Algorand boosts music industry with new partnerships
Algorand is inching toward becoming a key player in the music industry, especially in the Web3 sphere. It has, therefore, announced a few partnerships with an alternate objective of empowering artists and helping them to establish connections with their fan base. The announcement for the same was made by Algorand Foundation while appreciating all the projects for their innovation in the music market.
The ultimate goal is to connect all the relevant individuals and artists for trading and investment purposes. What remains accessible will be a large list of brands and communities of their choice.
Dequency, known as the soundtrack of the metaverse, is a marketplace for music artists and visual creators. All of them come together to leverage the potential of their respective capabilities. For instance, Dequency opens up the space for music artists to post their music. This is later picked up by visual creators who go on to use that piece in their projects, like games, videos, etc.
Algorand Foundation has acknowledged its efforts in the music industry and called the initiative a game changer for creators who are based in Web3.
LimeWire is being built on Algorand with a core focus on empowering artists to the best of their abilities. What makes LimeWire a perfect fit for Algorand’s puzzle is the fact that it is constantly evolving through partnerships. One such collaboration that it recently announced was with Universal Music Group.
The partnership between LimeWire and Universal Music Group is based on the common ground that artists must be supported in the selling of non-fungible tokens.
Music.algo grants liberty to artists, enabling them to sell only a part of their royalties. This is directed at artists who have talent but are unable to gain the attention of the audience. Sharing just a part of music makes it easy, if not convenient, for other artists to expand their audience base. Moreover, users can explore the NFT collection of music.algo on its official platform.
Spicing things a little bit is the launch of a P2P platform, Opulous. Fans, through this platform, can invest in the work of an artist through their digital musical artwork – NFT or music MFT (MNFT). When the community invests in someone’s music art, then they grant them access to capital or loans without the involvement of any financial institution.
Partnerships like these are working well for ALGO as the native token. It was last seen getting traded at $0.1595, a 3.49% decline in the last 7 days. Assuming the community keeps up with such developments, the Algorand forecast can see the value go as high as $0.47 by the end of 2023.
More details about the partnership between the Algorand Foundation and music players can be explored on the respective platforms.