Naughty by Nature, the producers of some of the most well-known hip-hop hits such as Hip Hop Hooray and OPP, are in the business of changing the music industry since 1986. And now, in 2021, they’re preparing to disrupt the world of NFTs and Virtual Reality.
Members of the BlockBaroners society are not alien to the concept of Non-fungible tokens (NFTs). Or the fact that we believe that they are the future of many business verticals spanning various industries. As such, we also believe that the implementation of blockchain technology in the music business is a certainty and something that has been experimented with for many years now.
Whether blockchain’s decentralized technology is being utilized to solve copyrights issues, distribution issues, or even p2p streaming and music sharing issues, we’ve seen it all.
And, understandably, Naughty by Nature wanted to experiment with the novelty of mixing music and digital crypto assets, dabbling in tradable and commercial applications of the same assets, all the while making a brand new segment of the market accessible to people that wasn’t before. From platinum recordings to platinum streams, the music industry has progressed and will soon witness the first platinum NFT on MUSIC.NET
What is MUSIC.NET?
Simply put, it is a digital media platform for musicians, artists, performers, singers, songwriters, producers, music labels, music publishers, and music fans of all musical styles and genres. It is designed to easily enable everyone involved to partake in a vibrant marketplace, trading valuable music and related assets using non-fungible tokens (NFT).
The platform’s Digital Rights Contracts, or DRCs, are a particularly disruptive component of MUSIC.NET. The separation and tracking of music rights is a difficult concept to grasp and put into practice. The music rights jigsaw has multiple components, including songwriters, producers, musicians, and, of course, music publishers. Even for the most seasoned music business professional, securing rights may be tough and complex. By granting rights protected by Smart Contracts on the ABEYCHAIN blockchain, MUSIC.NET has disrupted and simplified music rights.
The aCASH Token (ACT) is the MUSIC.NET ecosystem’s value token. ACT is required for NFT, VIP, DRC, and MUSIC.NET’s cheap gas and transaction prices. ACT is a stable token on the ABEYCHAIN that has a 1:1 USDT value. When ACT is acquired, it is coined, and when it is used or traded, it is destroyed. ABEY can be used to acquire ACT.
The MUSIC.NET Marketplace serves as a thriving secondary market for the purchase, sale, and trade of original NFT and VIP assets. On the Marketplace, you may either “Bid” or “Buy It Now.” The Marketplace’s currency is ACT, which is tradable against various cryptocurrencies and traditional “fiat” currencies on the spot.
MUSIC.NET, which will be publicly launched in the summer of 2021, will be powered by ABEYCHAIN 2.0 and neuro think AI & ML technologies. It will be a thriving marketplace for original NFT items to be bought, sold, and traded.
The reason we chose to cover this story is not because we are paid to do so — we aren’t. But rather because this is something that I am personally excited about.