According to Billboard, a sum of ten million dollars has been contributed to the funding of Coop...
-1662961808.jpg)
According to Billboard, a sum of ten million dollars has been contributed to the funding of Coop Records, a Web3 music platform established by NFT song collector Cooper Turley.
Web3: What is it?
It is generally acknowledged that this is the third major iteration of the web, despite the fact that different people may disagree on the specifics.
The two webs are the dynamic, user-generated web of social media and the static, read-only HTHT -0.5%ML web pages that served as its foundation.
Web3 would reportedly have 3D graphical user interfaces rather than flat text pages, making it more immersive and experiential.
It will also be decentralized, which is significant, thanks to innovations in distributed computing, blockchain, and cryptography.
We will, for the first time, totally own and be in control of our own data and how it is used, as opposed to signing onto services and applications that are primarily held by enormous businesses like GoogleGOOG +2.2%, Facebook, or MicrosoftMSFT +2.3%. But how does this apply to the music industry?
The identities of the investors have not been made public, and the public is only aware of a small number of well-known Web3 founders and investors who took part in the investment.
By creating a "community-as-a-community" portfolio using non-fungible tokens (NFTs), the platform intends to change the current situation, in which contracted creators are unable to control their own autonomy and provide funding for music-loving users and creators.
This will allow the platform to provide funding for music-loving users and creators. Coop Records will make it possible for businesses to share their source code, infrastructure, and assets.
Turley believes that in the near future, musicians will be able to fundraise and earn money from their work without having to sell their songs to record labels.
One way this might be accomplished is by tokenizing the ownership of the businesses that produce their music.
On his official Twitter account, he wrote: "Coop Records makes investments in platforms, artists, and tokens that are enabled by web3 in a unique manner.
Imagine it as a cross between an incubator, a record label, and a venture capital fund all rolled into one. We collaborate with business owners to develop innovative income models for the music industry."
The Non-Fungible Token (NFT) concept alters the regulations for authors to follow during the production process. In the future, there will be no need for intermediaries or record companies when presenting music to an audience.
Since he began investing in cryptocurrencies roughly five years ago, Cooper Turley, who is now 26, has amassed a fortune worth one million dollars.
In addition to that, he is an angel investor in non-financial technology (NFT) music platforms such as Royal, Audius, and Catalog.
The blockchain-based music streaming company Audius has introduced a new feature that enables users to distribute governance tokens issued by the network to the artists and producers of their choosing.
There are already around 250,000 artists and 7 million members on the network, giving it worth over 1 billion dollars.
