The Future of Music NFTs Could Be Bright with Octave
Aug 4, 2022
Crypto Entrepreneurs Developing Web3/Web2 Hybrid Music Streaming Platform Like No Other
Philadelphia, Pennsylvania Aug 3, 2022 (Issuewire.com) - Octave is building one of crypto's first Listen-To-Earn Music Streaming Platforms and taking an early step into the world of Music NFTs. "The Music NFT market was estimated at USD 1,240.3 million in 2021 and is forecast to reach a market value of USD 42,380.2 million by 2032". With so much to look forward to, Octave will be building a Music Streaming Service utilizing Web3 technology to further advanced music business practices and bring a revolution to the industry. Founders Daniyal Chaudhry, Javier Ovalles, and Anru Colmenar are looking to shake things up. Set to release with an expansive music library for their consumers, seasonal rewards for loyal listeners, and a dedicated platform marketplace. The platform seems to already be heading down a path of pioneering as they have been talking about creating a launchpad for underprivileged artists and producers using smart contracts, an educational program for users to perfect their craft, and a series of professional tools not readily available on other platforms, and a geo-location-based recommendation system. It seems like the possibilities could be endless with Web3, music, and Octave.
Local Philly Artist Dyl tweeted a response to another Twitter user on the 28th, "No. The purpose [of Music NFTs] has nothing to do with eliminating piracy in my opinion. That's a nonissue. Anyone can rip my song from YouTube. I don't care about a secure solution to prevent ripping the song. I'm trying to monetize my music by selling direct[ly] to fans." A quote from a TIME article presents another issue, "Data from 2019 and 2020 shows that 90% of streams go to the top 1% of artists. Even a moderately successful artist like Daniel Allan--whose songs got millions of plays in 2020--only received a few hundred bucks a month from streaming, requiring him to take on jobs like mixing and mastering other artists' music to pay the bills." While Dyl's issue with the current music industry revolves around distribution, Allan faces an issue with non-competitive pay, there are many aspects of the industry that present unique problems to many artists, and Octave is looking to build a solution for each and every one. The platform is most active on their Twitter @OctavePlatform but they do have a Discord where the founders and team members engage with the community on a daily basis. If you want to see more of Octave, follow their social media or visit their website www.octavemusic.io for more information.
Source :Octave
This article was originally published by IssueWire. Read the original article here.
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