In 2008 Bitcoin became the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. Blockchain technology made this possible. Since then innovators continuously improve the original idea leading to many new blockchains and use cases.

Smart Contract Platforms

Improving on bitcoins functionality Vitalik Buterin launched Ethereum in 2015, the first smart contract blockchain. Unlike bitcoin, Ethereum made it possible to build applications on top of the network using smart contracts, referred to as dApps (Decentralised Applications). This added functionality has unlocked many new use cases for blockchain tech in Finance, Logistics, Gaming and Art to name a few.

Using blockchains and their dApps incur a fee (GAS) payable in the platforms native token which varies; Ethereum has ETH, Polygon has MATIC, Avalanche has AVAX etc. ETH, MATIC and AVAX are examples of fungible tokens, meaning they are interchangeable similar to fiat currencies like the dollar or euro.

Non-Fungible Tokens

NFT’s act as a digital certificate of authenticity. Anyone can create these tokens by ‘minting’ them on the blockchain. They can represent digital and physical items and it’s possible for NFTs to exist indefinitely. Using decentralised storage systems, music files and artworks that have been minted can easily outlive the human who created them.

Web3

Web3 is a vision of the next evolutionary stage of the Internet, a decentralised web using distributed computing systems.

Currently the internet is a monopoly and Google is in control. This centralised system allows far too much control and power to be in the hands of the few. Decentralisation could provide the solution and lead to a more transparent, responsible and censorship resistant web experience.

For the first time we are able to limit the supply of digital releases, creating scarcity. In the same way limited edition; cassette tapes, vinyl, patches or gig posters are released, a limited and unique digital music release is now possible thanks to new tech.

How?

Thanks to Blockchain Tech we have NFT’s and NFT’s allow for provable provenance and true ownership of a digital asset like music files, videos and art. With a few clicks you are able to view when the artwork was released/created, who created it and who has owned it since. Updated in real-time and visible to the public.

Why?

Music NFT’s are another medium of releasing music just like CD’s and Vinyl, that also offer new ways of connection, community building and income generation for unsigned artists.