The music industry is increasingly being hailed as a new frontier in the democratization of online content consumption and property rights. Tech startup BE FUN is poised to revolutionize how music is consumed around the world.
As blockchain technology-supported NFTs continue to expand into different sectors, the music industry is increasingly being hailed as a new frontier in the democratization of online content consumption and property rights. Tech startup BE FUN is poised to revolutionize how music is consumed around the world through its blockchain-powered decentralized NFT platform that will bring more fairness, participation, and quality to the music industry.
Currently, online music streaming services are the destination of choice for listeners, with frictionless and easy-to-use applications such as Spotify and Apple Music accounting for a large percentage of the global market share. Despite this ever-increasing ease with which people can listen to music, according to a Citigroup study, artists receive only 12% of the money made by the entire music industry. BE FUN takes aim at this imbalance, empowering artists and musicians with the tools to secure and manage their own intellectual property rights without having to use an expensive third party.
For the first time since the invention of the Internet, individual digital objects can be made unique. Commonly known as an NFT (non-fungible token), this requires undergoing a process of assigning a digital object or asset with a unique digital identity and then saving this identity on a blockchain where it cannot be tampered with or duplicated. Aiming to be the largest global music NFT platform, BE FUN leverages NFT-creating technology to support a legally recognized IP-transaction system that allows artists to sell the use of, or rights to, their music.
BE FUN Founder and CEO, Juan Alvarez said, “Having been involved in this industry for 15 years, I have witnessed first hand the problem faced by many artists. Now, with blockchain and NFT’s, there exists a genuine alternative that will change how we consume and engage with music, incentivizing talented artists to keep creating quality works.”
NFTs are a breakthrough for creatives looking to expand online as they ensure true content ownership remains with the creator, regardless of digital replication. This also enables fans and community members to interact directly with the artists’ music, and give royalties directly to those producing the content. In being a decentralized platform, BE FUN does away with middlemen, instead, pairing together music and listener, and recommending content based on peer-review. As a higher percentage of income flows to content creators, they too are incentivized to create higher-quality works, thus increasing the overall quality of music and democratizing the entire music industry.