Evaluation of Six NFT Music Platforms
But what is the difference between listening to music on the NFT music platform and Netease Cloud? Welcome to the second issue of the Web3.0 study notes series: “NFT Music Platform Evaluation”.
There are currently more than 50 different music NFT platforms on the market, almost all of which are launching in 2021, of which more than 30 have been launched in the past two months alone. We screened out the 13 major platforms and made an experience, enjoy~
- OneOf
Based on the Tezos blockchain-based green NFT music platform, you can choose five levels of ONEOF, DIAMOND, PLATIUM, GOLD, and GREEN when the work is released, and each level has different rights and interests.
Financing: $63 million in seed round financing completed, with participants including environmental activist Bill Tai, Suna Said of Nima Capital, Sangha Capital, technology investor Jack Herrick, Tezos Foundation, etc.
Musicians settled in: Supports a variety of music genres, current artists include Doja Cat, John Legend, Alesso and The Kid LAROI.
Zero-cost issuance: Artists who issue NFTs on their platform can experience free casting, allowing low-priced or free NFTs to be issued, fans can trade their NFT Marketplace in the secondary market of the platform, and allow the use of credit cards or debits in more than 135 legal currencies Debit cards as well as cryptocurrencies and stablecoins to buy NFTs.
Going Green: Minting NFTs on its platform via the Tezos blockchain uses “2 million times less energy than other networks like Ethereum.”
2. Royal
black and blue minimalist style, testing stage
Introduction: Royal is an NFT-like music platform, launched this year by the well-known American DJ and producer Justin “3LAU” Blau, to help artists create and sell NFT, and fans can earn royalties by investing in artists’ works in return.
Financing: A $16 million seed round of financing will be completed in August 2021. Paradigm and Founders Fund will each invest $7 million in this round. General partners Fred Ehrsam and Keith Rabois joined Royal’s board of directors. Royal co-founder JD Ross invested $1 million through his own venture capital arm, Atomic, and several angel investors contributed the remaining $1 million.
A new round of financing of US$55 million was completed in November, with participation from a16z, Coinbase Ventures ParadigmThe Chainsmokers, Nas, Logic&Kygo, etc.
Musicians settled in: 3LAU released the world’s first NFT music album in March, earning more than $11.68 million within 24 hours.
Users can buy shares of songs and then earn royalties on the music they invest in. It’s up to the artist to decide how much of the work’s royalty share is set aside for fans, and how many “official releases” are minted for a song. For example, if there are 100 “official versions” of a song, backers can get 0.5% of the song’s royalties.
3.Rocki
black and red, testing stage
ROCKI is a music streaming service and digital payment ecosystem, with ROCKS tokens as platform incentives.
Musicians settled in: At present, more than 800 music NFTs have been released and traded. At the same time, there are columns such as “Popular Music Chart” and “New Song Release” that echo the user’s usage habits.
For music listeners, they can create playlists on the platform, post comments and feedback, host social activities, etc. to get platform rewards ROCKS, and the obtained ROCKS can be used to listen to paid music on the platform. Creators can use ROCKS tokens Download specific songs, learn tips, generate NFTs, and more.
4. Audius
trendy style
Audius is a decentralized music sharing and streaming protocol, platform token AUDIO.
Financing: In July 2021, it was announced that it had obtained US$3.1 million in strategic financing, led by Multicoin Capital and Blockchange Ventures, and participated by Pantera Capital and Coinbase Ventures.
Announced in September that it has completed $5 million in financing. Investors include Katy Perry, The Chainsmokers, Nas, Jason Derulo, Pusha T, Mark Gillespie and other artists, as well as former Sony Music CEO Martin Bandier, investment company K5 Global CEO Michael Kives, performing rights organization SESAC CEO John Josephson.
The entry threshold is high, participating musicians and users must hold at least 100 Audio tokens to have a Silver Tier account and be eligible to use the Collectibles function.
Music creators can issue music NFT to obtain income. At the same time, different distribution channels have been set up to help creators make profits through streaming media, personal track purchases, artist memberships, and record collections. At the same time, Audius will provide creators with 90% of the income from listening to original music artists, and the rest will be rewarded to node operators. The top five artists with weekly playback volume will also receive token rewards.
5. Voice Street
multi-system, with game attributes
Voice Street is an NFT platform that focuses on music copyrights, intellectual property (IP) derivatives, and music-based GameFi.
Financing: In December 2021, announced the completion of an institutional round of financing of US$3.5 million. Participating institutions include Huobi Ventures, Dragon Roark, Shima capital, Lucid Blue Venture, RedLine Dao, AU21 Capital, Caballeros Capital, Halvings capital, TMT capital, Hotbit Labs, Founder of NEO, Founder of LABS Group, Chinapolka, Dota World Champion, BullPerks, Crypto VN, BMW capital.
6. Mint Songs
Mysterious Style, Beta
It aims to help creators skip platforms and middlemen and directly grasp ownership.
Funding: Announced in December 2021 to have received a $3 million seed round of financing led by Castle Island VC, with participation from Coinbase Ventures, North Island Ventures, Freestyle VC, IOSG Ventures and Gramatik. Investors in the previous round of financing included AAF Management, Goodwater Capital, East West Ventures, Michael Lazerow (Managing Partner, Velvet Sea VC) and Ian Simon (CEO, Strangeloop Studios).
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