Introducting BlockTunes - Tokenizing the Music Industry - Aggregate Service, NFTs, DAOs, and more!
Hello everyone! I want to introduce you to the latest project that has actually been in the ole brainpan brewing for quite some time! If you don't know, I have been in and out of the music industry in different fashions for over 20 years.
I have done it all from stagehand work, sound engineering, DJ and production work, as well as trying and failing to play the guitar... lol... I traded that for DJing and never looked back, lol. I have also owned my own recording label called Pure Logic Recordings and released several albums and singles back around 2011-2015 and then that kind of fizzled into the spiral of life, lol.
I have also spent time as an event promotor, mainly putting on events in the electronic music scene in the southeastern US.
So needless to say, I have had a bit of a well rounded education in how the industry works, and let me tell you... it's grossly in need of a change!
Our mission is to give control of the music industry to the musicians and to treat music like the rare art that it is!
Blockchain allows artists to receive compensation for their work many times over in ways that will traditional labels cannot offer. You and your hard work are no longer just a product for someone else to capitalize on. Music is fine art, it should be treated that way!
Blockchain Music Service Aggregate
With the emergence of crypto based music platforms like Audius, and retail stores like the Hivelist Store and others like the @hive.pizza community that are selling music for crypto, I figured that now is the time to jump into the musical direction again. But trying to figure out the best way to provide blockchain based services to artists was a challenge.
Companies like CDBaby and Tunecore have helped independent musicians for years distribute their music to the major platforms, but there currently isn't anything like that for the blockchain space... until NOW!!!
NFT Collections on multiple blockchains
NFTs are a great way that musicians can take control over how their music is distributed and they can get paid directly from sales via smart contracts. But as we all know in this day in age, it is extremely hard to actually sell music in the traditional fashion. This is why NFTs are important because they can help bring scarcity to your art. You can mint special editions of your music, or use NFTs to sell the licensing to other to use in video and other kinds of content.
We are using BSC and Polygon for our main NFT collections, and we will be utilizing the HiveLIST NFT Marketplace for our Hive based NFTs until we can raise the funds to build out our own Hive Engine outpost with our own NFT marketplace!
And we are hoping to raise money though our BlockTunes DAO on both BSC and Polygon!
So let's talk about the DAOs. A DAO, or a Decentralized Autonomous Organization, is a newer concept in the world of business as it is basically a business built on smart contracts. We are working with the XDAO app platform to facilitate the DAO structure. There are 2 different DAOs, one on Binance Smart Chain, and the other on Polygon. These DAOs are DEFI backed DAOs where the funds raised by the sale of the governance tokens and the LP investment tokens will be put to work in liquidity mining farms, primarily using the CubFinance platform by @leofinance on BSC and will be using PolyCUB once it is launched, but for now we are going to be using BeefyFinance on Polygon to start our yield farming venture.
The farming rewards for the DAO will be used to pay for administrative, developer, and other operational expenses as well as pay for marketing and onboarding. The plan currently is for the first 2 years to be in a complete growth mode. Meaning we will be rolling all profits back into the DAO and into the business, building more functionality as well as paying for some extreme marketing!
The DAO will also be funded by sales commissions from music, NFTs, merch, etc. The more funds that are put to work in the DAO, the more value that is locked, thus increasing the value of the LP investment tokens and the company as a whole!
There will be an NFT sale that will represent the initial sale of governance tokens. The proceeds from this NFT sale will be split in the following way:
20% of the funds raised will go to for development and initial start up expenses.
80% will go to purchase LP investment tokens for each of the DAOs on their perspective blockchains and then airdropped by percentage holding to the NFT holders. So for the percentage of the governance tokens and NFTs you hold, you will receive that portion of the LP investment tokens. These are the tokens that will fluctuate in value according to the total value locked in the DAO. The governance tokens will not fluctuate, unless a member wants to sell their vote in the the DAO to someone, then you can sell it for whatever price you want.
For each NFT purchased, there will also be a 1:1 airdrop for the governance tokens which gives you voting rights in the DAO. This means that you can also create a vote in the DAO as well! So if you see an awesome yield farming opportunity, you can create a vote that can allocate unused funds to that investment. The other governance token holders or the 'voting board' if you will, then has 3 days to vote on the proposed vote. If the vote passes with 51% approval, then you will be able to activate the proposal and the smart contract does the rest. This is the only place you will have to pay gas fees. 1 token equals 1 vote.
So in a nutshell, you will have a say so in the future of the blockchain music industry through our BlockTunes DAO!
So not only will you have the opportunity to invest in our DAO, but we will also be offering the option to artists to start their own DAOs to fund their work!
Artists will have the option to have a DAO created and if that occurs, all sales profits from music and merchandise handled through us will be set to pay directly to the artist DAO. We highly recommend putting those funds to work in yield farms so that artist can build a residual income that will help them do what they do best, make awesome music, and let BlockTunes and the blockchain handle the rest!
This will give fans the ability to actually invest in their favorite artists and help them directly instead of paying a recording label that only gives a small portion of the funds back to the artist. We are giving the artist the ability to build their own business and crypto fund backed by a governance and investment token!
Metaverse Concerts and Live Events
With the current global conditions, we have all been robbed of our ability to go and see live concerts and events! Well in the rising world of the metaverse, that is changing fast!
We are aiming to bring live concerts and event back but in a digital way! No government mandates, no dealing with crowds, etc. Just sheer enjoyment!
We will be exploring different platforms to host events, but for now, it is looking like Altspace VR is going to be where we start! We are looking into the possiblity of selling tickets and membership passes via NFTs as well for these purposes, which the proceeds from ticket sales are automatically split between the artist and the event promotor via the blockchain! This also helps solve the age old problem of acts not getting paid by shady promoters!
We will also be offering other artist services, like full branded, web 3.0 websites that include their own NFT collections, DAO and more!
The Sky is the Limit!
Really, it is... Blockchain has the ability to change the music industry in ways never thought possible until now!
If you know of a blockchain based music service that we should partner with, let us know! Also please share this with all your musician friends if they want to see a change in the industry and want to set out on a new adventure bringing awesome tunes to the blockchain and crypto community!
Help us make music rare art again!
Be Cool, Be Real, and always Abide!
If you like what I am doing, please consider voting for my Hive Engine witness with your staked WORKERBEE!
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