Summary
The author, Ian Rogers, who has a background in digital music, expresses skepticism towards the idea of music on the blockchain. He believes that the current model of listening to music on the internet is already efficient and does not require blockchain technology. Rogers also highlights that the music industry is controlled by a few major labels and digital music services that have no interest in open standards. However, he sees potential for blockchain technology in the artist/fan relationship on platforms like Bandcamp. He suggests modifications to Bandcamp that would allow for decentralized ownership and provenance of music, as well as the ability to buy digital collectibles. Rogers believes that the integration of digital ownership will happen slowly and organically, rather than as a sudden shift. He also emphasizes the need for realistic expectations about the problems blockchain solves and the timeline for its mainstream adoption.
Key Points
1. Bandcamp is a popular platform for music fans, particularly those who enjoy niche genres like heavy metal and contemporary jazz. The site allows users to stream music for free, purchase digital albums, and even buy physical collectibles from artists. Artists receive a significant portion of the sales revenue, and Bandcamp has paid out approximately $1 billion to artists and labels since its launch.
2. Bandcamp’s recent sale to Epic Games and subsequent unionization and layoffs have raised concerns about the future of the platform. This serves as a reminder that centralized internet products are not owned by the users and can be subject to changes and potential loss. Decentralized ownership, enabled by blockchain technology, could provide a solution to this problem by ensuring the longevity and security of music ownership.
3. Proposed modifications to Bandcamp using blockchain technology include creating an on-chain master copy of an album, linking media files to a decentralized storage solution like IPFS, and transferring provable ownership of digital copies of albums to consumers. This would allow ownership to outlive Bandcamp and offer additional benefits such as early concert ticket purchases or private interactions with artists. The introduction of digital collectibles could also shift the balance between digital and physical music collecting.