing their artists,” the platform’s website promises. Current collaborators include Mau5trap, Black Book Records, World Famous HQ, and others.
“BitTorrent meets SoundCloud for the next generation of artist accountability,” as Tamago puts it, is a web 3 music streaming service. They aim to use NFT and web3 technologies to create a new direct-to-artist revenue stream.
Web3 is a music-streaming platform where creators and consumers alike can independently curate their listening experiences. Facilitates artist-first liquidity pools, fan-curated playlists, ad-free listening, and user-to-user communication. Web2 streaming services don’t include features like curated playlists because of this mentality. The site says that artists will always own their music and that user data and privacy will always be protected.
OPUS is a decentralized music-sharing and discovery platform. Because it relies on the IPFS, the platform can distribute the transmission of thousands of tracks per second. According to the company, users can access their music using smart contracts containing decryption keys and file hashes. Listeners can now compensate artists fairly through the use of smart contracts.
According to OPUS, 90% of artist earnings are retained. The OPUS Player is decentralized because it is built on the Ethereum blockchain, and all the tracks are stored on IPFS, drastically reducing the data storage cost. “At last, a method exists where the artist can receive a more substantial financial return in a transparent and secure manner.”
The platform also provides a means for fans to capitalize on their passions. How? Users receive a share of its royalties in exchange for promoting the platform and its music.
BitSong is a web 3 service that provides music streaming to musicians, fans, and advertisers. Commercials are how it brings in the cash. Up to 90% of the ad revenue generated when a song is played alongside an ad is shared equally between the artist and the listener.
BitSong’s native token, $BTSG, can be used to purchase songs and show support for an independent musician. The project’s stated mission is to “simplify bureaucracy as much as possible to give artists a merit-based, transparent, fast, and no-middleman way to make money” while also providing listeners with a fresh way to enjoy music and support its creators monetarily.
SongCamp’s NFT Discord bot is here to facilitate conversations about music.
Because a song must first be “minted” as an NFT before it can be streamed, this service isn’t like others like it, but it can still help promote your music to the right people. Talk to the server’s administrators if you’re interested in finding out more about implementing BPM on your favorite Discord server.