Musicology: Music Ecosystem on the Blockchain

Introduction

Public interest in NFT is growing, especially with the success of using blockchain to mint NFT such as arts and music, while preserving ownership rights to these digital assets. The Musicology project is created to satisfy the music needs of the crypto community. 

It is a decentralized music streaming platform and NFT marketplace that provides an all-round music experience. The decentralized approach to music creation and sharing is built on the foundation of the enormous potential of the music streaming industry, which raked in a total revenue of US $23.1 billion in 2020. 

Corporate power in music have essentially dominated all the revenue generating areas of the music industry including terrestrial and satellite radio, concert promotion, ticketing, artist management and even venue ownership.

The whole power of the music industry can be traced to a few concentrated powerful companies. The latter refuse access to music streaming rights of music produced by them and create their own medium to enjoy unbridled control over all the music. This practice significantly inflates the price of music.

These companies buy an astounding number of rising talents in music and then decide what the public can or cannot listen to. They also determine if any artist is worthy of promotion or not. Their clout can be gauged from the fact that major label artists have released more than 90% of the top 10 songs of the last decade. 

Their dominance has drastically reduced the diversity in artists and music that appear and remain on the charts. Moreover, music streaming services, which accounts for more than 80% of the industry’s income, is dominated by four known video, music and retail giants who use algorithms to keep artists in and out of visibility. 

The decentralized nature of the blockchain technology can be the ideal solution to this problem facing the music industry. Blockchains ensure decentralization of power, ease of transactions, transparency and secured system of transactions. 

Musicology – The Concept

Users can mint, buy, sell, swap, listen and join other Musicology users in rating music NFT securely on the blockchain. Musicology plans to onboard millions of music loving audience to crypto through its easy-to-use music streaming platform and also hope to lower the entry bar in the NFT space.

The ultimate vision of Musicology is to see that upcoming talents get worthy exposure to the public without being hindered or disqualified, as everyone has the right to be listened to. Music artists and DJs can mint their music on Musicology without worrying about being phased out by cruel algorithms. Musicology shall also empower rising stars, solo artists, music bands with funding programs that will give them opportunity to launch their music careers. 

Key Features

Musicology also provides an unbiased opportunity for music lovers to listen-to-earn from music NFT minted on the platform, which ensures a new way to onboard people to crypto. Users can simply listen to the music NFT of their choice from thousands of user-generated music NFT on Musicology and get rewarded in tokens. 

The Musicology platform ensures a completely decentralized algorithmic system that ensures music listeners get access to newly released music NFT and also provide direct visibility to new artists. 

Live Concerts – Musicology will host creators to a live concert on the metaverse. Live concerts and festivals on the metaverse are community-voted events, where users determine which artists to perform at the live concert. The choice of the artist is made through unanimous voting. 

Artist in the Room – The Artist in the Room feature is an event in the metaverse, in which users can ask questions to their favorite artist, who will be selected through community voting. This is a weekly event of two hours each and features the most desired artist on Musicology. 

Party and Clubs in the Metaverse – Musicology provides a music dancehall in the metaverse that will host parties, clubs and dance classes for all its NFT and token holders. The Musicology dancehall features an all-round experience including special appearances, time-out for beach party, meeting friends, live parties, dance, listening to music and dance using their unique avatar in the metaverse. 

World Music Library – Musicology wants to immortalize precious music artefacts and will channel a percentage of the generated revenue from the ecosystem for the purpose. It will record and mint native tribal music with rich history to keep them safe on the blockchain. Musicology will also record folk and old-time music and preserve classical music and spoken words. Similar efforts will also be dedicated towards fairy tales, music for kids, meditations, hypnosis, sleeping and yoga mantras.

Musicology Charity – A dedicated percentage of all revenue generated by Musicology would be further utilized for charity purposes, providing music aid and support such as donating musical instruments to kids worldwide. It will also provide free musical lessons to kids and adults as well as offer online musical lessons to everyone.

Musicology DAO Launch-Aid – The Musicology Launch-Aid is an initiative designed to help rising stars and musical bands. It is a borrowing pool for music artists, who need financial aids to proceed in their musical career. It will offer very low interest rates with asset-backed collaterals. Each artist is graded by a trust score generated by their activeness on the Musicology platform. Therefore, winners of the Artist of the Month challenge, ranked artists, producers and users get access to the community-backed funds. The interest earned is shared by the DAO. The Musicology Launch-Aid is a form of investment for the community and a support for band and record artists to have access to funds to buy instruments, make videos and fund their album promotions. 

Musicology NFT Marketplace

NFT Sale

For publicity purpose, the MUSIX token shall begin with batch airdrop release to the crypto community. Private sale shall precede the Initial Dex Offering (IDO). The vesting of rewards for the team, advisors and influencers shall commence with liquidity provided on exchange for further purchase. 

There will be a total supply of 10,000 Musicology tokens and is releasing on June 28, 2022. The MUSIX MasterKey NFT gives holders access and various privileges to the biggest music ecosystem yet on the blockchain and the biggest music space for live concerts, parties and shows in the metaverse. 

The first public mint of the MUSIX MaterKey NFT will have a price of 0.0369 ETH and will increase by the same starting price of 0.0369 every 24 hours, until the price reaches 0.1537 ETH. Hence, the price will rise from 0.0369 ETH to up to 0.1537 ETH, so that the value of the NFT will increase 5x from the initial price, thereby giving a great return opportunity to the early buyers.

As the MUSIX MasterKey is the crucial utility and genesis NFT of the Musicology ecosystem, its holders will be able to mint the second MUSIX Art Collection by award-winning pop artists, albeit there will be a limited collection of 1,000 NFT.

Musicology and the Metaverse

Tokenomics

In terms of token allocation, around 15% of the total supply will be allocated for the team and another 16% will be allocated for private sale. The tokens held by the team are vested for a period of 12 months and shall be released in batches every quarter. There will be further token allocation for staking and rewards to the extent of 14% and another 12% each will be set aside for the liquidity and ecosystem each.

Conclusion

Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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