Today’s Jam Review features Voice Street that is building a blockchain infrastructure for music.
Scouted by: Jean Chen
Voice Street is a lab dedicated to bringing music to Web3 and intends to build a blockchain infrastructure for music, which also has a variety of products such as the NFT music platform, metaverse concerts, customization of live musicians' virtual spaces, and music-related games. The project wants to solve limited monetization routes and low monetization of music creations for artists through a chain development of music copyrights, artist-related rights, NFT music derivatives, NFT gamification, and the metaverse.
Initial Music - copyright Offering (IMO) and Fans Earning
Initial Music - Copyright Offering (IMO), a Voice Street innovation, allows musicians to convert the copyrights of their songs into NFTs and split them into music tokens. While the creators receive sales revenue, fans who hold the music token can profit from the sales and operating income generated by the music. The sales channels include streaming media, TV partners, adaptations, and covers. IMO will form a delicate creators-centered interactive ecosystem, and loyal fans will benefit from it. Users can buy song copyright IMO tokens on the Voice Street platform, obtain incomes from the copyright operation of songs by staking, and decide the future operation of songs by voting in the DAO community.
The Voice Street music fan IMO token innovation, Earning, is an excellent way to upgrade the benefits of music loyal fans. With the Earning function, IMO users can stake their IMO tokens, support their favorite musicians, and receive additional VST tokens as rewards. IMO owners stake tokens with the property of copyright income into a specific earning pool. The net income from the copyright operation of IMO works will be added to the staking pool; therefore the value of IMO music copyrights and IMO owner’s equity will be maximized. VST token rewards are distributed with an earning pool. The different types of IMO tokens determine the distribution ratio, the income from the copyright operation of each staked IMO, the influence of each artist among fans, and the number of participants. The longer the IMO tokens are staked, the higher the reward will be.
So far, Voice Street has helped many musicians from different countries, including Kpop star Kevin Shin, Top 100 DJ 22 BULLETS, Top 100 DJ Pink Panda, Top 100 DJ KAKA, Eric Moo (Malaysia), rapper 8UCK and rapper Long Zeyu, launch IMOs. More than 8,000 people participated in these events.
Metaverse Game and Daffy Panda Ganging Up（DPGU）
Ark of Panda is a decentralized online role-playing web3 game and community metaverse built on the Voice Street platform. In the music game, each player plays the role of a young man who yearns for life in the entertainment industry, buys a musical instrument to start his musical journey, and continuously improves his self-cultivation in this virtual country, forming a band with like-minded friends and starting to march toward his dream. This virtual kingdom is worldwide. In the game, players can communicate with players from all over the world through music festivals, part-time jobs, lottery, concerts, etc.
Daffy Panda Ganging Up is a limited-edition NFT series based on our music game. There are a total of 10,000 Daffy Pandas, with 8,888 Daffy Pandas available for individual purchase and the remaining 1,112 owned by celebrity musicians. In Ark of Panda metaverse, DPGU is the only entry ticket to the SocialFi metaverse game—ark of panda. Only DPGU holders can invite other players to the metaverse. 5% of the revenue generated by the invitees belongs to the inviter. DPGU users are eligible to participate in concerts permanently for free and have the corresponding DPGU image tag in the community. In addition, only DPGU holders have permission to mint lands (tradable).
Voice Street will create a brand new music metaverse where any musician can host concerts or live house shows with their 3D characters and have fun with fans worldwide. Their 3D characters are created with NFT generative art. Voice Street will provide a stage to hold performances in the metaverse world beyond time and space.
So far, more than 30 musicians with more than one million fans have agreed with Voice Street to hold concerts in the Voice Street Metaverse. Voice Street will invite more celebrities and brands to join our metaverse and build their fan communities. Fans will have the opportunity to turn their imagination into reality. They can buy properties, houses, and assets alongside their favorite stars in the Metaverse. They can also create bars, museums, AMA, etc. They can hold live house shows and have various fun initiatives and events.
