Though it is a relatively new technology, the metaverse has endless potential to create an environment in which music and musical experiences can be purchased by consumers around the world. During the pandemic, a whole new world of virtual reality surfaced, paving the way for even more opportunities within the music industry.
While we are still in the early stages of this idea as a whole, the metaverse allows for a completely new and unique way to experience music. Whether we’re talking about streaming music, virtually attending concerts, or events where the host can hire a DJ, there are endless possibilities and major potential for growth in this ever-changing universe. Though it’s not quite the same as experiencing a show in real life, the post-pandemic life has made it a bit easier to ease into the idea of a whole new virtual reality.
This virtual world is also allowing artists to have a closer relationship with fans across the globe, often sharing royalties with buyers rather than record labels. NFTs play a large role in the music industry, artists sell an NFT of an album cover for example, and sell them to fans while still retaining some of the royalties. There are countless new start-ups and tech giants investing in this technology, so it’s likely that the broadest potential of the metaverse is still years away.
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