NFT allows cryptocurrencies like Ethereum to be used for transactions that are not required by an intermediary.
The cryptocurrenciesThey are continuing to gain ground and be in people’s day-today lives. We previously saw avatar customization become a business that gradually gains followers and even a million dollars.
Digital money will be taking on a new victim this time: The record industry.
It’s a market that sees technology as its worst enemy. Before the compact disc, record labels were the best friends and foes of the music business. Millions of musicians lost their chance to become big stars, or even just acquaintances.
The internet has changed everything. It made music accessible to everyone.
It turned out that recording, manufacturing, marketing, and distribution of music are all but forgotten by major labels. Now they focus on the reproductions of artists and their agendas.
Radio is becoming obsolete because billions of people use social networks to discover new material or presentations. We can also add cryptocurrencies to this trend and say that record companies may soon be extinct.
This toxic relationship is known to be detrimental to artists. They are not paid enough, leave owed, and it is their work that makes total strangers rich. However, this is changing.
Royal, a startup that aims to change the relationship between artists and record labels, has potential implications for the culture created.
Justin Blau, who set out to transform the industry five years ago, was actually an artist. He also learned how to navigate the world as an artist before he met The Social Network’s Winklevoss twins, who reinvented themselves into crypto evangelists.
Blau studied finance at University and fell in love while he was there with other cryptocurrency backers. Ethereum was one of these backers, and in 2017, it began to look into the implications for music.
These smart contracts allow transactions to be executed automatically by the cryptocurrency without the need of intermediaries.