Hip-hop executive producer Frank Nitty joined Coingeek Weekly Livestream this week to discuss how blockchain technology and Web 3.0 are transforming the music industry. He joined Smartledger Solutions’ Bryan Daugherty and Gregory Ward of Smartledger Solutions, Kurt Wuckert Jr.
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Frank Nitty wants a fairer music industry
For longtime hip-hop fans, Frank Nitty doesn’t need to be featured. But for those who don’t know, he is “an actor and legendary producer who survived the era of death rows. He currently uses blockchain and Web 3.0 technology to empower hip-hop artists. I’m focusing on it.
Nitty says that labels and streaming platforms have taken away artists for years. Platforms like Spotify pay one cent per stream and collect huge amounts of data. The artists are slowly awake, and they want a significant percentage of the revenue their creation brings, as well as some rights to it.
Daugherty pointed out that when many artists signed up with labels, they were unable to predict how labels would use their images without assuming digital platforms, digital twins, their own versions, etc. It’s there. “They lost their rights to themselves,” Duggerty said. These are often lifelong transactions. In some cases, labels maintain their rights to work or images after death.
How technology is changing the music industry
Wuckert likens these music transactions when people fail to read and send letters through agents or managers. Today, artists are more informed and familiar with the technology that empowers them.
Tech Like Napster began to destroy the chalk that big labels had in the industry, but it appeared 20 years ago and the industry’s changes over the short period were massive. The creator economy takes off and artists can build direct connections with their fanbase.
Ward points out that YouTube and other online sources can help you understand what legal artists often don’t understand. The VoltronMusic platform has AI tools that help artists understand these terms and negotiate better deals. It also allows all involved to have ownership and ensures continuous revenue.
More about VoltronMusic
Nitty says VoltronMusic will soon be holding a launch party. He hints at the launch of “Day of the Dead” which includes a metaverse element. Metaverse can create concerts, meets, greetings, parties and more experiences from the comfort of your home.
Ward explains that VoltronMusic is an app that provides users with a set of encryption keys. You can then use these for a variety of purposes to sign your rights and unlock unique experiences. While using blockchain for your utility, it’s all about having fun.
Daugherty emphasizes how technology is the communications layer. It unites people and if Nitty succeeds, the unique culture remains authentic and creators could be fairly compensated for for the first time.
To learn more about the reactions of the artists and the music industry and whether this can be ported to other types of media like films, check out the live stream via this link.
Watch: Web3 is the natural progression of technology
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