Metaverse Will Transform The Music Industry  | Portland Software Developers

Once wearable hardware is fully developed, 5G technology will deliver completely immersive experiences.

One music industry lawyer claims that if the metaverse is able to fully utilize 5G technology, the current music industry will appear to be as outdated as a cassette tape.

Given the existing technology constraints, it is too soon to predict what the metaverse’s musical landscape will look like in the future. Developers can now fully utilize 5G speed thanks to fundamental improvements brought about by cheaper, quicker, and smaller devices. According to T-Mobile, using 5G wireless technology is like using a rocket ship as opposed to a 4G scooter or 3G bicycle.

Although carriers offer 5G, the true potential and extremely fast speeds have not yet been realized.

Although it is behind, software will most likely catch up shortly. The hardware is the issue. A comfortable and successful virtual or augmented reality gadget that enables a wholly immersive digital experience has yet to be developed.

It hasn’t arrived yet.

The most advanced form of virtual reality equipment will be a pair of glasses. Adoption could be boosted by a partnership with a well-known fashion brand.

If you can make it into a fashion statement, rather than only appealing to techies, the general public will adopt it far more easily.

Interaction with other fans

In contrast to the 2D flat screen internet of today, the metaverse can be thought of as a completely immersive 3D experience. It will alter the process of making, disseminating, and enjoying music. Music will still be a shared experience, though.

In the end, it is the next step in linking humanity.

Throughout history, people have congregated in groups to exchange stories. Since the hearth is a common site for gathering, many households continue to keep fireplaces even though they are not necessary for heating.

These experiences will be improved by the metaverse.

A 360-degree immersive environment can satisfy people who are unable to attend the live event, but the metaverse will never be able to match the excitement of going to a live performance.

For many people who would not otherwise be able to afford it due to financial constraints or geographic restrictions, it will democratize the experience. Expect live music producers to enter the internet space to provide premium experiences that won’t resemble today’s avant-garde endeavors.

Concerts in the Metaverse

The greatest money was made from live music prior to the outbreak in 2019: $20 billion for recorded music, and $6 billion for music publishing,

In August 2021, Ariana Grande conducted a metaverse concert on the Fortnite gaming app, a division of Tencent Holdings in China, with people attending via their custom avatars.

Other musicians came after. Rapper Travis Scott and ex-partner Grimes performed live during Metaverse Fashion Week in March 2022.

Scott’s Fortnite performance had 28 million attendees, as opposed to 700,000 who paid tickets for his live tour. However, his live tour generated $54 million in ticket sales as opposed to his metaverse concert’s $20 million in merchandise sales.

NFT: Non-Fungible Tokens

Access fees, in-game product advertisements, and the selling of non-fungible tokens are the main ways that metaverse concerts are made profitable (NFTs). Real-time ecommerce integration with concert-going experience.

To increase revenue, musicians are also embracing NFTs. They market tokenized variations of their works of art, music, and/or bundles. The first and biggest NFT marketplace, OpenSea, has artists including Snoop Dogg, Shawn Mendes, 3LAU, Deadmau5, Grimes, and Steve Aoki.

Around 2021, NFT music sales on Open Sea brought in $86 million.

The metaverse has welcomed Fender. The Fender Stratoverse, which is a part of Meta Platforms Horizon Worlds, was announced by the business in June. The island in the shape of a guitar offers a groundbreaking co-play audio experience to produce fresh musical riffs.

Whether you are an artist looking to transform the music industry, or you own a brand looking to capitalize on the metaverse, contact Portland Software Developers to discuss your Metaverse project.