How is the #CryptoCrash Impacting the Music Industry?

Cryptocurrencies are prone to price fluctuations. The unpredictability and the concern it causes may make people mistakenly believe that web3 technologies are not beneficial.

As cryptocurrency values dominate social media, you could have lately experienced this fear. But should you feel worried? It’s tricky, as it always is in the crypto world. However, in essence, you shouldn’t be. Here is why—and how.

Recent headlines in reputable financial areas like “Bitcoin’s Price Falls Below $20,000 as Crypto Selloff Deepens” are not really intended to reinforce your trust in things like NFTs and web3, even outside of the echo chamber where celebrities “pump” cryptocurrencies and FOMO prevails.

This is because they are frequently confused; in order to purchase an NFT, you usually need to first purchase some cryptocurrency. And in order to participate in the web3 area, you must have some understanding of how value is given to the work you do there.

Role in the Music Industry

The most crucial aspect is that the web3 technology at its core is likely to survive, regardless of what occurs. Similar to how e-commerce (Web 1.0) and social media (Web 2.0) are today, it still has the potential to play a significant role in the music industry.

If so, then the fundamental strategy for web3 remains the same as it has since before the NFT mania started: moderation, education, and calculated risk. In a perfect world, web3 technology will develop into a collection of fresh, excellent tools that can be utilized to create interesting, freeing, and creative music enterprises.

Less a savior or meta-disrupter and more a force for good in the world, artists and tech enthusiasts who also like music are driving this constructive progress. That long-term result would undoubtedly be favorable no matter what happens next in the current #CryptoCrash.

Juspreet Kaur is pursuing English Hons. currently and is always curious to explore new approaches to Content and Creative Writing. An ardent fiction reader & writer who is always on the lookout for good work. She is a published poet who is always eager to connect with others!