Alam Moreira, founder of Coalescentiaa soon-to-be-released Uruguayan record label with the intention of using crypto art in its projects, has shared its views with the team at Cointelegraph in Spanish about the use of NFTs in the music industry, a sector that in his opinion will undergo a paradigm shift.
According to Moreira, as web3 advances and knowledge advances about all the advantages offered by Nfts in relation to copyright and the rights of the artist himself to receive what he deserves for his art, decentralization will give the artist the place he deserves and will displace all intermediaries.
“An artist who can sell 10 NFTs for $10 generates the equivalent of 100,000 listeners on Spotify”Moreira said.
In this sense, Moreira pointed out that nfts and their market are a great window for emerging artists, In addition, he also described as interesting the relationship that can be generated by integrating music with various forms of art through shared economies and with the Play to Earn world.
Regarding fans, he highlighted that blockchain technology makes it possible to identify and provide exclusive benefits directly to fans in a secure way. Likewise, Moreira described that the great challenge for producers and artists is to expand creativity and be able to use this great tool in a wise and innovative way.
What are the barriers to entry for blockchain and NFT technology to achieve mass adoption in the music industry?
According to Moreira, The first barrier to entry that the entire NFT ecosystem encounters beyond music is the lack of public information. “The entire community has to align with the purpose of getting this information to as many people as possible”pointed out Moreira, who also mentioned that it cannot be forgotten that this is a new technology and therefore, it is difficult for human beings to adapt to new disruptive technologies.
“Technology advances faster than humanity”Moreira said.
“For our part, we believe that applying technology in a responsible way is essential for the development of our scene, since we are in a small country that aims to produce quality. We aligned ourselves and showed that we can really be pioneers in the paradigm shift, which at this point is more than necessary”, he added.
The news of the NFTs market
On the other hand, Moreira took the opportunity to zoom out of the NFT market, sharing his current opinion on it, which according to, tends to valuing the weight of the communities and the creativity behind the projects.
“It is very difficult to know where the market will go, however I believe that sooner or later there will be a boom in the music industry, specifically when they manage to get music out in a massive way and make people understand that the path is power. remove the intermediaries and reward those who really deserve it”he concluded.
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