Joseph “PlugWalkJoe” O’Connor is a well-known cryptocurrency expert who works as an advisor and forecaster who has gained a lot of valuable insight into the world of cryptocurrency trading.
Cryptocurrencies have had a major impact on the music industry since their inception, and show no signs of slowing down. Joseph O'Connor said:
“We all know blockchain's ability to facilitate greater financial inclusion, but the technology can also be used in many industries outside of finance.”
One of these industries is the music industry, which, like the financial industry, is dominated by a few powerful gatekeepers who demand that artists do it their way or give up. The internet has helped open up the music industry, with platforms like YouTube and SoundCloud being great ways for new artists to organically build a following, but blockchain can take this even further.
“Blockchain technology will definitely help give more power to music producers and their fans,” Joseph said, adding, “Music streaming services, while serving as an intermediary for artists, create a discrepancy around royalty payments that we think blockchain can solve.”
The principles behind the appeal of cryptocurrency make the industry more fair for up-and-coming artists. This makes the market more diverse and allows people to monetize their work in more rewarding ways. Of course, more diversity means more music to listen to and enjoy, which can only be a positive for those passionate about enabling artistic expression.
“Just as cryptocurrencies are decentralizing the dominant banking system, blockchain can decentralize the music industry and take power away from intermediaries and big labels,” Joseph said.
“Opus is an example of a streaming platform with a blockchain infrastructure that essentially eliminates hosting fees,” Joseph said, adding that “royalties are distributed independently, allowing artists to keep nearly 100% of their revenue.”
There are several music streaming platforms that operate on the same principle, such as eMusic and Music life, mentioned by Joseph It is certainly true that the use of blockchain technology can help budding artists earn more from their work.
“These days, it seems like people care more about the brand of individual artists than music labels, so using blockchain for a music streaming platform makes sense,” Joseph said.
