Join the Krowd: Krowdz.io to Build Music Industry Ecosystem On-Chain

Web3’s ability to create digital property and thus ownership, tokenize exchangeable value, and grassroots community will drastically change many major sectors of the economy - particularly ones where value is wasted commensurate to its popularity. 

Music, despite literally everyone enjoying it, is a curiously underproductive sector economically when compared to sports, films, or video games. The blockchain, correctly utilised, can change all that - whilst also giving both artists and fans a far more connected, far richer, and far more profitable experience than ever before, and that’s what Krowdz.io is building.

How the Music Industry is Changing

The music industry is ripe for change.

The advent of streaming, social media, and video platforms has changed much in our most recent decade, giving an avenue for independent artists to generate their revenue by building their own fanbase. However, each of the popular platforms like Spotify and Youtube take massive slices of income generated, and artists have little control should either provider’s algorithm seek to exclude them - for any reason. 

However, with web3 changing the creator economy, the power for artists to go their own way and chart their own creative direction has now arrived. More musicians, and the labels which support them, are now attempting to create direct relationships with their fanbases in web3. Labels and industry players are adapting, and they want to power up their acts in new ways.

How Artists Can Monetise Their Fans - Benefiting Both

Krowdz.io gives artists a way to monetise their community in a way that gives back directly to it, unlocking bespoke experiences for superfans and even giving them a chance to ‘own’ a piece of an artist's output through NFTs. Using Krowdz, artists can create a direct, intimate link with fans in web3.

Avenues to explore include issuing special NFTs that unlock benefits (like free access to all an artist’s gigs) or even creating a token that can be used specifically for an artist’s merchandise, tickets, or 1-1 experiences with the artist themselves. It lets those who love their icons get closer than they ever have before, and bind the community itself close together - leading to better word of mouth and new followers too.

How Fans Can Profit From Their Love of Music

There is also some exciting line-go-up economics that can be implanted directly into the search for great new music. If a fan stumbles across an artist they think is a new Cobain, Springsteen, Yorke or Swift - but no one has heard of them yet - they can be an early proselytiser for the artist and spread the word about how good they are. Then, if they have early NFT merchandise or fan tokens from that artist, it’s quite possible that they could sell these early edition NFTs to new fans as the artist enters the mainstream.

In this way, artists can offer something to early fans that may have future unthought value and build an early buzz and excitement over their work that will get them out of the depths of SoundCloud and Spotify and into the ears of as many new fans as possible. 

Why Monetisation is Key to Creative Economies

Monetisation may sound like a dirty word for young musicians in love with their art, but the modern truth is that if an artist can effectively monetize even a small community, then they can continue creating the art they want to create without having to rely on a label, a patron, family wealth, or anyone else except themselves.

It creates a more democratic music industry, with subcultures creating vibrant economies, and smaller artists being able to get to their second or third album when the talent and the experience have really coalesced to create something fantastic. In this way, Krowdz.io will lay the foundation for the next generation of talent to come to the fore.

Within the Krowdz app, fans will easily be able to buy tokens and NFTs of their favourite artists. To access an artist’s community page, they will need some tokens to enter. Token-gated artist community pages will be where the hardcore fans live.

There, they can socialise with other fans and find out about great new music they may have missed. Their profiles will be adorned with avatars that show them to be members of various artist’s communities and highlight them to others as a top fan. Their personal fan page collates all their artist-connections and NFTs and, over time, they can become a trusted source for new music discovery by other fans.

How Discovery of New Music Is Aided by Krowdz

Fans can also help their favourite artists achieve success and be directly rewarded for it. For example, an artist may be starting a new tour, and be seeking to sell tickets. Fans who post on social media advertising it, for example, can earn fan tokens directly from the artist for helping to spread the word. This is just the tip of an endless iceberg of fan engagement that can boost their favourite artists but also boost their own income - simply by doing what they most likely have been doing anyway: supporting their favourite artist.

Krowdz.io is being built in tandem with leading lights from the music industry who know it's time for a change. That empowering artists through their own communities rather than a catch-all approach is the best way to grow access to music and grow music profitability. A collegiate, communal, every-evolving social platform for lovers of music and creators of music to share, shine, and show off their latest obsessions and latest creations. It will create a music economy driven by direct artist-fan connection, and give savvy investors a chance to own an index of all these artists through the Krowdz native governance token - $KRDZ. 

Krowdz: The Future of the Music Economy

Krowdz wants to be the future of the music economy. They’ve already made great strides in onboarding artists while they build their alpha product, which is due to release in the course of this year in collaboration with top artists and those signed up to their beta waitlist (which you can do on their website). 

Web3’s power lies in its ability to enrich and empower communities rather than simply trying to drain them of resources. It lies in letting fans share in artist success, and artists getting the direct funding and support to continue their dreams. It creates a more evenly distributed, long tail of a creation economy that has long been the main obstacle to any creative industry. Krowdz’s is about to change music’s tune and you, whether artist or fan, can be a part of it.

This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and not intended to be investing advice.