Blockchain technology can also revolutionize the monetization of music. The infrastructure is based on smart contracts, programs that can be run on the blockchain along with the payment transactions. Blockchain-based cryptocurrencies such as Bitcoin and Ethereum support micropayments, which is effectively impossible with classic payment mediums due to transfer costs. This can support a new way of offering on-demand music services. Users can select the record of their choice and immediately reward the stakeholders with cryptocurrency upon playing it.
I have been reading a lot on the subject lately and found myself a little lost in front of all the options available. Hoping to get some insights on the topic from you guys.
- What are the upsides of blockchain music platforms?
- What are the downsides of blockchain music platforms?
- What is your favorite blockchain music platform?
- Looking forward to see peoples reaction on the subject!