Execuive Summary

With the rapidly development of music industry on web3，the music ecology is gradually improving. Not only platforms focus on music streaming appear, but platforms pay attention to find new stars and build community for musicians appear. The aims of this report are going to show 2 platforms as the labor record on web3, especially those platforms are not well known, they are still in the very early stage.

Good Karma DAO:

(4282 followers on twitter, Joined October 2021)

Brief Introduction:

• A community owned record label:  it is backed by a shared treasury to launch exclusive NFT projects, host live events, and remove label power structures to help artists grow and thrive in web3. Over the course of the contract, the team will advertise and market artists’ music, plan and promote NFT drops, book shows, and develop artists’ craft.
• Signing artists on rolling basis: artists are pitched quarterly.
• Host live events: Good Karma Records will host a live event in Los Angeles to showcase potential signees and established talent to offer an IRL minting experience and provide exclusive access for $KARMA holders.
• Now working with premier web3 music platforms:  work with  Audius, Catalog, Sound and Arpeggi

How to earn $KARMA (native token):

• Members earn $KARMA for signing artists, doing creative work (production, graphic design, mixing, etc.) and contributing to the day to day operations of the DAO. (Just like POW?)
• Artists are allocated $KARMA upon signing (giving them direct incentives to share in the growth of the label and its roster). The amount of $KARMA allocated to each artist will be voted by the DAO at signing, though every artist will be earmarked a base amount of tokens to participate in governance.

Income Sources:

• A percentage of all on-chain royalties: the income will be added to a community treasury - found at goodkarmarecords.eth. The exact percentage will be determined through governance following the DAO’s inception.

NFTs (not released yet)

• Store every artist's first NFT in the community treasury: Good Karma Records may use ETH to acquire some percentage of every signed artist's first NFTs, stored in the community treasury and governed by $KARMA holders.
• Karma DAO Genesis NFT: allow to join Good Karma Records, and a total of 100 Genesis NFTs offered for the first Season, each priced at 0.2 ETH. All ETH contributed to the purchase of the NFTs will return $KARMA tokens at a rate of 100 $KARMA per 0.1 ETH.
• Karma membership NFT: Karma membership NFT will be minted on 21st June.

Road Map (no timeline, only the stuffs they will do)

• Crowdfund launches
• Crowdfund Ends, $KARMA distributed.
• Ratify $KARMA distribution and label mechanics.
• Propose first artists to sign.
• Vote on date and location for the first showcase.
• Host first artist showcase
• Vote on the first artist(s) signed to Good Karma Records.
• Public announcement of signing and rollout strategy.

Personal Opinion:

• More platforms like Good Karma DAO appear: which are just like the record labors in reality, but built by a group of artists or creators on web3. (i.e. the ChillRx which Venice music worked with, define itself as a community to help musicians release their music by providing unlimited access to ChillRX elite team,  access to the DAO/tokens/ownership of the IP, community-powered creative direction, etc.)
• More platforms partner with each other: to expand the industry, maybe the goal is to go forward faster before the big institutions step in?
• More platforms dive into the utility of community:  more platforms aim to build a strong community for musicians and work with the existing music platform such as sound, audius, catalog, etc. to build a more complete industrial chain on web3.
• Small scale (early stage): Good Karma DAO is so small that the live events didn’t catch many eyeballs, no information about the team members and only 4282 followers on twitter.

Dreams Never Die Records DAO

Introduction (4646 followers on twitter)

• A record label on web3: Dreams Never Die Records DAO specializes in finding, developing, and launching brand-new musical talent. The team discovered and helped break some enormously influential artists (Billie Eilish, LANY, Lorde, Two Feet, Yellow Days, Kygo, Chelsea Cutler, Tom Misch, healy, joan, VÉRTIÉ, etc)
• Already converted into a DAO: Dreams Never Die already converted into a DAO and still in the process of recruitment and given the rough structure of the roadmap.

(position table https://airtable.com/shrP2bcQqazHCtS4h/tbluFf1VAZn8Nrjv0 )

Team

• Chad Hillard: Founded Dreams Never Die Records, Before The Data, and Hillydilly, 14+ years of additional industry experience as manager, A&R, promoter, and label owner.
• Cole Ryan: Co-Founder, Editor, Creative Director at Before The Data (former Senior Writer at Hillydilly)
• Chris Anokute: Chris is a veteran music industry executive and founder of artist development company Young Forever. He’s held key A&R roles at Virgin/Capitol Records, Universal Motown Records, Island Def Jam, and Epic/Sony, as well as being Katy Perry’s A&R for the past decade. In addition to having one of the best radars for new talent in the business.
• David Greenstein: the co-founder of Sound is in the team of Dreams Never Die Records DAO: there are two artists of Dreams Never Die released their song on sound.xyz (used to released on catalog)

Funding Raised

• Dream Never Die raises 2.5M Seed Funding from Polychain Capital

Service provide

• Deliver music to the world through traditional means: onboard artists into various other income-generating platforms( Spotify, Apple Music, etc)
• provide hand-on guidance to artists who request it in their beginning stages.

Personal Opinion:

• Dreams Never Die works with sound.xyz to release 3 songs of their own musicians, but the price performance of those songs on Opensea are not so attractive.
• Still long way to go even one of the team members is the CEO of sound.xyz.
• Be attention to the large labor record institution on reality enter web3 to grab market share in the near future.