Blockchain-based Music Licensing Platforms Are on the Way

Blockchain-based Music Licensing Platforms Are on the Way

Now, projects are bringing music to the blockchain. From creating a music library for film and television to licensing blockchain-native content, new trends are emerging in the music industry. While critics focus on the bear market to denounce crypto and belittle its value, innovative projects are coming up to develop and launch industry-disrupting platforms on the blockchain.  

In July, firms launched or revealed their intentions to build 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 industry.

Commenting on the topic, Mehmet Eryılmaz, the CEO of Web3 entertainment firm Faro Company, said that blockchain provides new opportunities 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 they allow full audience ownership. "This model holds the secret sauce for full-pledged economic autonomy," he said.

Dequency Creates a Blockchain-based Music Rights Portal

While blockchain-based music platforms have only started to pop up, the event gives a preview of what the technology can do for the music industry. 

Web3 project Dequency has launched its music licensing platform after completing its beta phase. The team has created a decentralized licensing portal for music rights holders and creators that allows them to perform their licensing transactions directly.

Keatly Haldeman, the CEO of Dequency, said that the platform utilizes Web3 tools like smart contracts and crypto to facilitate more efficient licensing transactions and payments. Haldeman explained that the platform allows easy licensing for audio-visual content creators who need a diverse music catalog.

According to the team, the project is built on the Algorand blockchain and will also provide on-chain licensing for blockchain-native content.