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Web3 is based in large part on a technology called the blockchain – essentially an immutable digital ledger – and has given rise to cryptocurrency, non-fungible tokens (NFTs), the metaverse and other modern tools that are transforming the ways in which we interact with technology and each other. That being said, here’s a decent working definition: web3 is the third rung on the evolutionary ladder of the world wide web, which is oriented around the twin pillars of decentralization and transparency, in contrast to the top-down, hierarchical models of control that have prevailed over the internet since its inception in the early 90s. It’s nebulous, an umbrella term that encapsulates both specific technologies and a radically transformative social phenomenon. Trying to define web3 is a bit like trying to define social media. How web3 is putting control in the hands of artists Thankfully, web3 might be able to provide an antidote to the suffering. The pandemic’s grip on the live music industry is beginning to slacken, but it’s going to be a while before concerts return to their pre-pandemic status quo – if, in fact, they ever do.Īll of this is to say: it’s a difficult moment in history for musicians. Enter Covid-19, and all of that comes to an abrupt stop. But the vast majority of many music tours, particularly those of up-and-coming artists, are pretty much non-stop carousel rides of stress – planning logistics, talking to venues, eating cheap food, sleeping in buses, and being away from spouses and kids for long stretches of time.īut painful as touring often could be, it was a reliable paycheck. Those of us in the bleachers and on the dancefloor typically only see the romantic moments of an artist’s tour (the concerts). Most musicians, then as now, depend on touring for their bread and butter.
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While our music-consuming habits have changed dramatically, the income streams that are available to artists have largely remained the same. There are definitely some old-school types out there today who still listen to music in that way, but they’re no longer the norm. Back in the day, artists could expect their fans to listen to an entire album straight through, perhaps while lying on the couch and admiring the intricate details of the album cover’s artwork. There’s also the fact that – as many vinyl aficionados are quick to point out – some intangible aesthetic quality has arguably been sacrificed in our need for the instant gratification that streaming provides, with its repeat and shuffle features. Such miserly rates might be sufficient for the small handful of superstars out there with billions of streams, but for the vast majority of artists it’s a pittance. At the same time, those same streaming platforms are notoriously stingy Apple Music pays artists about $0.01 per stream, according to The Wall Street Journal, while Spotify reportedly pays even less. On the one hand, streaming services such as Spotify and Apple Music have enabled artists to reach vast numbers of people around the world. The modern era has brought mixed blessings for musicians.