The music industry has evolved over the years, with streaming and social media changing the landscape and providing new opportunities to artists. However, gaps remain, with streaming platforms and record labels still enjoying the lion’s share of revenues. Blockchain can change this, but only through a network with unlimited scale, says multi-platinum record producer E. Smitty.
“This a real blockchain conference…others are a total fantasy or a popularity contest where we don’t talk about enterprise solutions involving the blockchain,” he told CoinGeek Backstage reporter Becky Liggero on the sidelines of the event.
“This is more professional, with amazing minds…a real melting pot of greatness,” he added.
E. Smitty has been in the music industry for over two decades as a record producer, audio engineer, and songwriter. He has produced for global superstars, including Future, ASAP Mob, Kool G Rap, and Chino XL.
As he told CoinGeek Backstage, today’s music industry pays out royalties depending on views and plays by the second. For any blockchain network to underpin this sector, it must have the scaling ability to process millions of transactions per second.
“The blockchain matters, it’s scalability matters,” he stated.
The industry veteran believes that the quality of music has waned over the years as artists feel demotivated to pour their heart and soul into their art due to the low revenue. He says that blockchain-powered direct micropayments would incentivize artists to give their all to their art.
E. Smitty founded DistroMint, an NFT-powered music distribution platform “that’s an improved version of the current major label distribution model,” built on the BSV blockchain. It tokenizes music and enables the content producers to have full ownership of their art.
Watch: Music producer E. Smitty finds his home in BSV blockchain
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.