NFT News by Thebittimes.Com

Sonorus is a web3 platform seeking to change the future of the digital music industry and reward artists and music lovers. It uses a decentralized music voting system, TrendFi, enabling fans to earn by supporting their favorite songs while helping musicians gain the rewards and recognition they deserve. The project’s developers invite us to think of Sonorus as the IMDb of digital music. For example, the world’s most popular online database of everything related to cinema and TV series is not a streaming service. Yet, it attracts nearly 1.2 billion visitors monthly. Instead, the website is a directory promoting film productions and measuring user preferences to indicate the latest industry trends. It does not gain revenue from copyrighted content but from the added value users bring to the platform by promoting or supporting it. You might also like: KyberSwap suffers multichain exploit, resulting in $45m loss Sonorus seeks to become similar to IMDb for music...

Web3 technologies are changing the way we engage with various forms of entertainment and ownership is at the heart of it. Web3 is uprooting traditional entertainment industries with a new way of creating and engaging with digital content. The industry has already seen nonfungible tokens (NFTs) display the potential to transform how television scheduled programming can be created. Increased metaverse activity began challenging artists with new possibilities for performances and connectivity with their fans. All the use cases of Web3 technology upgrading the future of digital entertainment include one key component: ownership. Ownership is one of the defining characteristics that distinguishes Web3 activity from its predecessor.  According to professionals in the industry, it will also be a defining characteristic not only of Web3 but of the future of digital entertainment. Cointelegraph spoke with Mitch Liu, CEO of the media and entertainment-centric blockchain Theta Labs, on what u...