Taipei, Taiwan – Melos Studio, the web3 music platform released the music NFT for the legendary rock band the Queen. Although the globally acclaimed rock band may not know much about the NFT space yet, it is worth noting that they are taking a risk and participating in this new experiment that will re-establish them as trendsetters.
Melos Studio, the web3 platform with which the band is collaborating, is a comprehensive music ecosystem built on Ethereum, BNB Chain, FLOW Blockchain, and other blockchains. It supports a wide range of functions, such as music NFT creation and recreation, multiplayer asynchronous music NFT creation, IP & fan economy, NFT trading, etc. Melos Studio’s various services aim to usher in epoch-making changes in the music industry.
Melos Studio has created a structure that eliminates the need for music creators to rely on record labels to sell their albums and allows them to reap the financial benefits of music without giving the lion’s share to the intermediaries. In addition, Melos assists musicians in developing a more personal relationship with their fans.
It’s worth noting that Melos Studio has over 900,000 registered users and 140,000 Twitter followers due to its active participation in various activities. One of Melos’s distinguishing features is its excellent user interface, making it simple for users to enjoy the music content.
According to Kyle Samani, managing partner of Multicoin Capital, “record labels are venture funds, and artists are high-risk startups.” From this vantage point, we can see that the current music environment is highly oligopolistic. There are only three major record labels: Universal Music Group, Sony Music, and Warner Music Group. They decide who the world’s hottest artists will be, and by the end of 2021, they have total revenues of more than $20 billion.”
Musicians are always paid a small percentage of their earnings, whereas record labels receive a large percentage of streaming revenue. Streaming services such as Apple Music pay $0.01 per stream, while Spotify pays up to $0.003 per stream. The Web3 streaming service Audius, on the other hand, pays up to $0.35 per stream with their token $AUDIO.
Melos Studio believes that while this is far from adequate, the music industry will continue to grow with web3 as a tool of innovation. Melos envisions a future in which DAOs and communities will take the place of record labels.
The music NFT released from the renowned rock band Queen on Binance NFT will help to accelerate the growth of Web3 music innovation and encourage other musicians to join the music NFT movement.
Melos Studio is committed to bringing more renowned musicians onto its Web3 platform to increase the adoption rate of Music NFTs. Melos Studio’s mission is to assist music creators in protecting their creative intellectual rights, allowing musicians and fans to form intimate relationships through music. It is important to note that fans and creators have a mutually beneficial relationship that is rewarding for both parties through tokens.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Finance Tailored journalist was involved in the writing and production of this article.