Music in the Metaverse: Exploring Web 3.0 Virtual Concerts and Experiences
A few years back, the metaverse was perceived as a science fiction term that existed in the imaginary wish list of gamers. However, fast forward to 2022, and it has emerged as a powerful technology of the Web 3.0 era.
The metaverse is no longer confined to the domain of the gaming industry. From retail, entertainment, healthcare, banking, and education to music in the metaverse, it offers innovative solutions to every sector.
The metaverse is the future of the internet, and as Web 3.0 expands, it will be the way forward for businesses as well. The metaverse will create a parallel market and economy that cannot be ignored, which is why almost all prominent brands have already established a metaverse presence.
Here, we will analyse the benefits of music in the metaverse, virtual concerts, and how the movie and entertainment sector can harness the potential.
Music in the Metaverse- Collaborative and Multi-medium
The metaverse is a decentralized blockchain inspired technology. It offers an equal base to artists to launch themselves independently of labels. It can reduce the intervention of record label companies as intermediaries.
This allows artists to tap into their fullest potential and be awarded for their creations. Music in the metaverse can be expressed as NFTs for videos, merchandise, tickets, and include streaming concerts.
Music in the metaverse can be an expansive and creative avenue to express new forms of music. It enables artists to offer an immersive musical experience and enhances the fan –artist bond.
Being a digital 3D immersive space, the metaverse facilitates peer-to-peer and fan-artist interactions even remotely.
Music Production and Creation in the metaverse can engage worldwide audiences without worrying about geographical locations, stage and venue bookings, and seating capacities.
Music in the metaverse enables virtual concerts without the challenges of conducting a live show.
There are many examples of musicians venturing into music in the metaverse.
For example:
- Lil Nas X, Ariana Grande, Marshmello, and Travis Scott, have held musical concerts.
- World-famous Indian musician Daler Mehndi is investing in Balle Balle Land in the metaverse. BBL will host musical concerts, live events, and cinema-related initiatives.
- Pooja Entertainment building Poojaverse
- Singer Kartik's collaboration with Jupiter Meta, an NFT marketplace
Advantages of Music in the Metaverse
Advanced technologies in the metaverse blend technology and art seamlessly. Music in the metaverse is reaching creative heights with the help of AR, VR, blockchain, NFTs, etc.
Fans and artists can revel in real live performances without physically travelling to the venue. Music in the metaverse offers a high sense of presence and immersion.
Experts also agree that music in the metaverse sounds better. With sophisticated spatial 3D audio and video, sound can be adapted to the user's preference, creating a personalized experience for fans. The metaverse offers the technology to match 360-degree audio and video.
Music in the Metaverse-Monetization Opportunities
NFTs
Music in the metaverse creates a new bank of monetization opportunities through non-fungible tokens (NFTs). NFTs work on the decentralized blockchain, are tradable, offer proof of ownership, and are secure.
NFTs allow musicians and artists to monetize their creations in various ways. Artists keen on going without a record label and wishing to interact directly with fans would find it particularly useful.
Artists can sell whole, or part of their work or create digital art or merchandise around it and trade that o various NFT marketplaces.
For example, an artist could tokenize their album covers and share some of the royalties with fans who purchase it. This would be a great way to build a closer connection with fans while still making money.
There can be NFTs created around music videos. NFT bands, NFT concerts, etc.
Music in the Metaverse Virtual Concerts
Virtual music concerts have been rising as record labels, and game creators have joined forces to bring the fan experience of attending a live show directly into our homes.
Warner Music collaborated with The Sandbox and opened a unique virtual venue that acts as a musical theme park and converts venue. They plan on hosting many live virtual concerts for prominent artists.
Music in the Metaverse-Streaming Services
Conventionally, artists are not compensated enough for streaming services. Music in the metaverse services can be a game changer. The metaverse provides entertainers with the rights over their creations and performance, removing the need for intermediaries.
Artists can have full ownership over related commodities like concert tickets, exclusive NFT owner performances, live-streamed shows and limited edition albums. This allows them direct access to their fan base as well.
Labels and Artists Partnerships
Warner Music Group, featuring artists like Bruno Mars, Cardi B, Ed Sheeran, Lizzo, Blake Shelton, and Michael Bublé, is joining forces with The Sandbox to build a concert venue within the metaverse.
Snoop Dogg has bought Death Row Records and converted it into the first-ever NFT record label. On the other hand, Universal Music Group has also agreed with Curio to produce NFTs for its record labels and artists such as Ariana Grande and BTS.
As its presence in the market continues to expand, there's no doubt that more and more artists and record labels will be tempted to join in on this new venture.
Accessing Music in the Metaverse Platforms
The metaverse is a community-driven and decentralized platform owned by those who inhabit it. You'll need to join a metaverse platform in order to gain access to the music available or enjoy virtual concerts there.
You may buy an NFT issued by an artist or record label to acquire the rights to use their material in the metaverse environment.
Concerts, music festivals, parties with DJs, music videos, and song streaming can also be experienced through these platforms, usually for minimal cost.
Eventually, creating these multi-media experiences will become more affordable as creator tools become easier. Music will become more collaborative and multi-medium. With the advent of a new creator economy, musicians can finally take charge of their lives in the music metaverse.
As the metaverse grows and expands, more possibilities for accessing and utilizing its musical offerings will arise.
Edverse is a globally acknowledged metaverse development solutions company. As an entertainment company or an independent artist keen to know more about music in the metaverse or virtual concerts.