At the peak of this decline, a new avenue has opened up, and provided artists with innovative ways to share their craft with their fans, to ensure no-one can copy their product. While Technology was a key factor in the decline of music sales, it is the nascent industry of blockchain technology that offers a new revenue stream for artists.
Gone are the days of easily pirated streaming platforms and third-party involvement.
Non-Fungible Tokens offer artists the possibility of selling their music, art works, concert tickets, and pretty much anything else that has a store of value. Canadian musician Grimes made headlines last year when she sold a portion of her soul as an NFT, adding that the bidder must “accept the obligation to be a kind, good and ethical person”. Later that week Grimes sold over $6 million worth of digital artworks as NFTs.
While the selling of souls may not be everyone’s idea of art, this act demonstrates that if you have something unique to sell, someone will want to buy it. In terms of music, an NFT can provide a new value to music recordings in a way that was not possible prior to blockchain technology. Crucially, NFTs ensure the authenticity of an artists’ creation while protecting it so it cannot be forged.
The arrival of blockchain technology and NFTs is monumental for the music industry, which will finally be able to take back what it has lost. Now music can be crypto-based and cannot be shared with anyone other than the individual who has purchased the NFT.
New platforms are emerging that aim to make it easy for fans to invest in their favourite creator. A social network platform that aims to bring together creators and their fans into the new digital age is UTU Technology, headquartered in Toronto, Canada.
The networking platform, currently in its Beta Test Stage, is preparing to launch its unique networking App in the coming months and has been adding to its roster of influencers from the entertainment industry. UTU has a new partnership announced, in the form of Hip-Hop producer and songwriter Shane Lindstrom, known in the industry as Murda Beatz.
Murda Beatz, has worked on eight Grammy-nominated albums and more than 20 Billboard No. 1 albums. His biggest hits include "Nice For What" by Drake, "Butterfly Effect" by Travis Scott, and most recently, "Motive" by Ariana Grande featuring Doja Cat. Beatz has created his own record imprint called Murda Beatz Recordings and in 2021, was honored in the Forbes 30 Under 30 listing under the music category.
Freshness and originality are synonymous with the hip- hop movement. Originally emerging in the Bronx, Hip Hop was a cultural form of resistance to the oppressive society of the 70’s. The result of this experimentation is what we see today. Technology has allowed music to evolve, but has faced an increasing decline in sales, now blockchain technology is facilitating new cultural change.
Beatz belongs to a new wave of Hip-Hop producers leading the way to re-define the music industry by forming a partnership with UTU and leveraging the tech company’s advanced blockchain technology and customized NFTs that UTU will provide and design to protect artists and their Ips. This will also provide creators with greater control over their music, allowing them to release music on their own timeline.
“UTU is a game changer for the industry and will force it to change its tune”, commented Beatz, adding, “It’s time for artists to take back their own music and in the end the fans win too”.
The UTU Platform is currently in its Beta Test Stage with several influential names already signed on as the company prepares for its official App launch. While the official launch date has not been announced, users can pre-register and gain access to the platform.
