Join the Krowd: to Build Music Industry Ecosystem On-Chain

Web3’s ability to create digital assets to tokenize ownership, exchangeable value, and create grassroots communities will transform many major sectors of the economy, especially those whose value is wasted in proportion to their popularity. will change dramatically.

Music is a strangely economically unproductive field when compared to sports, movies, or video games, despite being enjoyed by literally everyone. Blockchain, if used correctly, can change everything. It also allows us to offer both artists and fans a more connected, richer and far more profitable experience than ever before. That’s what is building.

Changes in the music industry

The music industry is ripe for change.

The emergence of streaming, social media, and video platforms has changed a lot over the last decade, giving independent artists a way to build their own fan base and generate revenue. However, popular platforms like Spotify and Youtube each account for a huge chunk of the revenue generated, and artists have little control if either provider’s algorithms try to filter them out for whatever reason.

But with web3 transforming the creator economy, artists are now empowered to forge their own paths and chart their own creative directions. More musicians and the labels that support them are looking to build a direct relationship with their fan base on web3. Labels and industry insiders are adapting and wanting to enhance their activities in new ways.

How Artists Monetize Their Fans – A Win-win Way offers artists a way to monetize in a way that they give back directly to their communities, unlock bespoke experiences for superfans, and “own” a portion of their output through NFTs. even give them the chance to do so. Krowdz allows artists to create direct and intimate relationships with fans on her web3.

Avenues to explore include the issuance of special NFTs that unlock perks (such as free access to all of the artist’s gigs) or be used specifically for artist merchandise, tickets, or one-on-one experiences with the artist himself. For example, you can create tokens that you can use. This brings people who love their icons closer together than ever before and keeps the community itself closer together. This will also get you better word of mouth and new followers.

How Fans Can Profit From Their Love Of Music

It also has an exciting line-up economics that can be factored directly into your search for great new music. If a fan comes across an artist they think is a new Cobain, Springsteen, York, or Swift, if no one has heard of it yet, they become early evangelists for that artist and talk about how good they are. Then, if you have early NFT merch or fan tokens for that artist, when the artist hits the mainstream, you can sell these early NFTs to new fans. There are plenty of possibilities.

In this way, artists can offer something to early fans. It could have unimaginable value down the road, building early buzz and excitement for their work to get it out of the depths of SoundCloud and Spotify and into the ears of as many new fans as possible. can. .

Why monetization is key to the creative economy

Monetization may sound like a dirty word to young musicians who love their art, but the modern truth is that if an artist can effectively monetize even a small community, they can keep making art. . they You want to create without having to rely on labels, patrons, family fortunes, or anyone other than yourself.

It spawned a more democratic music industry, subcultures spawned vibrant economies, and allowed smaller artists to reach a second or third album when talent and experience really coalesced into something great. increase. In this way, lays the groundwork for the next generation of talent to come to the fore.

Within the Krowdz app, fans can easily purchase tokens and NFTs for their favorite artists. A few tokens are required to access the artist’s community page. Token Gate’s artist community page will be a place for your dedicated fans to live.

There you can interact with other fans and discover great new music you may have missed. Their profiles are adorned with avatars that mark them as members of communities of different artists, highlighting them to others as top fans. Their personal fan page matches all artist connections with his NFTs and over time can become a trusted source for other fans to discover new music.

How Krowdz helps discover new music

Fans can also help their favorite artists succeed and get paid directly. For example, an artist has launched a new tour and is trying to sell tickets. For example, fans who post ads on social media can earn Fangirl Tokens directly from artists to help spread the word. This is just the tip of the endless iceberg of fan engagement that can not only boost your favorite artists, but also increase your own income. is built in partnership with leading lights in the music industry who know it’s time for a change. Empowering artists through their own communities, rather than a one-size-fits-all approach, is the best way to expand access to music and make music more profitable. An ever-evolving social platform in the university community for music lovers and music creators to share, shine and showcase their latest obsessions and latest creations. Creating a music economy driven by direct connections between artists and fans, savvy investors will have the opportunity to own an index of all these artists through Krowdz’ native his governance token, $KRDZ. I can.

Krowdz: The future of the music economy

Krowdz wants to be the future of the music economy. They work with top artists and those who have signed up for the beta waiting list (which you can do on their website) to onboard artists while building an alpha product that will be released later this year. has already made great progress. .

The power of Web3 lies in its ability to enrich and empower communities, rather than simply trying to exhaust resources. It’s about getting fans to share in the artist’s successes and getting direct funding and support for the artist to continue their dreams. It creates a more evenly distributed long tail of the creative economy that has long been the main obstacle to any creative industry. Krowdz’s is about to change the tune of music. Whether you’re an artist or a fan, you can be part of it.

This post was written by an outside contributor, does not represent the opinion of Benzinga, and has not been edited for content. This content includes sponsored advertising content, is for informational purposes only and is not intended to be investment advice.

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