While critics use the bear market as an opportunity to pounce on crypto and belittle its value, some projects take this chance to develop and launch industry-disrupting platforms on the blockchain.
In July, firms launched or revealed their intentions to construct blockchain-based music licensing platforms that aim to change the way songs are licensed by reducing costs, removing intermediaries and bringing all of blockchain’s inherent benefits to the music scene.
Commenting on the topic, Mehmet Eryılmaz, the CEO of Web3 entertainment firm Faro Company, said that blockchain provides new frameworks for traditional industries. He explained that:
“Blockchain offers an opportunity to rethink a new economic model for all of the entertainment including the music industry.”
According to Eryılmaz, the most important and primary advantage of blockchain platforms is the fact that it allows full audience ownership. “This model holds the secret sauce for full-pledged economic autonomy,” he said....
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