Reportedly, music industry has been an adopter of Web3.0 integration, with use cases ranging from song rights, blockchain-based streaming and new forms of digital releases, as stated by Cointelegraph.
According to Cointelegraph, genres such as pop, EDM and hip-hop have been representatives of non-fungible tokens (NFTs) in the music industry. However, classical music and operas have just entered the industry. Living opera, a Web3.0 community which combines classical music with blockchain-based innovation, which is looking at the developing technology to provide a new definition to art and artists. Soula Parassdis, CEO, Living Opera, stated that the soon to be unveiled Magic Mozart NFT collection is a way of introducing the world of financial technology (fintech) to the traditional music world and the vice-versa.
On the basis of information by Cointelegraph, musicians have utilised NFTs for additional revenue and incentives such as the Grimes’ $5.8 million digital asset project. According to a survey by the National Endownment for the Arts, percentage of adults in the United States who go to atleast one opera a year dropped from an already low 3.2% in 2002 to 2.2% in 2017. The Metropolitan Opera reported that in July, 2021, it was down $25 million in revenue from the previous year.
Moreover, Cointelegraph noted that Christos Makridis, COO, Living Opera, told that NFTs can open a new way for classical artists and opera singers to go over the traditional proposal process for grants and endowments. “Blockchain-based digital assets remove traditional barriers, the proposals, artist grants, etc. so that artists can connect directly with philanthropists and remove a lot of that administrative expenses,” Makridis said. In 2021, the Dallas Symphony Orchestra became one of the earliest supporters of classical music NFTs, which released an NFT as a fundraiser for musicians affected by the Met Opera’s pandemic-related paycheck suspension.
(With insights from Cointelegraph)
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