Some NOTES on How To Start Earning Crypto With Music
I recently started a cryptoMusic telegram channel to centralize the discussion of the niche yet blossoming ideas that are taking shape amongst musicians, music lovers, and developers interested in merging music and blockchain. Anyone following me the past 4 years has hopefully witnessed my passion for cryptocurrencies and how musicians (and artists — but this article will focus strictly on music) can take advantage of this technology. I would love to see more of my musician friends, peers, and associates join in the discussion and help shape the future of this fun experiment. I’ve reached out to several of you hopefully reading this (yes, you motherfucker ;)) over the years about how this could re-shape our industry, simplify royalties and rights management, diversify your income, add a new dimension to your branding or reach a whole new audience. Shit, I even co-host an original mixtape-style podcast with over a days worth of info (that’s 24 hours plus…) discussing this subject for you all to easily digest.
A lot of my friends say something along the lines of, “Damn, I wish I would have listened to you back in the day about this crypto stuff.” Blah blah blah. Look, I didn’t do this “stuff” to rub it in your faces. I went down this rabbit hole because I couldn’t stop learning de wei of the blockchain. I don’t have a response to my friends other than, join the telegram group, follow the AOTB Podcast feed and get to learning and participating. It’s not too late. I’m pleased to announce that it’s very, very, very fucking early in this space and nobody has gotten it right yet!
Before I get into the meat of what this article is about I feel like I have to prove to some of my peers that I’m not crazy, lol. Like, “There goes Scrilla talking that crypto hip-hop mularky again. When the heck is he gonna stop nerding out and drop that Gorilla Glue 3 he promised us last summer.” I imagine this is what you think, so please don’t burst my bubble. You can buy the limited edition cassette and stream Gorilla Glue 1 and 2 here :) Since I am being frank, I think Gorilla Glue is one of the most original mixtapes ever and one of my proudest projects.
/end Gorilla Glue shill
So where was I? Oh yea, I was telling you I’m not crazy for pursuing this “crypto and music” dream of mine. So here is some clear, concise and concrete info for you all to digest. I have made $390.39 worth of $NOTES this week using the choon.co music platform. By comparison, that is far more than I earned in my latest Foundation distribution report which encompasses a month worth of streams for a portion of my catalog. Now, this $390 is all relative of course as I haven’t cashed out any NOTES yet, but the point is that I spent about an hour uploading 24 tracks and I have earned 8,637 NOTES as of this writing. How do I know the NOTES are worth about $390? Because at the time of this writing 1 Ethereum is worth $452. On July 2nd, the choon team starts their ICO (Initial Coin Offering) and the price for investors is 10,000 NOTES per 1 Ethereum. Therefore, each NOTE is being offered at about 4 cents each. You can check out all the info and their team behind the platform here. One caveat to add is that if you are an American then you actually cannot lawfully participate in the ICO due to the SEC’s laws and the ONLY way to invest for us Americans is to actually upload music and earn NOTES! So, this is actually a real live case of musicians having an advantage over investors.
Now, you are probably thinking one of three things.
2. Scrilla is bugged out. I can’t buy no Lucky Charms for my seeds with Ethereum or NOTES.
3. Yoooooo, Scrilla may be on to something here.
If you chose number 1 then simply, NO. Please understand I do not have any affiliation with choon. I have been following them for months and literally just got around to uploading my music to the platform to test it out. I was thoroughly impressed with the ease of use and am looking forward to the many features coming that they have promised in their roadmap. You literally invest no money-just your idle time on the net-creating an account and uploading music. I earn nothing monetarily by telling you about this and have zero referral links in this article. This strategy of offering music/art for crypto tokens is part of the pitch in my segment of “Intro To cryptoART And cryptoMUSIC” talk that I have been giving along with my ace Cynthia Gayton, “invest with your art, not your wallet.” It literally costs an indie artist nothing but a an hour or so of using the internet and a hard drive. If it ends up a shit platform and such, then guess what, at least you tried out something new this week. No risk. No reward.
