According to Blockworks, researchers at Korea University in Seoul interviewed 16 Korean musical artists to understand their views on blockchain's potential use cases in the music industry. The study, published in a subsidiary of Nature, revealed mixed opinions. While the artists saw blockchain as a possible new revenue stream and a means to protect copyright, they doubted that blockchain-enabled applications would become a reality. Their skepticism stemmed from the belief that blockchain music startups would not have the power to challenge the current giants in the music industry.
The music industry has been a popular target for Web3 development, but startups have yet to make a significant impact on the status quo. Warner Music Group-backed MITH is building a Web3 social engagement platform for musical artists. Rapper Jack Harlow used MITH for ticketing on his recent tour after partnering with the platform. Similarly, Modhaus raised $8 million in a Series A round for its K-pop fan engagement platform. LimeWire, the early 2000s file-sharing site, recently launched a blockchain-enabled AI Music Studio.
In other news, Jay Cassano, former CEO of crypto media company Cointelegraph, launched his own Web3 marketing agency, 4Labs Digital. The agency will serve as a Web3-focused spinoff from Wachsman, a popular crypto press relations firm where Cassano was most recently chief growth officer. 4Labs has 24 staff members and will offer digital marketing services. Cassano was editor-in-chief of Cointelegraph from October 2019 to September 2020 and served as the company’s CEO until 2022.
Hui Xin