Music NFT platforms

It feels like everyday another nft platform is popping up on the scene, and each time, one more interesting than the other. We are currently in a paradigm shift in music so the opportunity for innovation and change in music is here but sometimes it can be hard to tell which ideas will last and which ones are trends that will fade away. Although, in web3 we like to say wagmi, the truth is everyone isn’t going to make it but at least we can all try.

I personally have my favorite music nft platform to use but I am always taking calls to learn more about others that are fighting for market share and introducing innovation. I wanted to share 3 of the current platforms I had calls with and maybe you might find value in these music nft platforms.

  1. Myx
  1. This music nft platform is set to launch Jan 30th and introducing a couple new ideas to the space but one that sticks out to me is this concept of “pods”.

    What is a Pod?
    A Pod is a smart contract, joined by one or more participants. Think of it as a tool for creating the terms and conditions of your music, acting as a sort of treasury that is governed by ‘media fraction’ holders who receive streaming revenues in crypto, you can also use Pods to sell media fractions to the community to fund raise, and so much more.
    Creating A Pod

    1. Go to “ Create New Pod “
    2. Fill out the name and the description of the Pod
    3. Select your collaborators by adding their username or wallet address in the search button. If you aren’t collaborating in your Pod, you can leave it empty.
    4. Your Pod once formed is in “Pod Proposal” stage, when all collaborators have accepted the invitation, you and Pod members can start creating a “Pod Proposal“
      “Pod Proposal” Stage
      Go to your Pod and click on New Pod Proposal [you can find the button right above the discussions],
      To successfully create a new Pod Proposal, you and your collaborators will need to agree on: Media: you will need to select which music you want to create an NFT for (uploading and details done later). Tokenomics: customize the amount you want your Pod to raise from the community, this is also where you dictate how long the Pod will be in the Funding stage. Copyright Distribution: distribute ownership of media fractions to collaborators and investors. Allocate the amount of (out of 100%) media fractions that will go to artists, collaborators, and the community via investment
      All artists and collaborators have to agree on a Pod Proposal, once agreed, the smart contract of Pods enters the “Funding” stage
      “Funding” Stage
      You and your collaborators can start putting content in the Pod, invite users and discuss with them inside the Pod.
      You and your collaborators can start adding more details of the music they are wanting to upload
      Funding runs on a deadline, this time frame is set in Pod Proposal stage
      Investors can buy media fractions with popular crypto assets (USDT, USDC, MATIC) using the Polygon network, and will need MATIC to cover network fees
      If funding target is reached the Pod moves to “Funded” stage, if the funding target is not reached the funds are returned to investors and the Pod will soon be burned. You will need to create a new Pod if deadlines are hit without reaching funding target.
      “Funded” Stage
      Artists, collaborators and investors can claim Media Fractions
      Artists can now upload their music to create a NFT, whether it be a single track of a collection
      The music is now streaming and earning revenues in Myx, revenue is distributed to media fraction holders
      Artists and collaborators can submit withdrawal requests of the funds raised
      Media fraction holders can stake their media fractions to govern the NFT, like NFT price, renting out the NFT, tune decomposition, and more
      Media fraction holders can trade these tokens
  2. Dudeut

From my understand this music nft streaming platform is not out yet but sits under the umbrella of a new token called Melodity .It seems as if they have all the inner workings of an innovative ecosystem creating lots of cool ideas but the feature that caught my eye was this gamifies music feature to a platform that will be under the Melodity umbrella, Dudeut. Im not sure when the actual release date of this platform will be but you can join their community to find out more

3. Mayk.it

Building powerful yet simple music creation tools that make it easy for people to make songs with their phone, distribute & monetize them (e.g. mint them as musicNFTs) (creative onramp)

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