A music ecosystem empowering musicians with a streaming platform and marketplace. Returning control and ownership for the rights and distribution of their work.
projectNEWM is aiming to revolutionize the music industry on the Cardano blockchain. Musicians will be able to own and control the rights to their music that is issued, stored, and tracked as NFTs on Cardano. Fans will be able to purchase, swap, and trade fractions of these NFTS and, in return, they will be entitled to proportions of the royalties received.
projectNEWM is aiming to empower artists by giving them control over their work, its rights, and its distribution.
The benefits for artists using the projectNEWM platform include:
- Tokenized royalties from streams of their music
- The ability to sell and auction partial rights to their tracks. Enabling them to obtain liquidity from their material
- Able to sell other NFTs on the projectNEWM marketplace
- Reduced operational costs via a blockchain powered streaming platform means higher royalties than traditional services
- Able to receive tips from fans
For Music Fans
Th benefits for music fans on the platform include:
- The ability to support the artists they listen to directly via their listens
- Purchasing artist NFTs, and selling/trading them on the NEWM marketplace. Some NFTs will entitle them to royalties from the use of the music
- Can send an instant tip to artists
Initially the music files that make up the library will be stored centrally by projectNEWM, but the plan is to eventually store the music files in a decentralized manner. Many options are being explored to find the one that fits the project's needs the best.
How it Works
Details on how the projectNEWN platform will function has not been fully laid out just yet, however many details can be found spread across their site and lightpaper. From what we can deduce:
- Music will be issued as NFTs on the Cardano blockchain.
- These will be able to be fractionalized, via smart contract, in order to allow artists to access the liquidity locked in their music
- Users will be able to purchase fractions of these NFTs and receive the royalties attributed to their fraction
- Artists will be able to sell other NFTs through the platform to their fans
- Users will be able to sell and trade all the NFTs sold on the platform through a marketplace engineered by projectNEWM
- Royalties received for listens will be distributed to NFT holders via smart contract
- On an artist's page users will be able to send them a direct and instant tip
The projectNEWM team are getting 19.5% of the token supply. These are vested, and the founders are subject to a 5 year vesting period.
There are 5 stages of the projectNEWM ecosystem that build on top of one another. These are:
- Fractionalized IP Rights (enabling artists to sell fractions of their material)
- A marketplace for the trading of these fractions between users
- The collection of royalties related to those fractionalized IP rights and distributing them to the holders
- A streaming platform and the ability for artists to sell tickets to concerts
- A DeFi protocol for music NFTs
A Custodial Wallet for Onboarding
projectNEWM are developing an open sourced, custodial wallet for their platform which will allow their users to send, receive, and store their native tokens, both FTs and NFTs, along with ADA. This will make onboarding for non-crypto natives much easier.
projectNEWM are committing to being open sourced and once an element of their music ecosystem is developed and released it will be open sourced to the community in due course.