Imagine if you could bet on any song.
Thanks to SongTech - you can.
Visit song.tech and submit your favorite Spotify link to earn a token.
Hold the token to earn trading fees, or sell the token when it gets more valuable.
Here’s what to know.
Crypto allows us to create markets.
SongTech is a market for songs.
It was built to unlock economic freedom for artists and fans alike.
Here’s how it works.
Anyone can submit any Spotify link on SongTech.
Paste a link and pay a 0.001 ETH fee.
In doing so - you create a market to buy and sell tokens and earn the first token in the process.
When a token is purchased, the price increases by 0.001 ETH.
When a token is sold, the price decreases by 0.001 ETH.
Each link can only be submitted once.
When a link is submitted, a self-custodial wallet is created for each of the associated artists.
This ensures artists can always claim their earnings without having to create a wallet first.
Claiming is as simple as logging into the Spotify account associated with the artist.
ETH accrues to the artist wallet and is instantly available for use upon logging in.
In future versions - SongTech will verify songs when an artist has connected their account.
In the event an artist does not want their links being traded - they can close the market on song.tech.
You can see a list of earnings allocated to each artist under the “Artists” tab.
All holders receive 5% of any purchase and sale.
The more you buy, the more you can earn.
This gives traders skin in the game, allowing them to earn ETH when songs are purchased or sold.
Fees are allocated pro-rata based on the number of tokens owned at the time of each transaction.
The first token starts at 0.001 ETH.
Every subsequent purchase and sale is broken down as follows:
Liquidity - 90%
Artist - 5%
Holders - 5%
Platform - 0%*
Reserved for purchases and sales of tokens.
Tokens are issued on a linear bonding curve - meaning each purchase increases the price by 0.001 ETH and each sale decreases the price by 0.001 ETH.
Liquidity is what allows tokens to be purchased and sold automatically.
A linear curve is an easier way to understand the price - the price of a token is directly correlated to the total number of tokens outstanding.
The price steps of 0.001 ETH are designed to make markets accessible to new users while allowing power users to buy in bulk.
Reserved for the artists of a given link.
Artists can connect their Spotify to claim earnings from links that have been submitted.
Artists earn ETH every time a token is purchased or sold.
Allocated pro-rata to all holders relative to total number of tokens owned at the time of each transaction.
This creates an incentive to be “early” - and helps with the cold start problem around new markets.
It also gives an incentive to purchase additional tokens to earn more trading fees.
Earnings can be claimed under the “Portfolio” tab.
SongTech will take no fees upon launch.
This is fundamentally important to the neutrality and development of the platform.
A fee switch with a max allocation of 5% of trading fees is included that can only be turned on through future governance.
To test and iterate upon community feedback, SongTech will be rolled out in Phases.
Phase 1 - 100 songs
Phase 2 - 500 songs
Phase 3 - 1000 songs
During a Phase - a maximum number of links can be submitted.
This should create an incentive for early users to be highly selective over what they submit - and allows the system to calibrate in line with demand and usage.
The following items are expected to be included in each Phase - but not guaranteed.
Includes the ability to submit, buy, sell and earn.
These are the core building blocks of SongTech and meant to represent the most minimum viable version of the platform.
Unlocks New Songs and Activity Feed.
This allows traders to see what links are submitted and what people are buying and selling.
Accessible onboarding for Spotify artists and fans.
SongTech is actively exploring ways to allow artists, fans and listeners to connect their Spotify account and participate in markets.
Artists and fans are the backbone of the music industry and want to create a world where they can capture value for the songs they have consumed.
SongTech is built to be owned by its users.
The platform will track contributions and present ways to capture value that has been created.
This includes governance of the fee switch, verification and rewards mechanisms.
The initial communication of SongTech will only happen onchain on Farcaster and here on Mirror.
Extended communication has been added on Twitter.
There is not enough music onchain today.
This bottleneck can be narrowed down to:
Difficulty onboarding catalog
Friction for fans to be onchain.
Limited liquidity for meaningful markets.
The end result is artists questioning why they should put their music onchain, and traders wondering why they should buy it.
SongTech takes a fundamentally different approach to this challenge.
Anyone being able to submit a link removes the need for an artist to create a wallet to start trading.
SongTech removes the music from the trading - it is simply a proxy on top of a Spotify link.
It allows traders to signal what they deem to be valuable, and creates a way for other traders to validate their curation by purchasing tokens.
A loyal culture and community exists around onchain music.
SongTech looks to champion and aid in the collective growth by bringing new liquidity and attention to a sector ripe for disruption.
SongTech was designed for crypto-native traders and techno-optimists.
Traders should be aware of the risks and speculative nature of volatile markets and are responsible for 100% of the activity on SongTech.
The artists associated with the songs should bear no responsibility for any links submitted to SongTech.
Artists will always maintain the power to opt-out.
Tokens on SongTech have no underlying value or attachment to the songs themselves - they purely represent a proxy to a link and have no direct claim on any offchain earnings.
The only fees generated are from the onchain purchase and sales of the shares on SongTech.
Tokens do not come with any inherent governance rights are non-transferable by nature.
SongTech is highly experimental.
The platform looks to motivate traders to support music onchain - and to better refine a system which pays artists directly while allowing traders to share in their collective success.
It was built as an open protocol - allowing anyone to recreate this experiment with any type of link.
Whereas SongTech is primarily focused on Spotify links at launch - the protocol can be reformatted to target any type of link.
Stay up with the latest updates on Farcaster.
Welcome to the arena.
What will you submit?