In the last few years, blockchain and cryptocurrency have become two of the hottest technologies to watch. Between new crypto coins launching each week and new blockchain-based applications popping up daily, it’s hard to keep track of the most exciting developments in this space. Go on any reputed cryptocurrency exchange and you’ll be surprised by the sheer number of cryptos available.
Music is one of humanity’s oldest art forms, and there are more than a handful of cryptocurrency projects that seek to revolutionize music while reinvigorating artists’ ability to distribute their work directly to fans without going through expensive third-party intermediaries. So get ready to rock out with these five music-based cryptos.
Audius
The Audius project is a decentralized music platform that allows musicians to share their music and directly connect with their fans. The Audius network will be built on top of Ethereum, allowing artists to upload songs and immediately start receiving payment for them. It’s a better way for artists to control their content than existing platforms like Spotify or Apple Music.
The Audius protocol uses two tokens to track payments: USNBT (a stablecoin) and UPPER (the native token). Artists will receive USNBT from listeners who want access to their content, which they can then use to buy more UPPER from exchanges like Binance or OKX at the current market rate.
Choon
Choon is a blockchain-based music streaming platform. It is a decentralized music streaming platform that offers a new way to monetize music. The platform allows artists to upload their music and receive payment directly from fans, without having to go through any middlemen or intermediaries.
The biggest advantage of the Choon platform for artists is that it allows them to keep 100% of the profits, unlike other platforms where they only get paid in advertising revenue and not actual royalties (when someone listens to their songs).
Additionally, Choon has its cryptocurrency called NOTES which can be acquired by artists through various methods such as mining and staking them on the network. For you to earn NOTES while listening to your favorite artist’s song or creating your content, you will need some kind of stakeholder tokens like how people use steemit tokens on Steemit or Ethereum ethers on Ethereum blockchains today.
Vezt
Vezt is a blockchain-based music licensing platform that allows music creators to license their songs to fans and other artists. Any artist or songwriter can upload their work onto the Vezt platform, where it will be securely stored in a decentralized database.
Vezt provides an easy way for music lovers to find new songs and also gives talented musicians the ability to earn money from their creations while protecting them from copyright infringement claims.
The Vezt platform uses smart contracts built on Ethereum’s blockchain technology, which enables users to securely transfer ownership of digital assets like music tracks on the blockchain network without any intermediaries involved in this process (such as record labels).
Musicoin
Musicoin is a blockchain-based cryptocurrency that allows musicians to get paid directly from fans. It is a peer-to-peer platform and can be used for listening to music, publishing songs, and sharing them with other people.
The platform also provides content creators with an opportunity to earn money in other ways like royalties from their work. The currency’s value is tied directly to the number of users who hold it as well as its popularity among them.
Musicoin uses a proof of work consensus protocol where miners verify transactions on its network by solving complex mathematical problems to generate new tokens that can be collected at regular intervals by those who participate in mining activities on this platform.
Viberate
As the name suggests, this token helps artists and venues sell tickets to their fans. Viberate is a decentralized platform for live music entertainment that provides an extensive database of profiles of musicians, venues, events, and other industry players that aims to help you find the right music experience. Users can also follow their favorite artists and receive notifications about upcoming shows in their area.
The project was funded in Slovenia by developers from different backgrounds (musicians, entrepreneurs). They started with a simple idea, how would it look if we could create a universal system for finding concerts? The dream turned into reality when Viberate’s ICO sold out within 10 minutes.
The team uses modern technologies such as blockchain technology to build their decentralized database for music content creators where anyone can add new data about artists or venues without any difficulties or fake information like in other databases of this kind (Google Analytics).
Bottomline
Crypto music is an exciting space that will only continue to grow as more artists and fans join the movement. There’s a lot of potential here, but also a lot of uncertainty. We expect to see some big shake-ups over the next few years, and we’re sure you can’t wait for them. Have you invested in any crypto music platforms? Which ones did we miss out on this list? Let us know down below what has been your experience with these tokens so far or even if they just sound like something that would interest you in general.
* As always, the views and opinions here do not necessarily match those of Ear to the Ground Music or its editors.
