What does music have to do with blockchain and cryptocurrency? Remember that blockchain is a decentralized distributed ledger technology that comes with features such as immutability, data privacy, security, transparency, and much more. Thus, blockchain can be integrated into any system where data and records are used. OnChain Music is finding ways to incorporate emerging blockchain tech into everyday music for musicians, artists, and other professionals around the globe.
Providing artists with their royalties is one of the largest issues penetrating the music industry. OnChain Music is a blockchain-based company that was created to provide blockchain services to musicians, artists, songwriters, vocalists, bands, and DJs, by helping them earn royalties. These operations are fueled by their native “MUSIC” token, which was released on PancakeSwap and Uniswap recently.
The companies vision is being carried out by Ben Kopec, the CEO and Founder of OnChain Music. Kopec believes that successful music distribution can be facilitated via the management of digital assets. Furthermore, the project is looking to provide new opportunities for crypto staking. When the $MUSIC token is staked, the stakers will be able to accumulate more tokens. For a while now, we have seen different blockchain-based music platforms come up with innovative ways for music artists to earn royalties. The difference is that OnChain Music believes there are many musicians out there who are not capturing all the royalties they are eligible for. The hope is that OnChain Music’s platform can correct these irregularities.
Furthermore, it is a herculean task when musicians have to pay attention to several aggregators that are responsible for their royalty collections, and in the end, it could be a counterproductive process for them, as some technicalities involved may frustrate and discourage them.
To navigate the technicalities involved with digital management and metadata management, OnChain Music is bridging the gap between artists and royalties on the blockchain. This form of transparency is creating an environment where musicians do not need to through the harrowing experience of handling the process on their own.
As discussed above, transparency is one of the features that OnChain Music brings to the table. Musicians finally have a way to understand what is going on and how they are earning their royalties. This method is poised to build trust in the system and further develop the reputation of OnChain Music. It will also pave the way so musicians can invest and earn profits from DeFi ( through staking ).
With the $MUSIC token, stakers and holders will be able to vote, participate in airdrops, and NFTS among other use cases.
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