Hoo Research | Coin Wave Production — MeMusic: Blockchain NFT music service platform
MeMusic is a blockchain NFT music service platform that combines high-quality music, music-related community news, a revenue system with blockchain technology, and podcasts with live audiences all in one. It dedicates to providing users with a personalized music ecosystem experience.
The music market is a huge one with a valuation of USD42 billion, yet artists are actually paid only a fraction of the value, and fans aren’t rewarded in the process.
MeMusic believes that an attractive remuneration mechanisms for artists is critical to building a user-centric ecosystem. Hence, the “Pro-Artist” mechanism is introduced, which adopts a model of distributing service fees by user. Pro-Rata will be prorated after cumulative play over a period of time. MeMusic uses the open and transparent records of the blockchain to attract artists through the open distribution of royalties. Through MeMusic’s system, artists can earn at least 30% more.
MeMusic will use tokens as incentive tokens, with 10% for strategic rounds, 2% for exchange offerings, 10% for eco-development and incentives, 4% for seed rounds, 40% for mining, 9% for marketing, 10% for teams and advisors, 15% for private placements, and 0.5% for public offerings.
MeMusic was founded in 2019 with a team consisting of prominent lawyers, well-known artists and practitioners with years of experience in the blockchain industry. With a variety of experience in blockchain, design, marketing and content acquisition, the team is committed to creating a platform that creates a rich and valuable user experience for artists and users.
On May 29, 2022, MeMusic, a blockchain music platform, announced the completion of a USD1.1 million seed round of financing with participation from Hoo.com, ZBS Capita, and Rawtech Ventures, ect. The completion of the seed round will provide funding for its growth and expansion, and it will continue with the development of proprietary streaming app and the NFT marketplace.
At present, the Alpha version of MeMusic has already been released, and then the beta version will be launched in June this year and the product is planned to be released in October.
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