Transforming the Music World through Blockchain,Closing the Gap Between Music Artists and Fans
Today we see various industries, including creative ones, adopting new technologies to change for the better. And now some people claim that using the blockchain in the music industry can solve the industry’s main problems. With all the music apps available today, you’d think that musicians are raking in money, hand over fist. But with many parties clamoring for their share, from music labels to producers, managers, and more, and unreliable metadata (which contains info like who the rights holders are) accompanying each track, an artist may not get paid for their work for quite some time – or at all. This is a huge issue, especially for smaller artists who depend on that income as they’re getting started in the industry.
The smart contract component of blockchain technology can potentially solve this issue. Smart contracts can include which percentage of the revenue goes to each member of the band, the music label, the manager, etc., and pay artists immediately. There are many opportunities for improving the music industry with ethereum smart contracts it is an industry rife with inefficiencies and coordination problems. Hopefully large-scale ethereum projects, such as the promising this project and others, will be able to help solve these problems.
Over the years, the music industry has worked in a way that has made musicians rely on labels, distributors, and promoters. But with this model, artists often face complicated revenue distribution systems where every intermediary takes part of the income. That’s why music distribution is still an issue for artists. How can we deal with this problem?Blockchain technology lets music creators publish their works and sell them directly to fans without a third party. As a result, it eliminates the need for publishers and distributors.
Moreover, the revenue that artists get may vary depending on their contract with their label. Over the years, even the biggest music streaming services have been occasionally accused of underpayment. Some popular musicians, including Taylor Swift and Adele, have decided to remove their albums from streaming services, citing unfair payment practices.Let’s see how using the blockchain in the music industry can help solve this particular issue. Being a transparent system, the blockchain enables music creators to receive payments directly, bypassing intermediaries. With its help, musicians and their fans can make peer-to-peer exchanges securely, using smart contracts that guarantee transparency. Stored on the blockchain, these contracts can include a specific percentage of income that rights holders get directly. With a smart contract, revenue can be automatically divided, letting musicians receive payments immediately and directly from their listeners.
Muzika is a progressive coin economy that will reshape the global digital track industry. From a number of sides, Muzika revolutionized the track enterprise by using building an impartial and proper digital music ecosystem. Muzika is getting ready to reverse the sad fact of the digital music market today. From A to Z, they will alternate the digital tune enterprise and redefine the role of market players involved, which include consumers and musicians. The Muzika Coin (MZK) will serve as the only medium for all transactions and exchanges needed in new ecosystems, triggering a paradigm shift in digital song industry.From the a variety of troubles and solutions provided by way of Muzima, I courageously invite you with this breakthrough project.
Muzika is a music blockchain project with an existing business and global music platforms across 150+ nations, aimed at revolutionizing the digital music industry with the creation of a new digital music ecosystem. The project is led by Forbes-awarded & Informatics Olympiad team members and endorsed by the most influential investors in Korea and Asia. The token economy will be backed by ever-growing population of community users and fans. MZK will be the sole medium of all economic activities in the Muzika community, we aim at bringing benefits to music artists, music fans and MZK holders in different ways.
Benefits for Music Artists:
- Increased share from a fair economic distribution
- Network effect that begins with 2,000,000 user base in Muzika’s pre-existing digital music platforms
- Sponsorship opportunities to receive MZKs from fans and listeners in all genres
Benefits for Music Fans:
- Diversified & Active roles at all stages of a musical product’s life cycle
- Sponsorship opportunities to become patrons of favorite artists and receive
- Sponsor-exclusive services, products, and opportunities
- Community participation rewards (composition, performance. etc.) in forms of Loyalty Points, which can be exchanged to MZK
Benefits for MZK holders:
- Within the platform, MZK becomes the sole medium of all economic activities
- Outside the platform, MZK becomes means of transactions in Muzika’s existing business
- participation opportunities and exclusive rights in community-wide programs and events
Muzika Studio (MS) allows music artists to manage their wallets and create Smart Contract for their digital music products including music sheets and audio files. The application also offers an intuitive user interface to encrypt and upload digital products on IPFS — a decentralized file storage system, which will be made available for downloads and streaming when users make purchase in the Muzika platform.Muzika Studio now supports Ethereum and Ontology networks, and users can choose to either log in to Testnet or Mainnet. Benefit of Dapps :
- Smart contract will allow digital musical products to be transferred directly from artists to fans, ensuring fairer and more transparent economic distribution.
- Fans will be rewarded with loyalty points for their various community activities, which will be regularly converted into MZK coins – the sole medium of exchange for all economic activities in the ecosystem.
- Fans will have opportunities to make direct sponsorship to their favorite artists, supporting them and receiving exclusive benefits in return.
Muzika tech and design teams continued with developments on the MZK Android Wallet APP design, the APP is now incorporated with more specific functions such as creating/importing/exporting wallet, changing passwords, transferring of tokens, recording of transaction history, etc.
For more information please visit links :
Website : https://www.muzika.network/
Telegram : https://t.me/muzika_english
Twitter : https://twitter.com/muzika_official
Facebook : https://www.facebook.com/muzikanews/
author : https://bitcointalk.org/index.php?action=profile;u=1153822