Web3 is transforming the music industry — Here’s how

Blockchain technology, the backbone of Web3, can take the engage-to-earn model for artists to a new level, enabling more direct and meaningful interactions with fans. Thanks to its unmatched security and features, such as decentralization and tokenization of assets, artists can create unparalleled experiences for fans and for themselves. For example, they can leverage the technology to retain full ownership rights of their work and directly monetize their content. Many artists, including musicians and digital artists, have been using nonfungible tokens (NFTs) to tokenize their creations.

In addition to monetizing content, the technology provides the necessary infrastructure for engage-to-earn experiences. Its immutable and transparent nature assures fans of the authenticity and provenance of artworks and music tracks, boosting trust and engagement. Smart contracts further enhance this relationship by enabling customized experiences, such as exclusive access to new releases, virtual meetings, VIP experiences or personalized content for token holders.

This platform leverages blockchain for engage-to-earn interactions

One of the first engage-to-earn platforms leveraging blockchain technology is Unitea, a social media platform deepening connections between artists and their fans. It also gives brands access to engaging advertising opportunities by putting digital experiences in the hands of the fans who emotionally resonate the most with their favorite artists - think Tik Tok but with tokenized rewards.

Unitea is currently focused on musicians, but its technology and business model can be used by any creator. The application incentivizes music fans to support their favorite artists in exchange for rewards. For artists, the platform is a great resource for boosting engagement with their music, while establishing meaningful connections with fans and embracing innovation.

Fans are incentivized to “Vibe” with artists by creating user-generated content with music and sharing their engagement data to receive Karma, Unitea’s native off-chain token. On the other side, brands can leverage this engagement data in advertising through on-chain digital experiences, and artists can also access the data to gain invaluable emotional resonance insights into their fanbase.

Source: Unitea

The benefits of this model can accelerate the adoption of Web3 — the new iteration of the internet that empowers communities and the creator economy. Through Web3, Unitea has harnessed the potential of blockchain authentication to build a genuine engage-to-earn ecosystem to help creators regain control of their audience’s insights.

Unitea’s CEO Ketan Rahangdale explained:

“Engage-to-earn finally gives creators a way to take control of their own growth, while simultaneously providing fans with a creative outlet to express their enthusiasm properly. Our Web3 tech is unique in its ability to authenticate user experiences and rewards, which gives digital assets real purpose and value across the engagement cycle.”

In mid-May 2023, the company announced a $7 million seed round raise, demonstrating that investor confidence in Web3 remains high. The round was led by institutional investors, including 1st Class Guernsey, Chaos Capital, TokenSociety and Fuel Venture Capital. The funding will help Unitea accelerate its transition to a consumer-facing Web3, where rewards and digital assets are backed by emotional engagement data.

Source: Unitea

Win-win for all parties?

Unitea is initially focused on the music industry and boasts a board of directors that includes titans like Pitbull (Armando Perez) and Claude VonStroke (Barclay Crenshaw). However, its engage-to-earn model is industry-agnostic and can work well for digital artists, influencers and other artists.

The ecosystem improves interactions between all parties, including:

• Artists — musicians and other artists can give back to their fans and have more control over their income and fan data. They can also establish relationships with Unitea’s network of global brand partners.
• Fans — Unitea fans can share music and create content to earn digital tokens redeemable for exclusive rewards, such as custom digital assets, concert tickets, and artist meet and greets.
• Brands — Unitea’s capability for data collection on engagement level is incredibly enticing to brands and advertisers wanting to increase their visibility and drive organic engagement. Today’s fans are looking for a different level of interaction from the brands they love, and Unitea makes it possible.

The Web3 revolution is democratizing the creative industry, giving artists more control and freedom while rewarding fans for their loyalty and engagement. Blockchain has the potential to take the engage-to-earn experience to unprecedented heights, and Unitea’s platform shows the transformative potential of Web3.