Understanding The Present Flaw in The Music Industry
And how the artists are being exploited by it
Dictated by Spotify and record labels
Taylor Swift didn’t own the music she created and was forced to record her classics so that she could reclaim control. Musicians are struggling to make sense of royalty distribution in its present form and find it difficult to keep a fair share of the revenue they generate on existing platforms.
Record Labels help the artist in the following ways:
Funds to produce the music
Market and Socialise the music
For this they take up 80% of the revenues generated and the ownership rights to the music.
The artist gets only 20% of those revenues which are also distributed among other people who were involved in the making process like songwriters, composers, etc.
Modern creators are being robbed of their profits!
Revolutionising the Music Industry by Web3
We plan to fix this flaw:
Challenges we ran into
Since we were still beginners with solidity and web3, It was challenging to understand and implement making the nft marketplace.
Writing the Solidity code and covering all the edge cases was a bit challenging too.
Integrating with the front end had its own hurdles.
Since it was a little difficult to use the testnet for this due to issues with less eth in the faucets, we decided to run it on a local hardhat network, understanding the way around was a challenge
Discussion