Copyright and the Digital World: A Fair Future for Artists

While digitalization has offered the music industry unique opportunities, it has also introduced new and complex copyright issues for artists. The easy copying, unauthorized use, and streaming of songs online has made it difficult for artists to control their work. Furthermore, complex revenue-sharing models and high commissions from intermediaries (record labels, publishers, digital platforms) have significantly reduced artists' earnings from their work. Regardless of the number of streams a song receives, the amount reaching an artist's pocket is often quite low, leaving many creators struggling financially. A fair copyright system is vital for artists to make a living and continue creating new work. This is where blockchain technology holds the potential to build a more equitable future for artists by offering innovative and transparent solutions to the copyright problem. Because blockchain is a distributed ledger system where all transactions are publicly visible and immutable, it allows for a transparent record of who created a work, when it was created, how it was used, and how royalty payments are distributed. The OnlyTunes project aims to build an ecosystem that empowers artists by focusing on copyright and revenue equity in the music industry. OnlyTunes leverages the advantages offered by blockchain technology to give artists greater control over their work: ● Tokenization of Works and Proof of Ownership: Artists can "tokenize" their music content (songs, albums, videos) on the OnlyTunes platform on the blockchain. This ensures that each work has a unique digital identity and transparently records its ownership. This allows for easy proof of original ownership in the event of copying or unauthorized use. ● Automated Royalty Payments with Smart Contracts: Within the OnlyTunes ecosystem, royalty payments can be automated using smart contracts. Every time a song is streamed or an NFT is sold, smart contracts can transfer royalty shares directly to the artist's wallet according to predetermined rules. This reduces the role of intermediaries and makes payment processes transparent and delay-free. ● Fair Revenue Sharing: Thanks to its decentralized structure, high commissions charged by intermediaries are reduced, and artists receive a greater share of their revenue directly. Direct revenue models, such as token donations or NFT sales, increase artists' financial independence. ● Data Transparency: Artists can transparently track how much their music is streamed, in which geographies it's popular, and which NFTs are gaining traction. This data helps artists manage their careers more strategically. OnlyTunes aims to build a future where artists are fairly compensated for their work, the value of their work is protected, and they can freely focus on their creativity. Thanks to blockchain-based copyright management and revenue models, a level playing field is being created in the music world, ushering in a new era for artists.