Blockchain: A decentralized, distributed ledger technology that records transactions across many computers in a way that is secure and tamper-proof.
Smart Contracts: Self-executing contracts with the terms of the agreement directly written into code, often used in Web3 to automate processes and transactions.
NFT (Non-Fungible Token): A type of cryptographic token representing a unique asset, which in the context of music, can be used for unique digital collectibles, album releases, or exclusive content.
Decentralization: The process of distributing and dispersing power away from a central authority, often a key principle in Web3 technologies.
Cryptocurrency: A digital or virtual currency that uses cryptography for security, commonly used for transactions in the Web3 space, including music platforms.
DAO (Decentralized Autonomous Organization): An organization represented by rules encoded as a computer program that is transparent, controlled by the organization members, and not influenced by a central government.
Tokenization: The process of converting rights to an asset into a digital token on a blockchain.
Royalty Distribution: In Web3, this refers to automated, transparent, and often immediate distribution of royalties to artists and rights holders through smart contracts.
IPFS (InterPlanetary File System): A protocol and peer-to-peer network for storing and sharing data in a distributed file system, often used in Web3 for decentralized storage.
Metaverse: A collective virtual shared space, often facilitated by the use of blockchain, where artists and musicians can perform, interact with fans, and sell merchandise and music.
DeFi (Decentralized Finance): Financial services, such as borrowing, lending, or trading, that are built on blockchain technology and are accessible to anyone with an internet connection.
Music NFT Marketplace: Platforms where musicians can mint, sell, and trade music-related NFTs, offering a new revenue stream and fan engagement model.
Wallet Address: A unique identifier that represents a possible destination for a cryptocurrency transfer, essential for transactions in the Web3 music ecosystem.
Gas Fees: Fees required to conduct transactions on a blockchain network, relevant for musicians and fans engaging in Web3 music platforms.
Web3 Streaming Platforms: Music streaming services built on blockchain technology, offering a decentralized alternative to traditional platforms with potential for fairer remuneration for artists.
These terms form the foundation of understanding the intersection of music and Web3 technology, which can be vital for musicians looking to navigate and leverage these emerging opportunities.