Most NFT products on the market today, whether it’s NFT paintings and calligraphy, NFT photos, or NFT music, are still at the stage of “digital consumer products,” with only a single value known as the value of the collection. The most basic requirement for a product to have collectible value is scarcity. For music different from other forms of art, music naturally has the attribute of spreading dissemination. The value of music increase with the spread and appreciation of music fans. Once the music works are released, they lose their collectability. For the first time, a musician released a set of NFT vocals, which might be popular, but when he releases the second NFT vocal, the Scarcity and collection value will decrease. This kind of NFT product might only be a one-time hype and cannot have long-term development. The contradiction between spreading and scarcity is the dilemma faced by most music NFT projects.
Voice Street is an NFT platform that focuses on supporting original musicians. Our target musicians are not Tier 1 musicians. As we all know, the top 1% of musicians can attract 55% of the traffic. They have considerable incomes and a large number of fans. We want to help the remaining 99% of musicians. These musicians can be divided into two categories. One is musicians with thousands of faithful fans but not enough to have the power to bargain with large platforms. We'll help them release singles or albums’ IMO. Fans can become owners of copyright fragments of their songs, earning decades of copyright revenue. IMO runs through the DAO organization of fans, providing musicians with customized products and services at different price points. Voice Street will help increase the popularity and value of music through external cooperation, such as launching NFT products with Binance Charity, licensing other NFT platforms, etc. Musicians’ revenue will also increase with the help of live broadcast income, game income, reward income, NFT income and other derivative income activities.
Another type of musician is those in the early stage who have great potential but haven’t gotten many fans yet. Our music NFT platforms and music game metaverse can get more marketing resources for them. We are also exploring various forms of IMO, including NFTs. The function of staking NFT will serve more potential musicians who are not well-known or do not have many fans yet. The sales and staking of copyright-based NFT products make it unnecessary for musicians to worry about sales (whether enough people participate in IMO), providing token liquidity, and performing related management as in the past IMO. They can issue a small amount of NFT products and enable staking to complete simple IMO. Voice Street will support and encourage this part of the musicians who have potential, are not well-known yet, and do not have many fans.
With the popularity of the NFT and web3 concept in 2021, music has always been trendy. Currently, most web3 music projects are talking about a single story that would replace the web2 streaming platforms. Another web3 music projects solve the musician's revenue problem simply by distributing NFTs, which cannot guarantee a long-term and stable income for musicians.
Compared to traditional music companies, Voice Street enables access to web3 for musicians. Musicians can publish their NFT works through the Web3 music infrastructure. They can also participate in IMO and receive seed funding for their musical works. In addition, they can gain popularity and communicate with fans by participating in Live House and the DAO community. Musicians who collaborate with Voice Street receive additional income from web3.
Other web 3 music projects solve the musician's revenue problem simply by distributing NFTs, which cannot guarantee a long-term and stable income for musicians. Voice Street aims to support musicians comprehensively. Therefore, it strives to maximize the value of NFT copyright and the rights of NFT owners by diversifying the development of music products. This includes not only music production ( NFT distribution trading platform ) and distribution (IMO), but also subsequent activities (including Metaverse concerts, Metaverse music games, customized scenes, and musicians' DAO fan community).
Short-term: With our limited edition Daffy Panda Ganging Up’s NFT series and the IMO copyrighted NFT products of stars we are working with, such as Kevin Shin, 22BULLETS, Pink Panda, KAKA, Eric Moo and Rapper Long Zeyu, quickly import traffic, accumulate fans, and complete the establishment of the project identity and popularity. (completed)
Mid-term: Collaborate with more celebrities and music works, focus on supporting original musicians, set up an original musician support program, and help original musicians generate their own special NFT works with one click. Develop Live house online concerts, DAO community, NFTized props, celebrity IP co-branding and other functions while achieving multiple developments of music IP derivative value, solving the problem of a single channel for music IP monetization. (ongoing)
We will make further attempts in two directions. On the one hand, we will try more subdivided IMO products, such as collaborating with music labels in specific regions or different styles and other web3 music projects. For example, MOST, one of the music labels we work with, is a web3 music project that serves DJs and rappers.
The second aspect is to explore more ways of income for musicians. We have created a metaverse game Ark of Panda. Musicians will be embodied as 3D avatars with exclusive DPGUs in the metaverse. The in-depth development of Ark of Panda's metaverse game helps musicians to explore multiple directions in the direction of derivative revenue.
Long-term: explore the securitization of all music-related assets that could be turned into digital assets within the music industry and beyond.
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