Cryptocurrency has already infiltrated the music business just as how it shaped financial services, for instance, the exchange of perfect money to bitcoin. The spread and possible usages of blockchain appear to be the exact fit for the challenges struggling music artists encounter. Although musicians are the makers of their own craft, it’s the record labels that circulate the music who tend to own the songs. This the reason why Beatles member Paul McCartney has been contesting for the rights to the albums of The Beatles for decades now. As technology progresses, some crafty music directors have been developing new methods for music artists to safeguard and vend their songs.
The co-founder of Boogie Shack Music Group, Hakim Draper, has been fashioning a new method and system for each musician in the industry to possess their very own cryptocurrency. The music group has collaborated with Tao Network, a distribution platform for the music industry wherein its content is based on blockchain. They plan to utilize the XTO tokens, Tao Network’s abbreviated form of their digital currency, to produce a distinct digital currency for musicians. Every artist will have control and be able to sell rights to their records and in return will be getting XTO tokens.
As a direct channel between music artists and their supporters, the probability for intellectual property or IP of musicians will be changed into data that is monetized. Musicians and fans may work together on music tracks, marketing, and tours. This means that fans’ level of involvement and participation will directly connect to the success of a music artist. When musicians depend heavily on other financial sources, they are pushed and driven to give up their rights. For cryptocurrencies, there has been no legal body or other structural forms that administrate and safeguards its continuing improvements and guarantees just decision-making.
At this phase it is a fascinating concept, while the present generation of music artists may not come to be entirely accustomed with cryptocurrency, it is without a doubt possible to only obtain recognition amongst the younger age bracket. So as music artists from younger generations come to be pertinent, IP will be more generally appreciated as data that is monetized. Consequently, the whole of the music industry is eyeing on how monetizing data will affect and possibly transform the Intellectual Property business altogether.