It’s time to re-imagine the music business…
At this point, we all know that blockchain will eventually work its way into and revolutionize every facet of industry. If you haven’t realized this by now, you will over the course of the next few years as you witness a complete paradigm shift. For those of you that do know, NOW is our time to start disrupting industry. I’ve decided to start with what I know best: the music business.
Clocking in at ~$50b a year, the global music industry continues to rake in billions, with a disturbingly small percentage going to the artists themselves. Between the well-known exploitation of artists by record companies (just ask Kanye) and the COVID pandemic decimating the live music industry (which accounts for ~75% of artist revenue), I think it’s safe to say that the system is breaking down — it’s high time we came up with something better.
What price do artists pay to be marketed and promoted worldwide? They typically surrender the rights to their music in exchange for record labels to market them. By making investment into an artist open and accessible to all, investors from across the globe will suddenly find an interest in promoting the artists they invest in — opening up massive opportunity for independent marketers and influencers. This puts incredible promotion potential into the hands of the artist, while keeping the rights to their music out of the hands of the record labels.
Introducing: The Initial Artist Offering (IAO)
Imagine a place where the average person could invest in an artist as easily and inthe same type of way they would a crypto project they believe in. We have the tech, now it is time to implement it —and it begins with tokenizing the artist.
TOKENIZING ARTISTS WITH A BONDING CURVE
We will provide a bonding curve curation market for access to artists and artist services through algorithmic token generation — thus providing the ability to create markets without the logistical hangups of exchanges, liquidity, market makers, or orderbooks, as this essentially facilitates all of those functions through a smart contract interface. A smart contract that is able to generate secondary tokens, or “dots”, based on a floating price point. Dots are created by staking value (mp3) to the contract and can be redeemed or “unbonded” at any time for the value of where the pricing function is at. The artist can also provide the option for an Oracle to offer subscription services using the same bonding curve pricing model and dots as payment, as well as embed a DEX widget directly onto their website.
DFO: Decentralized Flexible Organization
mp3 will begin it’s journey accompanied & built in a DFO — DFOs are resilient on-chain companies as a base layer for building applications on top of Ethereum. By employing a microservices-driven core, it ensures flexibility; by using voting tokens to govern, it ensures independence.
We will build the next gen music industry transparently, with you, together.
Join the conversation: