WEB3 Terms Every Musician Should Know

By Dwight Miller - September 21, 2023
WEB3 Terms Every Musician Should Know

Terms Every WEB3 Musician Must Know

1. Music Tokenization: The process of fractionalizing music assets into digital tokens, allowing them to be freely traded on blockchain networks.

 2. Smart Contracts: Automated digital contracts used in the blockchain that are self-executing, meaning they can automatically enforce the obligations of both parties without the need for external enforcement.

3. Digital Royalties: Payments made to songwriters, producers and performers for the use or sale of their music.

4. Non-Fungible Tokens (NFTs): Digital assets or representations of ownership verified by the blockchain that cannot be exchanged or replaced.

 5. DApps: Short for Decentralized Applications, these are open-source applications built on a blockchain that are not owned or controlled by any single entity.

6. Digital Rights Management (DRM): A set of technologies and protocols used to ensure copyright holders maintain control over digital content and its distribution.

7. Utility Token: A token designed to be used within an application or platform, rather than being exchanged as a form of financial investment.