Cryptocurrency Provides Relief For Music Artists, Part 1
I was on Quora today answering some questions about cryptocurrency and blockchain when I came across the question above. YES. Yes blockchain technology can increase your revenue, struggling artist. Even better news — there are various platforms to call home for your content.
Musicoin
Musicoin hit exchanges in March of 2017 and launched with a partnership with MiQ group. “Musicoin lays the groundwork for a new age of music that is sustainable, borderless, and fair to all stakeholders” Using smart contracts and the extremely efficient cryptocurrency method of payment, Musicoin helps musicians monetize on their content. Below is a simple example of how it works on their platform:
Great, but there are two people…how do multiple group members get paid? Simple! Take a look at the picture below. Musicoin makes it easy for artists to monetize on their content depending on group member’s stake in the group. Below is a simple example — 25%, 25%, & 50% split every time there’s a Musicoin payout to the group, it’s automatically split and sent to their individual wallets.
It’s as simple as sharing your tracks, getting listens and getting paid per your digital contract when people listen! Of course this is a theme that will be similar to other platforms in this article, but each one is a choice. Musicians can choose to use one, or all of them. If I were a musician, I would use them all. Upload my content on every platform because these platforms are newer and working to grow their followings. Your content = perfect share opportunity. Even if you didn’t get paid, free shares = larger potential fan base!
Ujo Music
In 2015, Ujo and Imogen Heap came together to “ how Ethereum could usher in a modern music supply chain built on a backbone of prompt and transparent payments.” DJ RAC is the most recent artist to release their album on the platform. Ujo Music is a platform that utilizes the Ethereum blockchain to help musicians gain exposure and monetize their tracks. Instead of issuing their own coin, Ujo actually just uses Ethereum to pay out artists with.
This is actually a very different characteristic from other cryptocurrency music platforms. Considering Ujo doesn’t have their own coin and has made Ethereum their coin, this tells me the platform focuses more on music promotion and what they are actually there for as opposed to the economics of their mini-ecosystem like a majority of the others, if not all.
The image above gives more of a technical explanation of how their licensing and payment system works. I’m not a coder or very technical, but most of the music platforms seem to have the same cookie-cutter system to pay artists using smart contracts and cryptocurrency paired. The lack of a cryptocurrency coin is awesome too because it brings more value to the overarching Ethereum blockchain ecosystem that is currently robust with developer projects. So far, the last two projects have been built on the Ethereum blockchain!
Musiconomi
Musiconomi is an upcoming ICO and so far, the best display of the music platforms I’ve looked at in this article. This one is wrapped into the Cofound.it cryptocurrency/crowdfunding ecosystem which is a sign the project has a stable foundation to build off of. Take a look at their video below:
Cool! Right!? Now, I believe features are what truly incentive users to register to a platform. I thought this feature alone was pretty awesome:
Looks like they not only help you monetize on your tracks, but help you use the money you earned on their platform to MARKET your tracks more in order to grow your fan base! How cool is that!? Instead of dealing with Facebook ads, simply upload your music to the Musiconomi platform and start sharing!
Musiconomi is pretty awesome for investors too because it allows you to earn interest in musician’s earning simply by helping back the platform. This upcoming ICO should be fun to watch play out as new blockchain solutions are developed.
Stay tuned as I dive into the below music platforms and likely more!
- Muse
- Opus Foundation — Live ICO
- Viberate — Upcoming ICO
- Voise
Thank you for taking a look at this content — please share to support and help other artists out there! Part 2 will be posted tomorrow! d[^_^]b
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Below are some resources for beginning cryptocurrency enthusiasts or others interested in something new:
- Cryptoversity by Chris Coney — The Online School That Pays You To Learn About Bitcoin, Crypto-currencies and Blockchains
- HitBTC Exchange — major exchange, access ICOs and multi-currencies.
- CoinTracking — Your personal Profit / Loss Portfolio Monitor and Tax Tracker for all Digital Coins
- Changelly — as easy as purchasing cryptocurrency gets — watch the exchange rate.
- CoinMate.io — Bitcoin arbitrage made easy.
- CEX.io — Buy Bitcoin w/ credit card, ACH bank transfer, SEPA transfer, cash, or AstroPay. Credit purchases are instant.
- CoinPayments — Receive payment via 70+ different cryptocurrencies — the crypto-PayPal.
- CoinMama — purchase Bitcoin and Ethereum w/ credit/debit cards & using cash through WesternUnion on their platform.
- Ledger Nano S — multi-cryptocurrency cold hardware wallet supporting Bitcoin forks. Keep your coins safe and offline.
- Binance — 135+ cryptocurrencies with its own token used to pay exchange fees on the platform and give perks to traders on their platform.
- Kucoin — new exchange with its own token used to split exchange fees with holders, daily. Only exchange with NEO trading pairs too.
