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RE: Idea for utilizing Blockchain in the music industry; Monetization of musical content on the Blockchain by way of creation of a token based exchange comprised of individual, musical piece /artist specific tokens.
Hey @silentscreamer, great article. Quite a long read :) That can already be achieved in a way by Steemit and Musicoin... Those are still not implemented good enough IMHO but at least there's a huge potential (and probably already is doing so) to disrupt the current way the music industry works. We'll see what the future will bring! Steem on and much respect for the tons of work you put into this post! :)
Well i hope it amounts to something.😁 I brought up the issues Musicoin has in the article, not to repeat myself but Musicoin has a bleak future imo. It boils down to: "why would i choose a service that inconvenieces me significantly over a much convinient one?"
"Because crypto" is not a good answer. Which is why im proposing a platform that would offer an exchange with tokens launched by artists for individual songs (probably an overkill) or their own artist token. That way you offer a trading opportunity for investors, instant cash injection for artists and a way for consumers to support their artists. The "consumer convinience" would then be less important for the system to work and would eventually be attained in the long run.
Anyways thanks for commenting. 😁
I think it's not "because crypto", it's more "because a fair amount of money" or "any money at all" :)
I like the token idea, however the convenience is also a huge factor IMHO. There are plenty of people (me included) who don't want to be trading/brokerage professionals just to make a fair amount of money. A token based system you suggested might work only if it's so easy to use that literally everyone can understand it and make something out of it.