1. Decentralize Music Industry
How many times as a listener you were listening to an amazing song and you wanted to be able to help that artist (or group) grow more, help him or her blossom in music ? How many times have you went to a concert and felt this amazing feeling to be part of the music ? But in fact you were not really part of it. You only paid a ticket and you could not have done more, you were only a custumer. But music is much more than this. How many times do you buy music on Amazon, ITunes or have your subscription on Spotify and you know that more than 80% of what you paid will never go to the artist, will never go to support the music. Or even if you listened to music for free on Soundcloud, artists don’t get paid at all even if SoundCloud market cap is around 100 ml $ USD. As an artist I’d prefer maybe to be pirated. Spotify CEO Daniel Ek said “to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art”, but the cruel reality for Spotify is only 43,000 artists live off their art as you can see on the Rolling Stones article. Despite 61.73 Md $ Market Cap USD it seems to me that they failed. Are they serving artists or stock shareholders and labels? We all agree : the only competition is to unlock the potential of human creativity. We share the same goal.
I’m a blockchain Indie artist and I release songs on many diferents decentralized platforms like Musicoin, Hive, Steemit, DTube, Lbry, Rocki, Audius, Ujo, Choon, Whaleshares, Hyperpace and many others. I have a master degree in economics as well. From my point of view Musicoin is the one with the highest potential because of PPP smart contracts and Sharism philosophy. In this document I’m going to introduce Decentralized Finance tools to the Music Industry using Musicoin as a starting point, even if we could adapt it to other music blockchain projects as well. On Musicoin you can stream songs, you can tip songs and artists, but you cannot yet invest in music, you cannot stake or farm neither and at the same time you cannot really participate into music creation, be engaged, be part of the process, risk a few pennies. Let’s start by definitions:
- Decentralized finance (commonly referred to as DeFi) is an experimental form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks, and instead utilizes smart contracts on blockchains, the most common being Ethereum.
- Let’s try to adapt it to a Decentralized Music Industry (commonly referred to as DMI) is an experimental form of Music Industry that does not rely on central Music Industry intermediaries such as labels, centralized music platforms and instead utilizes smart contracts on blockchains, the most common being Ethereum, Skale or Musicoin.
Let’s assume that the goal of the stock investor is to identify stocks that are currently undervalued by the market. The goal of a fans/listeners is to identify songs they like that are currently undervalued, unknown, unlistened, underpriced.
I’ve heard song after song asking me: “Which is the one that is lowest priced in relation to what I believe it’s worth?” The blockchain tool I’m going to introduce to you in this document will give you the possibility to answer this question. I’m going to demonstrate how to create a better and long term relationship between artists and fans. Take a look to: From Pay Per Play Smart Contract to NFT economy - Musicoin was born to change the music industry and I will explain how(part2).
To make it real we are applying to an IDO on the BakerySwap in order to fund all the process and deploy the economic model into the BSC
Take look to the doc : https://www.publish0x.com/musicoin-radio/from-pay-per-play-smart-contract-to-nft-economy-musicoin-was-xvwlkmr
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