Top Most Exciting Music-Based Crypto to Check Out in 2023

Various Cryptocurrency Coins & Tokens FDIC
Various Cryptocurrency Coins & Tokens

The music industry is currently dominated by a handful of dominant players, including centralized platforms and dominant record labels. As a result, up-and-coming musicians often struggle to earn a living while pursuing their passions. It’s a well-known fact that these platforms pay meager amounts to artists, with each stream only generating a fraction of a penny in income.

Additionally, emerging artists are frequently subjected to exploitation by record labels, which negatively impacts the industry by discouraging new talent from entering the field. This creates a vicious cycle where it becomes increasingly difficult for artists to create the music they are passionate about. To tackle these issues, several initiatives have been launched to promote growth in the music space. Three such Web3 music projects, aimed at addressing these problems, are currently making waves in the industry.

  1. Audius

    Audius is a standout Web3 music project in the crypto space. It operates as a decentralized music sharing and streaming protocol, built on the Solana network. The platform’s goal is to directly connect artists with their audience, eliminating the need for intermediaries such as record labels and agents. By doing so, Audius seeks to empower artists and create a more equitable and sustainable music industry.

    In simpler terms, new artists no longer need to sign with a record label to reach their fans and distribute their work. With Audius, they have a better chance of earning a stable income and continuing to pursue their art. The platform pledges to distribute 90% of its revenue to artists, compared to the mere 12% offered by centralized platforms. This creates a more favorable environment for artists to thrive, and helps to build a fairer and more sustainable music industry.

    As a crypto investor, it’s reassuring to know that the $AUDIO token has actual utility and isn’t just a scheme to make money. However, having good token utility does not necessarily make it a good investment. This is just one aspect to consider. Another important factor to consider is whether the platform is being actively used. If the answer is no, this indicates a lack of user adoption and could signal that the $AUDIO token may not perform well in the future. In this case, it may be wise for investors to look for other opportunities.

    The number of unique users on the platform from July 2020 to August 2022 shows an initial growth spurt in 2020, followed by a period of plateauing from 2021 to present day. This decline in interest in Audius could be due to a security breach that occurred in July 2022. These types of incidents can damage the reputation of a platform and lead to a decrease in user engagement.

    As a savvy crypto investor, it may be wise to consider investing in $AUDIO when there is evidence of growth in the number of users on the Audius platform. This increase in users would create buying pressure for the $AUDIO token, and as an investor, your goal is to enter the market before this drives the price up. However, this is a consideration only if Audius is able to effectively increase its user base. It’s important to carefully assess all relevant factors and make informed investment decisions based on thorough research and analysis.

  1. TunedCoin

    TunedCoin is a promising utility token that has recently emerged on the market. It was introduced in fall 2022 and is scheduled to have a pre-sale in summer 2023. As the official token of Tunedly, a popular music publishing, discovery, and production platform, TunedCoin is one of the most exciting blockchain projects in the music industry. The token provides an innovative solution for the challenges faced by musicians and the music industry as a whole, making it a promising investment opportunity for those interested in the future of music and technology.

    The purpose of TunedCoin is to give music lovers the opportunity to play a role in discovering the next big hit in the music industry. The platform allows anyone with a passion for music to act as a music scout, searching for up-and-coming talent. If a listener is successful in finding a song that becomes popular and generates royalty revenue, they will be rewarded with TunedCoins and NFTs. This reward system incentivizes listeners to actively participate in the music discovery process, while also providing a way for them to profit from the success of the songs they help uncover.

    TunedCoin also provides an opportunity for music creators to showcase their previously unheard compositions on the Tunedly music discovery platform. They can compete with both up-and-coming artists and established major label artists for the attention of listeners. The platform leverages the power of community to determine the most promising tracks, and Tunedly, in partnership with its music publishing ally, Spirit Music Group, offers exclusive publishing deals to the most successful artists. This gives music creators a unique chance to get their music heard and potentially launch their careers, all while bypassing traditional industry gatekeepers.

    The anonymity of the songs on Tunedly’s platform offers a level playing field for all artists, regardless of their fame or reputation. Fans of different music genres can stream the music they love for free, and by awarding a star to the songs they believe have the potential to become a hit, they can participate in the discovery process. This creates a unique opportunity for music fans to become a part of the music industry and earn rewards for their contributions. The NFTs and TunedCoins awarded for discovering chart-topping tunes provide a direct link to the song’s royalty revenue, and the proportion of the royalty share received by each NFT holder is proportional to their total TunedCoin holdings. This allows music fans to benefit from the success of the songs they helped discover, making Tunedly’s platform an exciting new development in the music industry.

    In the latter part of 2022, TunedCoin had its initial token sale, selling each token at $0.25. The firm is planning to have a pre-ICO token sale in the summer of 2023, selling the tokens at $0.50 each. Investors who are music enthusiasts, acknowledge the significant earning opportunities in music royalties (as evidenced by Justin Bieber’s recent sale of his music catalog for $200 million), and are searching for an exciting new venture, should consider TunedCoin in 2023.

  1. The Great Wave

    TGW aims to provide an ecosystem for music fans to interact with their favorite artists and invest in their music. The platform uses blockchain technology to track the ownership of NFTs and provide a secure platform for artists to monetize their music. With the use of NFTs, artists can have full control over their music, which includes ownership, distribution, and monetization.

    TGW also has a mission to create a fairer music industry. By using blockchain technology, the platform aims to eliminate the need for middlemen, such as record labels and agents, who often take a significant portion of the profits earned by artists. TGW wants to empower artists by allowing them to connect directly with their fanbase, build a loyal following, and receive a fair share of their music’s revenue.

    TGW’s vision is to create a new music economy that is transparent, secure, and inclusive. By investing in TGW, music fans can become a part of this new music economy and support their favorite artists directly.

    The Great Wave (TGW) project, like Audius and Tunedly, also has its own token, $WAV. However, the $WAV token has limited utility at present, serving primarily for DAO voting, liquidity provisioning, and staking.

    As a music lover and investor, it may be worth considering supporting the artists directly by acquiring their gNFTs. This allows you to attend a concert featuring multiple artists and automatically enrolls you in the TGW DAO. The current focus of the TGW team is to bring on more artists and grow their community.

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