The inevitable take over of Blockchain Music
With the price of Ethereum soaring above $300 on its way to a proported $750 + (according to industry analysts) and Bitcoin on a scorching bull run upto $20,000 + (according to industry experts) we need to take stock and look at the use cases of the blockchain and the important emerging trends of our era. Chief amongst those ‘innovations’ is blockchain music platforms including: Choon and Musicoin. Musicoin was the first in and arguably is the purer of the two streaming models as everything is on the blockchain with smart contracts to validate royality payments and artists contracts etc. Choon on the other hand, being centralised with a decentralised tokenised payment mechanism using the NOTES token deals squarely with fair artist payment and ease of use. Whether or not you’ve heard about either of these payment is beside the point: they are a big deal and will dominate the music landscape in years to come. Clearly, the likes Spotify are scared enough to be getting into bed with Facebook’s libra ‘cryptocurrency’ project which shows that they too are on the catch up with the likes of Choon. Sure, they have major label backing and support but what they don’t have is the moral high ground, they lost that when they decided to give the lions share of the subscription monies to the major labels depriving independent artists of a decent living. This will surely come back to bite them as millions of independent artists head for the blockchain music streaming services rendering spotify a desert for independent artists.
Naturally, some would say, money follows money. However, with cryptocurrencies and blockchain, they are decentralised, don’t conform to ‘old school’ monetary systems and will soon rival some of the major economics in terms of sheer size and scale. Remember, the entire crypto market at some $300 billion is now bigger than Finland, Portugal and Greece in terms of GDP which is clearly worrying politicians who are now scrambling to come to terms with this revolution, which by the way, has been happening for at least 5 years.
Back to blockchain music. Clearly, artists such as Kris T Reeder, hailed as ‘blockchain’s biggest Jazz artist’ (soundchains), ‘the world’s leading Trombone Creative’ (Choon) are making it big without major label and we would suggest that Kris T Reeder should stick to his current strategy because it works and not to ‘sell out’ to any major label corporate types. He track record is impressive, education at the world famous Royal Academy of Music and having performing/worked with some of the biggest names in the music industry. Kris T Reeder should be celebrated as a blockchain music hero and rightly so.
Listen to Kris T Reeder for free on Choon here: https://www.choon.co/tracks/0byzo8mjnnp/time-to-fly-take-2/