The music business, according to Pharrell Williams, is on the verge of major upheaval. Blockchain and decentralized web3 technologies are essential in this regard.
During a conversation with entrepreneur and event creator Gary Vaynerchuk at VeeCon, Williams spoke about his experiences with NFTs and how he sees the underlying technology propelling social progress.
“Better late than never.”
Williams said he had tested the concept of NFTs years ago. He also felt he was too late to discover Web3 technology for music. Gary Vee sniggered when he stated his view was mistaken. He is still early in the NFT adaption.
“It’s going to awaken new music,” he said. “It will allow for a different type of distribution, a different type of marketing, and a different type of consumption.”
Web3 will Awaken New Music
According to him, blockchain and Web3 are about much more than just a technical and entertainment revolution. He believes decentralized organizations and producers can make a massive change in the entertainment business without the worries of strict laws that artists and producers need to follow according to the government that limits human rights.
He noted the recent market downturn that caused crypto and NFT prices to plummet, contrasting with VeeCon’s “summer camp” mentality.
“Blockchain and Web3 are unleashing something that terrifies the system,” he added.
The rapid expansion of the NFT market, according to Pharrell, has a number of drawbacks, especially for those looking to make money quickly.
Williams went on to say that he is more interested in the potential of Web3 technology than the current market conditions. He believes that the technology will eventually lead to an equal playing field for artists and more efficient and transparent music business.
In the meantime, Williams is focused on using his platform to promote up-and-coming artists and support the NFT market’s development.
“I’m just trying to help artists that I believe in, and I think are dope, get their moment,” he said.
“And also to be a part of this music on the blockchain and Web3 movement because it’s very important.”
