Music on web3 is a game changer for bands

With an entire generation of music fans having been brought up on streaming services, we’ve begun to lose the beauty of collecting music.

Web3 technology however may revolutionise both the creative and the financial manner in which we experience and interact with music.

Alongside offering artists an additional source of income, it also allows bands to form a more direct and transparent relationship with fans.

Owning a web3 format from an artist presents a unique opportunity to go beyond the passivity of streaming, and to turn a pre-save or a heart into a more meaningful, lasting experience. Early Australian artists to adopt this approach include Ocean Alley, Kota Banks and JACOTÉNE, whilst international stars like Snoop Dogg, Muse and Jungle have begun to pave the way for innovative digital ownership.

In August 2022, English rock act Muse made history with Aussie music platform Serenade, releasing the first chart-accredited music NFT and reaching number one in UK charts. Selling out 1,000 NFTs in the “Digital Pressing” format in just 25 minutes, it’s an approach that is being widely embraced by artists of all levels and genres.

What is “music on web3”?

Often referred to as the next generation of the internet, “web3” is a catch-all phrase for technologies with a focus on decentralisation. Where currently the websites and tools we use online are controlled by singular entities and centralised companies - i.e Spotify or Instagram, from whom we rent content or digital space from - web3 offers creators the ability to retain unique ownership of their work.

With blockchain technology music content is able to be purchased, transferred, or sold by collectors, all the while directly rewarding the artists that create them.

Aussie music Serenade platform is built upon the Polygon blockchain, chosen for its environmentally sustainability. Their pioneering “Digital Pressing” format is content rich and carbon light, coming at no additional risk or cost to the artist. Included within Digital Pressings is bonus content from artists - such voice notes, behind-the-scenes stories or album artwork - going beyond just the music and allowing bands to build a deeper narrative and connection to their fans.

Jack Daniel’s is supporting Aussie artists on web3

In April 2023 Jack Daniel’s is offering music lovers the chance to find and collect Digital Pressings from three major Australian artists. With a proud history of supporting Australian music across touring and festivals, the Jack Daniel’s Music Drop is “an opportunity to engage fans at the very forefront of the future of music”, claims Dimi Tassopoulos, Brand Manager at Jack Daniel’s.

Leveraging Web3 technology in a nationwide treasure hunt played on mobile phones, fans can explore Aussie cities on the hunt for limited-edition tracks as NFT Digital Pressings - which for many could be the first time they’ve ever ‘owned’ music directly as opposed to rented from a corporate streaming service.

Strictly limited in number, Digital Pressings are collector items that can be traded on a secondary market, with artists receiving an ongoing percentage of sales revenue. Unlike a one-off purchase of merchandise or vinyl, artists continue to see the financial support of fans who build out their own personal collections. This is made possible by Smart Contracts - digitisted contracts linked to content on blockchain - that automate royalties each time fans sell a piece of music on a secondary NFT market such as OpenSea.

A new future for music

Web3 can provide artists new platforms to take their creativity to the next level, engage with fans more intimately and opportunities for artists to be compensated for their work. Beyond the well-published rewards of price speculation on digital assets, Web3 provides artists with means to be more experimental than they might in traditional platforms of music distribution, encouraging artists to release and earn from demos, remixes and other mixed media content that may have otherwise never seen light of day.

How is the music industry responding

Record labels and traditional streaming services recognise that Web3 is driving a shift in the industry, forcing them to adapt. Atlantic Records, the label behind superstars Bruno Mars and Coldplay has already delved into the Web3 realm since partnering with rapper Rico Nasty to release a 1-of-1 animated NFT from her OHFR music video in 2021.

Meanwhile, Sony Music has taken a step further by filing trademark applications for the use of NFTs in late 2022. In February this year, Spotify announced a rollout of NFT-enabled playlists and is busily hiring web3 experts and engineers to explore these technologies. Whether this heralds yet another upheaval to the music industry that many watchers are predicting, music lovers in the meantime can test the waters with their favourite bands, and ultimately explore it together.

Jack Daniel’s is pioneering a new era of sound on web3 with PSYCHEDELIC PORN CRUMPETS, STAND ATLANTIC and WINSTON SURFSHIRT. Play the Jack Daniels Music Drop on your mobile phone here.