One interesting thing about the blockchain revolution which started around a decade ago is that it is gradually permeating every sphere of life. It has found application in finance, healthcare, art and even the music industry. This is where MP3 Finance enters the discussion.
In a time when DeFi in music seems to be tilting in the direction of simply tokenizing artistes through NFTs, MP3 Finance seeks to change the game with technology that’s currently unmatched. It’s goal is to truly decentralize the music industry in a way that guarantees a win-win for every party involved.
Below are five (5) key things to know about the Mp3 Finance project and how the teams behind it intend to reposition the music industry :
Committed and Dedicated Team
It is no longer news that the success of any project depends on the people behind it. This concept is well captured in Bob Nelson’s book “Companies Don’t Succeed, People Do” wherein he opined that a lot can be achieved with the right people and systems.
The team at MP3 Finance seems to understand this pretty well going by their approach to problems in the industry. First of all, they are a group of calculative and highly motivated folks aiming to use the right tech to cause a revolution in the music industry. This they aim to achieve through decentralization and adoption of the very interesting bonding curve technology.
Decentralizing the Music Industry
To achieve the decentralization they seek, MP3 Finance is making rights available to artistes and music owners instead of the record labels. This has been made possible by the adoption of an open source technology known as bonding curve curating markets designed by Nick Spanos. Now Spanks is the CEO of Blockchain Technologies Corp., as well as co-creator of the Zap Project, which seeks to solve one of the biggest challenges in the blockchain industry by providing an open marketplace for oracles that can provide smart contracts with access to off-chain data.
Building a Unique AMM
An AMM represents the words “automated market maker” and MP3 Finance has just designed a unique one. In the DeFi world, an AMM is a tool that is used to provide liquidity. They’re used to trade digital assets automatically by substituting liquidity pools for traditional buyer and seller markets.
Now most projects are solely focused on “tokenizing” artists and selling a token of them. This model still leaves them with the challenge of generating actual liquidity for their token and getting AMMs or exchanges to accept it. Again, other projects are more akin to a social currency or token.
But on a single token, the MP3 Finance model generates its own AMM and liquidity. Shares and digital assets can be bought/sold either by each artiste having a profile on the MP3 Finance platform or a widget that they can embed on their own website.
Ultimately, the goal is to allow two categories of users; music owners/artistes and song buyers, to trade their assets without any intermediaries.
Exchange of Royalties
Yet, another new feature that is being added by MP3 Finance is the exchange of royalties through a contract on an NFT. This is yet another way for artistes and even legacy record labels to profit massively from their creative work.
The legacy record labels may profit from the sale of royalties or catalogue contracts on NFTs, but the artists signed to these labels will quickly realize one thing: that they don’t need these labels, and will actually make more money while keeping the rights to their royalties and music catalogues through the MP3 finance DAPPs. MP3 Finance will serve as a one-stop shop and go-to platform for musicians to manage their earnings and everything else.
Visibility
Good visibility and social media presence is one of the key factors that drives a company’s success. This is particularly true for crypto projects. Projects which trend on different platforms tend to attract the right eyes.
In this regard, MP3 Finance floats a strong telegram community and a large twitter presence and will continue to ramp up Twitter followership and increase community engagement. Right now, they are primarily focused on organising conferences but remain committed to securing the traction their project deserves.
In a Nutshell
In recent times, oracles, DeFi, and other web3 products have gotten a lot of attention in the crypto space. Growing side-by-side the aforementioned is the bonding curve concept and technology. Seeing the potential good it can do to the music industry, MP3 Finance is quickly leveraging it for the betterment of music makers and buyers. The goal, remember, is to decentralize the music industry; taking power away from record labels who take ownership of an artiste’s work in exchange for helping them gain fame. With this arrangement and setup everyone gets a fair chance.
