Mainstream musicians pile into Web3 to revolutionize artist rights with blockchain

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As a seasoned crypto investor and music enthusiast with over two decades of industry experience under my belt, I can confidently say that the Web3 music scene just took a giant leap forward with the addition of these esteemed artists to the KOR Protocol advisory board.

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In simpler terms, some well-known artists from the mainstream music industry have recently taken on advisory roles within the KOR Protocol, a cutting-edge Web3 initiative dedicated to redefining how artists handle and earn income from their creative works.

On October 31st, it was revealed that Grammy-winning artist Imogen Heap, along with heavyweights in electronic music such as deadmau5 and Richie Hawtin, chart-topping duo Disclosure, and the multimedia collective Transmoderna, have united to serve as advisors for KOR Protocol.

The streaming dilemma

As an analyst, I’ve observed that the global music industry has witnessed a consistent upward trend in revenue, projected to reach approximately $28.6 billion by 2023. However, it’s crucial to note that this growth doesn’t necessarily translate into profits for independent artists who form a substantial part of this industry. In simpler terms, while the overall music industry is thriving, many individual artists within this sphere are still grappling with profitability.

Most independent musicians struggle to live off their music alone due to low earnings and high costs taken by streaming services and record companies.

The KOR Protocol strives to revolutionize the current setup by providing a decentralized platform that operates through blockchain technology and artificial intelligence, aiming to bring about significant change.

The procedure asserts that it gives artists more control by ensuring equitable payment, promoting direct interaction with fans, offering AI-enhanced interactive activities, and ensuring clear intellectual property administration.

Furthermore, the recent addition of well-known artists to the board unites innovative minds who endorse a system that empowers creators by allowing them to reap the rewards of their own artworks directly.

Star-studded support

As an analyst, I’d like to highlight one such visionary who has significantly contributed to our protocol through his insights – myself, having spent a considerable part of my career championing artists’ rights and exploring cutting-edge technological applications.

Heap envisions a future where songs are decentralized digital assets, with detailed information available for public use and protection. Her initiatives, like Creative Passport, aim to ensure that artists maintain control over their music metadata, allowing them to generate new revenue opportunities. 

For Heap, the KOR Protocol matches their vision of openness and equitable remuneration for artists, offering innovative avenues for community involvement as well.

Disclosure, renowned for their creative remixes, was recently quoted as expressing confidence that KOR will facilitate a transparent, collaborative, and equitable process for creating and managing intellectual property related to music.

In his own words, Inder Phull, founder of KOR Protocol, stated that with their skilled direction, KOR Protocol will offer innovative entertainment systems suitable for both content creators and enthusiasts in the coming generation.

“This visionary team of artists are not only leaders in their fields but are passionate about creating new immersive experiences and fair compensation for artists.”

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2024-10-31 20:06