Music & NFTs taking over the Metaverse + Streaming 101

Written By CJ

Making it to Hollywood and getting signed by a record label used to be the American dream! Until we learned about how much the artists who put in lots of the work were not only the last to get paid and were paid the least. Whether it was from streams, shows, and tours I’ve seen numerous artists struggle to get paid and have ownership over the music they were releasing. According to theconversation.com platforms like Spotify and Apple Music keep about 30% of the revenue from streams, while 15% goes to the music publisher, and 55% goes to the record label. That is then divided between investors, producers, songwriters, engineers, and then the artist receives a very small cut from that.

Web 2 v s Web 3

Now we are at the crossroads of web2 (social media creator era) and web 3 (metaverse & NFTs) colliding, I’ve personally been able to create a full time living in web 3 from DJing, hosting shows, and coordinating events in Decentraland and other Metaverse platforms like Mozilla Hubs, Spatial, and Alt Space VR to name a few! I now work with over 15 different companies/brands as their go-to entertainer for their venues and have even started booking other DJs to help carry the load. The first week of October I DJ’d 12 paid shows in 1 week and then decided to book other DJs to fill in opening acts and main acts for NFT launch parties and special holiday themed events! 

Music NFTs

Now where do music NFTs play their role in this, and what is a music NFT? A music NFT is similar to having a digital version of a CD, except that how many are created is limited to how many the artists decide to list. They can list 1, or as many as they like which can then be minted (purchased) and sold or traded down the road. I have already been notified by some venues that copyright licensing companies are entering the metaverse and reaching out to venue owners to pay for licensing fees to play copyrighted music from record labels. This is where music NFTs will become even more valuable! Land owners and DJs who do not have their own original music will be able to mint items from opensea and other music NFT sites and add them to their libraries to play for live or pre-recorded shows. 

Live Stream

Which leads us to how does one even play in the metaverse? What tools are needed? From personal experience I started off using streamlabs OBS, but after some technical difficulties I use OBS to stream or record my sets. A soundcheck and stream test is required before the show even happens which can take up to 5-30 minutes depending on the venue. When you do a live stream you are being seen on a screen and have no room for mistakes, and when streaming you have to make sure you have a solid connecting to Wifi or via ethernet cable. Then you need whatever device your music comes out of to be fed into an audio interface that is connected to the device you are streaming from. 

Recorded Sets

Now things are a little bit different for recorded sets. When making a recorded set you use OBS to record your set, usually around 30 minutes up to 3+ hours for sets. The bitrate within is important because you don’t want the file to be too big, you will have to upload it to a google drive or a vimeo pro account to send in to the venue owner. Then we take our payments either via paypal or through your crypto wallet, it is important to become reachable and have your social media pages on display on your screen so if someone from the crowd wants to book you they can reach you!

 

 

— By CJ Trax, Team Vult Cult

 

Like what you read? Check out these articles!

Share your thoughts!