‘Web3 is a paradigm shift that can fix so many of the problems we face in the music industry’ says IMS Ibiza Ben Turner. ‘But if it’s going to work we need mass adoption from the industry’
International Music Summit (IMS), the leading platform for business, culture and education in global electronic music, today presented the Future Of Music: WEB3 & Metaverse Day in partnership with PIXELYNX, RCRDSHP, SENSORIUM, EQ EXCHANGE & CELO.
The Metaverse & Web3 music universe has been dissected and discussed with a dedicated focus on the conversation of now, through panel discussions, presentations and a beginner’s guide clinic, IMS Ibiza Summit have provided delegates with a comprehensive understanding of how to navigate and harness opportunities of Web3 and the metaverse, from NFTs to DAOs to monetization.
“The metaverse is a new canvas for artists to express themselves and create new formats to connect with their fans” says Pixelynx CEO Inder Phull, ‘a place to reconfigure the rules of society and create financial freedom – through collaboration rather than competition”
With some of the brightest minds in the Web3 space attending IMS Ibiza Summit main stage, PIXELYNX delivered a seven-hour programme featuring guest speakers representing Audius, Coachella, EQ Exchange, Friends With Benefits, MODA DAO, The Sandbox, Serenade, Seven20, Volta-XR, and more. Additional perspectives coming from artists including deadmau5, Richie Hawtin, Blond:ish, and Portrait XO.
With a major overriding theme emerging on how these new technologies will cut out the traditional intermediaries in the music industry between artists and fans, whether that’s centralised streaming services or record labels.
“Web3 to me screams liberation from the societal norms that we know, a flag bearer for transparency for artists. I don’t have to be bummed out that a huge tech company is making billions and paying artists a tiny fraction for their music.” Deadmau5
Further themes to emerge linking back to findings in the IMS Ibiza Business Report 2022. The revenues from the music industry are currently dwarfed by the gaming biz. Technology like NFTs and the metaverse could be the way to bridge that gap.
“We can use a game engine to build a 3D spatial world from the elements of a festival,” says Experience Volta’s Alex Kane. ‘We walked the team from Fortnite through this year’s Coachella to explore how to recreate the experience in a virtual world’ Sam Schoonover (Coachella).
The day also came with a cautionary warning, as with any new technology, there are challenges and you will need to have your wits about you.“Artists should look for people with good reputations and credibility in this gold rush” says blockchain expert Ian Watt. ‘Do some research, but the sector remains unregulated and with few universal standards, not just for sustainability but across the board’
With Canadian producer Blond:ish also continuing on the pressure of delivering benefits to fans ‘Mental health is a big thing in the NFT world. Token holders expect a lot from you. It can be a lot of pressure. there’s still only 24 hours in the day”.
Experts also aided patrons in creating a crypto wallet to help them register to receive a PIXELYNX POAP. A POAP (Proof Of Attendance Protocol) is a digital badge earned through engagement. A POAP represents a different kind of NFT, as these badges can only be earned by attending an event or purchased later in the secondary market.