From the now forgotten Napster era of the late 90s, to the infamous Pirate Bay antics of the 21st century, the notion of artists obtaining the rights to their own music and being rewarded accordingly has never been far from public discussion. With the digital transfer of information increasing at an ongoing rate, the need for a solution has never been more prevalent. The royalty distribution system is broken, and music itself has seemingly lost the character of a collective. While the big labels remain in power, upcoming artists continue to struggle. The problem is this. Musicians are earning far less than they did before streaming became a trend. Fans are consuming music through a flat rate, with no real interactions with the music, such as physical ownership of vinyl or CDs, like it was back in the day.
Is There Light on the Horizon?
Though this could all be about to change if a team by the name of ProjectNEWM has anything to say about it. By utilising NFT technology and decentralized finance (DeFi), ProjectNEWM is the music streaming platform and marketplace that cuts out the middlemen, enabling artists to distribute and monetize their works while still maintaining ownership rights, and interacting directly with fans and investors. One of the darker aspects of the music industry is that artists sign away the rights to their music, simply in order to produce, publish or distribute their creative output. ProjectNEWM doesn’t think that’s fair, and for good reason. As a musician, you should own what you create and only share or give away rights as you see fit.
Their new and much needed approach will allow music artists to effortlessly sell partial music rights to fans, music labels and investors via NFTs. By using NFT technology, they will revolutionize the royalty distribution process, allowing fair shares for all parties involved, from composer to musician. They aim to disrupt the music industry into what it should be, a level playing field for everyone.
How Does it Work?
Non-Fungible Tokens coupled with 3rd generation blockchain and smart-contracts will enable a seamless transformation of the property rights market. Requiring the energy output of just two US households, ProjectNEWM will utilise the Cardano blockchain, ensuring their system is secure and sustainable. Artists can then connect directly with their fans, who via tokenized ownership are able to both consume and invest in the music they adore, thereby creating a mutually beneficial relationship for both parties.
Meet the Team
The key management team behind this proposal has over 30 years of leadership experience and deep blockchain knowledge. They are music industry experts, venture capital and M&A professionals, marketing and product development specialists and have several years of consulting and developing experience. Founded by Ryan Jones, who’s been in the crypto space since 2016, and is a conductor, pianist, vocalist and composer. His chief aim is to disrupt the music industry by empowering artists, not labels.
Ryan is joined by co-founder Florian Sorg, a startup and business development specialist with over 10 years experience in consulting, auditing and startup-related developments.
The list continues with their newly appointed Chief Product Officer (CPO), who specializes in a user-centric approach with 10+ years in design, branding, project management and product development. And last, but certainly not least, the most recent addition to the projectNEWM team, Chief Technology Officer (CTO), with over 23 years of software development experience working with startups and big names like Nike and Walmart.
The rest of their powerhouse team can be found here.
What’s the Cost for Disruption?
The team is requesting a fund of $60,000 USD, and the distribution of funds will be broken down as follows. 15% of this will go towards planning and documentation. 20% on development and another 20% to account for any legal costs. Project management itself should only occupy about 10% of the budget. Leaving the rest going towards marketing and other necessities. With ProjectNEWM you’ll be able to trade and sell the music you purchase. All of this is done on the Cardano blockchain and will be completely secure
We’ll Leave You with This…
We’ve seen what NFTs have done in the digital art world. NEWM is bringing that same energy to music. Purchase partial music rights via NFTs from artists directly or via auction. The more successful artists become, the more value NFTs hold. The In-App Wallet will track NFT worth in real-time. So, you’ll all be able to trade and sell the music you purchase. This is a beautiful symbiosis between two very different industries, both which hope to inspire, motivate and promote talent.
If you’d like to know more information or have questions/comments regarding NEWM proposal, check out the link provided: https://cardano.ideascale.com/a/dtd/projectNEWM-Fair-music-ecosystem/367129-48088
