By integrating smart contracts powered by blockchain technology, Muzika intends to lessen the use of intermediaries such as music distributors and streaming platforms which don't directly promote the creative ecosystem. Instead, artists can upload their original content and listeners may support through community participation which may be converted into Muzika coin (MZK). Founded by three teammates showcased on 2018 Asia Forbes 30 under 30 records, Muzika's vision for the future of the electronic music business has captured the interest of the public, investors, and business leaders alike.
Muzika revolutionized the music industry by establishing an independent and authentic digital audio ecosystem which would remove unnecessary intermediaries, enable consumers and musicians, decentralize distribution power, and restore the balance of commercial distribution among market participants. Muzika holds the promise of the future where reimbursement for music production is comparable to the energy and dedication put into the creative process.
Music is first digitized in MP3 form, and the sound file format is usually compressed to just 3 to 4 megabytes per song typically. All other preceding media supplied this invention from music, like CDs and cassettes, obsolete and changing industries through allowing digital distribution. On the one hand, they are now able to release and distribute new music around the world at will. On the other hand, pervasive copyright piracy contributes to a sequential decline in music sales, and exorbitant commission vendors, combined to decrease musicians' private gain.
Fans will be rewarded for their community involvement with loyalty points which can be converted into MZK coin. Fans will utilize MZK coin to compensate creators for their creative content directly by purchasing music or sponsoring the creative process of their favorite artists on the stage.
The traditional digital music sector is riddled by systematic issues like music piracy and intermediaries profiting from a byzantine distribution procedure. Muzika challenges the status quo of the standard music industry by relying upon the natural synergy between musicians and listeners. Using smart contract technologies, the Muzika platform enables the direct transfer of electronic audio from the artist to the enthusiast, ensuring a fairer and more transparent music distribution process, along with rewarding covers participation more effectively and transparently through the smart contract.
To date, Muzika has:
- Accumulated over 17,000 artists and 2 million active users in over 150 countries
- Partnered with industry leader Ontology
- Secured investments from prominent firms like NEO Global Capital,
- Everest Ventures Group, T3 Ventures (8 Decimal), 256 Ventures, DDC and Ontology.
- Received advisory support from former and current C-suite executives of top Korean companies like Samsung, Kakao, and Naver
The prior music blockchain project has ignored the significance of a large user base to attain wide-scale adoption. These projects have shown it is possible to give artists a higher level of commission for their work with Smart Contract transactions. But for artists, the meager commission rates offered from conventional music streaming applications which have a large user base are more appealing than blockchain software using Smart Contract transactions. By way of instance, a 10 percent commission of $ 1,000 from iTunes is preferable to a 90 percent commission of $ 1 by a Smart Contract transaction.
Envision a world where musicians are compensated entirely for their job while fans are rewarded for their contributions to a creative ecosystem. Envision an internet community where the benefits for creative gifts are returned from the palms of audio distributors and labels into the hands of the audio community. This is the vision for the next generation of electronic music the Muzika platform will produce a reality.
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Author : thefuturecurrency