At Wavelengths Summit 2023, the focus was on unraveling the mysteries of Web3 and its applications in the music industry. From NFTs to concerts in the metaverse, the future of music is in decentralization. Reporting via maddopemadic
— a social DAO for creatives — and head of curatorial partnerships at Refraction — a DAO for artists and creators with a particular focus on live music events. Davies told Cointelegraph that the preexisting decentralization in music communities helps explain why so many in the music world gravitate toward Web3.
During the “Web3: Balancing Niche and Mainstream on the Road to Adoption” session, participants discussed the importance of first understanding one’s community before launching crypto music projects. Melanie McClain, a Web3 consultant and founder of Blurred Lines — a community of Web3 tastemakers supporting left-of-center Black music — said that if fans want free shows,
Perhaps part of the reason for this is that blockchains are generally designed for efficiency. According to Hu, this allows artists and their teams to better utilize “smart money” — when a musician doesn’t have much money to spend and therefore must use their funds as efficiently as possible.
“Events are so important for online communities because if the name of the game is long-term sustainability, that will make or break trust. If it succeeds, it could be a huge kickstarter to a whole new stage or a whole new level for the community or for the brand. But I’ve definitely seen it go the other way around also.”
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