Biz/Tech/NFTs
Published on June 24th, 2024 |
by Jameelah “Just Jay” Wilkerson
Most of us have heard of Bitcoin even if we don’t quite know what it is, but a similar Web3 decentralized platform called Ethereum just made news, and is perhaps more important to music artists and the recording industry as a whole.
This is because Ethereum is one of the easiest blockchain platforms to use by technology developers, and because of this, has become one of the most popular software platforms involved in new music technology companies such as Infanity. When Ethereum is used to develop software, it can also include the use of cryptocurrency known as ETH, similar to Bitcoin, which is another cryptocurrency.
So for music technology companies built using Ethereum, such as our company Infanity, someone can buy music and/or other products not just through regular credit card transactions, but also by purchasing with ETH. Since the price of ETH goes up or down more frequently than the US Dollar, a music fan could also buy music at a cheaper rate when ETH goes down. A music fan can also make money because if the price of ETH goes up, the digital collectible you bought could go up, and so you would see a profit when you sell the collectible.
Also, with blockchain technology, there is also a record of any purchase that can be seen publicly through various channels. So for a music fan or a music artist selling their music on a platform like Infanity using Ethereum, that means you could actually prove you were an early supporter and fan of a new artist, and that an early “edition” could grow in value over time.
The recent news on Ethereum was that for the time being, the Securities and Exchange Commission will not pursue trying to determine whether Ethereum is a security that would have to be regulated. This means that companies built on Ethereum to sell digital collectibles are still in the clear the same way selling paintings at live auctions are just collectibles and not regulated. Ethereum is here to stay.
Written By: Renata Lowenbraun
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