As we are rapidly approaching the 2nd anniversary of the global covid 19 pandemic, we are still no way close to realizing when and how our social lives will be back to normal. Perhaps there is going to be a brand new way of socializing. Companies such as nightclubs, event centers, musicians, and digital currency have been heavily impacted by this.
These impacts have been inestimable. With occasions full of crowds that have been made impossible, or far tougher and laborious over the past couple of years has accelerated the rate of adjustment made to businesses that are already set in motion. Especially the adoption of digital devices of the music industry, among others and, progressively, the Metaverse.
First coined by science-fiction author Neal Stephenson in his cyberpunk novel Snow Crash in 1992 described the Metaverse as a digital world where people could interact with one another being represented as avatars on a successor type of the internet in a view to escape a dystopian world outdoors. This sounds familiar, right?
It's been thirty years now since this prophetic vision and we are in the middle of a global pandemic with a lot of restrictions which does not look like it's coming and will end soon. The time to bring the music metaverse to life is now. With the expectation of live music recovery in 2023, providing an alternative such as a new tech-enabled system that is different from e traditional events, would supercharge its recovery. This would mean holding more events in the virtual world.
What the metaverse should like is being debated as people have different views about it. On one hand, we crypto enthusiasts, libertarian privacy-mindedly-minded, are arguing that the future of the metaverse should be decentralized with no one or entity in control of it.
On the other hand, Mark Zuckerberg, CEO of Facebook, wants to make a centralized version of the metaverse and present it as a natural option. Simply put, he is willing to make Metaverse the successor of Facebook. As much as we would be spending most of our time there, we all have a say in making the best choice.
A letter Zuckerberg: The metaverse is different from what you assume it to be
In one way or the other, the metaverse is right before us. Despite the pandemic, our world isn't exactly the way Stephenson described it to be. There have been artists who have been performing concerts virtually in the past few months. They include DeadMau5, The Weeknd, and Justin Bieber.
Although it was evident that these events somewhat stretched the real meaning of the metaverse. It was more of a 2020s model of Habodge and the expertise of VR- fuel was much less. What is really important is that the ingredients needed for a complete soft on how we view live music were put into consideration.
This prospect is particularly exciting for smaller acts. A small-time musician or promoter would inform you that tours are necessities for musicians who are professional about their artworks although they can be time-consuming.
Curating events in the metaverse
Apparently, the industry can be enhanced by the decentralized metaverse in various ways. But Decentralized Autonomous Organizations (DAO) is another blockchain-based technology that we need to pay attention to. The function of this community-powered group is almost close to the board of directors. On this board, a seat is gotten by everyone on the desk.
DAOs can be regarded as the antithesis of centraorganizationsation just like promotion companies and record labels. This is because the collective makes all the decisions. Anyone can be a part of DAO once the token required to have a say is acquired.
DAOs are already making moves just like other emerging stars in the blockchain world. The popular organization gathered its assets to purchase the only albums of Wu-Tang Clan. Once upon a time, Shaolin was viewed as invaluable and a sum of $4 million was collectively raised by the 74 members of DAO to quickly acquire it before minting the ownership deed as a Non Fungible Token (NFT). Basically, their application goes much further.