Best Blockchain Development Consultancy in 2021 by APAC Insider
The music industry is dominated by record labels. With a complicated network of intermediaries as well as free streaming sites, the artists themselves can end up with little in their pocket. But with $21.5 billion in global recorded music revenue, it’s clear the world still thrives on music.
To prevent value from leaking through to intermediaries such as record labels, Music-X wanted to bring back the connection between listener and creator. With millions of passionate fans willing to pay to support their favourite artists, the Music-X platform provides the unique opportunity to own limited edition items (from songs to movies and pictures), purchased using blockchain technology coupled with encryption.
Music-X picked up on the fact that – despite so many changes in the music industry in the last 30 years due to technology advances, artist expectations and consumer demands – the structure of the industry has remained stagnant. And although artists are the very essence of the music in our ears, they were not benefiting as much as they could do.
The Music-X platform entered the scene to provide artists with the opportunity to upload unique, limited edition soft copies of their pieces, to manage their own career and therefore their own revenue. Adding efficiency, connection and autonomy for artists, Music-X is built using ethereum technology to instil the infrastructure needed to manage intellectual property.
Music-X is expanding on its innovative business model by incorporating blockchain technology, and is sending a vibration of change through the music industry. In a world where digital songs have little value and the majority of profits goes to middlemen such as record labels, the artists themselves are missing out – only taking an average of 12% of revenue for themselves.
By turning the industry on its head and transforming digital content into digital assets, artists can maximise their revenue without intermediaries taking a cut. More connection, more collaboration and more control; Music-X music trading platform was built with the creators in mind.
By using blockchain technology, coupled with a differentiated business model, Music-X joined forces with Blockchain Australia to increase artist revenue, solve payment latency and facilitate local and global collaborations.
We worked on changing the way the industry operates. By eliminating the middleman and switching to smart contracts, we can establish trustless collaborations and an instant split of funds when a purchase is made. Blockchain technology allows for instant and transparent global payments, where artists can track the performance of their content in real-time.
The platform is run as a service provider, taking only a small commission. So, artists can interact with their fans without intermediaries taking a cut, and can benefit from direct sales as well as the trailing commission generated when their content is sold on to another buyer. That makes this the first time that creators would be able to benefit from a secondary market.
Digital content becomes digital assets that can be instantly, securely and transparently traded on the Music-X platform.
Music theft, duplication and piracy is eliminated; artists receive a fair cut of the songs they create even when they’re sold on to another buyer.
The cost for artists to self-publish and distribute their work is reduced dramatically.
The streaming era has largely alienated artists and forced them to seek alternative ways to make a good living; Music-X focuses on artist sustainability and fair value.
Create an account and a crypto wallet with Music-X.
We’ll carry out a KYC, so you’ll need relevant forms of ID to be verified and receive your own digital ID.
Add a song and the details related to it, as well as artwork if applicable.
Once music is verified by Music-X, it can be traded on the platform using tokens and cryptocurrencies, with royalties being paid out to you via the platform.
Maximising connectivity and fairness in the industry, Muzic-X is built for music creators, music lovers and everyone in between.