If you chose number 2 then let me break it down for you. Now, to the best of my knowledge, the NOTES will be distributed to ICO investors as soon as they send Ethereum to the choon contract address. This means, theoretically, starting tomorrow NOTES could start trading on platforms. I am simply using my knowledge of how these things work most of the time and here’s how I see it going…I imagine the NOTES earned by artists and curators (more on that in a second) will also be released at this time. Once the NOTES are in the wild then some lesser known exchange like IDEX, etherdelta, COSS, etc. will list the coin to trade. The market will then decide what the token is worth. Later on, binance, poloniex or some other more name brand exchange could list the token making it more mainstream and easy to obtain. Just a heads up, the lesser known exchanges take a little “know how” to operate and navigate safely. But, if you have the patience to follow the directions on assembling an IKEA dresser then you should be able to operate in this space. If you need everything pre-assembled then just hold your NOTES, see what the market does and wait until a major exchange lists them or…simply use the NOTES (or a portion of them) as kind of an in-game currency that allow you to unlock many features the choon team says they will be rolling out. Read their whitepaper for all of the information you so desire, it’s actually a decent read.
If you chose number 3 then I imagine you will be signing up for the artist or curator page and earning NOTES within 48 hours of reading this fine as fuck article. A curator is someone who creates a playlist using songs uploaded to choon. The curator in choon is similar to the curator of a soundcloud playlist. You may earn some clout off of a good soundcloud playlist but you certainly aren’t being compensated by the platform. As many of you probably know, getting your music on certain playlists can help break an artist or record. Some say curators are the new deejays (I, however, do not say this since I come from the school of deejaying as an art form but that’s neither here nor there for the purpose of this fine writing piece.) The curator can be incentivized by the percentage of NOTES allocated to the playlist creator when the artists selects a predetermined amount to award the curator for including their song. Meaning that if you are an up and coming artist and you want to get featured on the most fire playlist then you may offer up to, say, 50% of your earnings (you can change the amount offered in split at anytime as well) to be included.
Let me explain how this all works as simply as I can. Stay with me here.
When bitcoin first started out and was mined by some computer nerds (I use the term “nerds” endearingly) from 2009–2011 it was nearly worthless and it was easy to earn a ton of coins because the network was light and the competition to earn a block reward wasn’t high. The bitcoin blockchain produced rewards of 7200 bitcoins a day. Today, nearly a decade later the daily amount of bitcoins produced is only 1728. Now, years later, the network has grown exponentially and the people that mined or even bought early and held them a few years became mega rich douche bags. See Craig Wright, the guy who says he invented bitcoin aka Faketoshi, as an example.
With choon, the block reward right now is 375,000 NOTES distributed everyday. No matter if 10 artists are using it, 1000 or 100,000. Right now there are just under 5000 artists/curators earning NOTES and the amount of NOTES earned per day just depends on how much of your music or playlist was listened to. So, over the course of the last week 2,625,000 NOTES were distributed and I earned just under 10,000 of them. I am definitely not the Morrisey of NOTES, but then again this is primarily a space occupied by non-Americans and heavily influenced by EDM and Trance music. This makes perfect sense as one of the founders of choon is Gareth Emery who is a Trance music legend. So, maybe after this article some of my hip-hop and more notably, my boom bappers will join up and start earning more of the block reward with me.
Just a quick note (see what I did there).. If you were a podcaster, a comedian, a poet, or anyone who creates audio files — This platform could benefit you as well.
Now, you may be saying, “why is Scrilla going so hard for choon the past couple weeks with the podcast interview, the telegram group and now this eye opening article?” The reason is simple-I have been in this space for over 4 years and I was drawn into bitcoin and later the vast ocean of crypto, because I made an album with some friends (what up Grussle and Casito) about the SILK ROAD drama and wanted to learn how to accept bitcoin as payment. I found pretty much nothing and it became my mission to make it easier for artists to earn and use crypto for their craft. We’ve seen a few platforms try but I find choon to be the best streaming platform for indie artists and labels thus far. I mention some others that are trying in this article as well. Will choon be around forever? I dunno bruh. What I do know is Cynthia and myself interviewed the lead developer on episode 18 of AOTB and I can’t speak for Cynthia but I was impressed and I’ve done what you reading this article have done-I dug deeper. DITS. Consider this article an easy alley-oop from me to you to at least try out earning crypto tokens for your art and music.
Once again, I do not work for choon. I am making zero NOTES, ETH or fiat currency telling you about them. I simply am letting you know what I have discovered and hopefully I’ve made a bit of sense (between my timely shilling of my own music :)) and now… you join my telegram group (Kim Jong Un voice.)