Unpacking the Buzz: What is Web3 in Music?

The music industry is abuzz with the term Web3, with an eclectic mix of independent musicians and mainstream artists jumping on the nonfungible token (NFT) bandwagon and hosting concerts in the metaverse. But before you pull out your digital wallet and start collecting pixelated cats, it’s essential to demystify this tech and its implications for artists and fans alike.

Wavelengths Summit: A Meeting of Minds

On May 6, Water & Music hosted its inaugural Wavelengths Summit, a one-day gathering that connected a diverse blend of musicians, techies, and industry veterans. Participants dove into the juiciest topics: blockchain communities, the impact of artificial intelligence on music, and fresh revenue streams for artists. Cherie Hu, the brains behind Water & Music, pointed out that the industry has historically struggled with information silos, and this summit aimed to break down those walls.

Building Community: The Heartbeat of Music

One striking theme of the summit was community-building, a concept that resonated through various discussions. Hu kicked things off by laying down the ground rules for fostering a constructive environment: kindness, critical thinking, avoiding promotion for promotion’s sake (a.k.a “no shilling”), and, most importantly, having fun. And instead of traditional panels, discussions were open and interactive, ensuring that every voice had a chance to be heard.

The Power of Online and Offline Connections

Water & Music encapsulated the essence of connecting online friends IRL (in real life). This hybrid approach, where friendships sparked in digital spaces translated to real-life interactions, was a goal of the summit. Gremore remarked, “There’s a magic in IRL that just can’t be replaced.” Traditional norms of community building took on new meaning as attendees navigated their relationships both online and offline.

Web3: Reimagining Music Interaction

The conversations surrounding Web3 were lively, exploring innovative ways artists and fans interact in the digital age. Discussions ventured into decentralized autonomous organizations (DAOs) and how they offer a modern twist on traditional community governance. Austin Robey from Metalabel explained that on-chain voting has roots in how communities have historically made decisions.

Artists’ Navigational Tools for Community Engagement

Melanie McClain made a compelling argument: artists need to understand their community before diving into Web3 waters. Whether it’s offering NFTs for free concert access or crafting a digital experience that resonates with their fans, the key lies in understanding what truly drives their community. “Once you know your people,” she said, “the rest will follow.”

Challenges and Potentials: The Road Ahead

One major takeaway from the summit was that although Web3 offers unique solutions for artists, the balance between experimentation and community awareness remains delicate. As Hu aptly noted, the focus is shifting from mere NFT drops to identifying real-world applications of blockchain technology that bring tangible benefits to music creators.

The Future is Community-Centric

Ultimately, the enthusiasm for community-building stood out as an essential component for future success in music and Web3. Bridging the digital divide and making personal connections may pave the way for digital communities evolving into strong, real-world networks. As the summit concluded, Gremore’s parting words summarized the sentiment: “We’re fucked — but maybe we can do something about it.” The hope lies in community strength and innovation, even amid chaos.