KOR Protocol Builds a Web3 Music Ecosystem with Blockchain

- KOR Protocol is developing a decentralized platform that combines blockchain and AI to provide fair compensation and direct interaction with fans for independent artists - Renowned artists like Imogen Heap and Deadmau5 are joining efforts to build an artist-centered music ecosystem [Unblock Media] The KOR Protocol aims to revolutionize the structure of the music industry by combining blockchain with artificial intelligence. As of 2023, the music industry generates $28.6 billion in revenue, but independent artists still face challenges in earning a sustainable income. According to a recent survey by Xposure Music, only 11% of independent musicians can sustain their livelihood solely through music. To tackle this issue, the KOR Protocol seeks to establish a decentralized platform that provides a fair compensation system, enables artists to communicate directly with their fans, offers interactive experiences through artificial intelligence, and operates a transparent IP management system. Blockchain-based music platforms like Audius have gained attention for allowing fans and artists to interact directly and share revenues, and the KOR Protocol aims to help artists achieve greater economic benefits than existing platforms. The advisory board of this project includes renowned artists such as Imogen Heap, Deadmau5, Richie Hawtin, and Disclosure. Imogen Heap, in particular, is known for advocating for the rights of artists and emphasizing the innovative use of technology. Her Creative Passport project helps artists manage their music metadata and explore new revenue opportunities. She believes KOR Protocol can enable transparent compensation and community-centered participation for artists. While traditional streaming platforms yield only about 12% of total revenue to artists, blockchain-based platforms like the KOR Protocol distribute earnings directly without intermediaries, consequently providing more income to the artists. The transparency in revenue distribution is also significantly enhanced through blockchain technology. The Telegraph highlights that blockchain plays a crucial role in copyright and IP protection, emphasizing the effectiveness of smart contracts in preventing IP infringements. Inder Phull, the founder of KOR Protocol, stated, "This visionary team can offer the next-generation entertainment ecosystem to both artists and fans." Unlike the existing centralized systems, this approach helps artists gain more direct profit from their works. If successful, this project could become a successful model for utilizing blockchain within the music industry. As the KOR Protocol reshapes the music industry's landscape, it could remain an excellent example of realizing blockchain technology's potential. It is essential to keep an eye on the developments of this project.