Music NFT Trading Platform MusicY Pushes Music Industry Into “Crypto Age”
As per the latest news, international renowned conductor and pianist Jimmy Chiang officially entered into in-depth collaboration with MusicY, becoming the first classical musician to be featured on the MusicY platform. Jimmy Chiang is invited to be the MusicY music consultant.
Jimmy Chiang realizes that the combination of NFT and music is a major trend at present, and he expects to use the MusicY platform as the basis for future attempts on digital rights in music, minting music NFT collectables and recording the minting process of each NFT track. At the same time, as a consultant of the MusicY platform, Jimmy Chiang agrees that the inherent advantages of blockchain such as traceability and immutability are very conducive to helping musicians to get their own revenue through their works without uneven distribution of benefits in the traditional Web 2.0 music industry. He is committed to working with MusicY to focus on the needs of artists in different fields, improve the service capacity of the project, continue to explore the potentiality of the music industry, and sincerely invite more international music practitioners to come here to carry out creative and cultural exchanges, to create high-quality, international crypto music and art exchange platform.
International renowned conductor and pianist, Jimmy Chiang, was appointed as kapellmeister of the Vienna boys’ choir In 2013, becoming the first Chinese conductor to ever hold this title in the world-famous choir’s 520 years of history. He is also currently the principal guest conductor of the Taranto opera festival. He was the first prize winner of the renowned “Lovro Von Matacic” international conducting competition in Zagreb in 2007. Hong Kong born Austrian National, received education from three continents, fluent in multi languages, Chiang represents the intersection of versatility and mastery. Chiang performs regularly at prestigious concert halls and festivals around the world, such as the Vienna Golden Hall, Carnegie Hall, Schleswig Holstein Music Festival and the Castilla y León International Festival of the Arts (FACYL) in Spain.
MusicY is the world’s first music NFT trading platform based on Ethereum, Web3 and two-tier Token economy. MusicY is a decentralized crypto music ecosystem governed by a DAO community by combining three elements: Music NFT Marketplace, Decentralized Finance (DeFi) and Social Finance (SocialFi). MusicY empowers the traditional music industry, allowing music artists, music lovers and music industry practitioners to fully enjoy the huge benefits brought by the crypto music economy. Based on MusicY’s two-tier Token economy model, every musician can issue their own musician Token on MusicY, which provides powerful Token economy empowerment for their fans and forms a closer and deeper relationship with them.
Initially NFTs were stationary, but we have seen the evolution of NFTs from still pictures to looping images (gifs) and music NFTs. Music NFTs are proof of ownership of unique audio, musical compositions that can be bought or sold. Similar to cryptocurrency, music NFTs are stored in a distributed ledger, making them difficult to counterfeit, and documenting the process of minting, and trading. Music NFT gives music creators control over their own works. With digital provenance, scarcity and collectability, NFTs of scarce quantities is highly sought-after. With the mega trend of NFT, although the music NFT market is just emerging, the music market is large, especially in the community where musicians and fans converge, its potentiality is worth waiting for.
MusicY allows music creators to mint music NFTs in minutes, record them through a ‘smart contract’ and transfer ownership in seconds. This breaks down the inequity in royalties and profit sharing between music platforms in the traditional music industry. Music creators can easily profit from the secondary market and earn a predetermined share from the resale of future music NFT productions. At the same time, MusicY encourages more investors to support music talents and monetize their capacity. Not only limited to music NFT, but also concert tickets, limited edition experiences, digital content and digital goods can be minted into NFTs. The secure and decentralised data on the chain allows NFT holders to truly own their rights and easily realise the liquidity of intellectual property.
On MusicY, each NFT is a “mining machine”. The NFTs you hold can be staked to the MusicY NFT liquidity mining pool before being sold. The hash power of each NFT is determined by their trading amount and their number of addresses, which in turn will earn MY (MusicY Token) for the holder of the NFT. MusicY has a professional and unique aesthetic ability for music, and will give a higher hash power to potential musicians and their quality works ( not just on the basis of vulgar evaluation criteria such as musician’s fame), and will continue to discover more and more We will continue to discover more artists with great potentialities and assist them to express themselves.
The MusicY NFT platform will also offer projects such as ‘Musician Crowdfunding’ to support the creation of new musicians. Music creators can quickly and efficiently initiate music NFT crowdfunding, with fans and other eco-participants providing the corresponding USDC or ETH to support their music creation. Once it is completed, the MusicY system automatically minted the corresponding NFT work and put it on sale. 50% of the proceeds from the first sale are automatically paid by the smart contract to all participants of this crowdfunding project. For subsequent sales, 50% of the royalty income from the NFT work will also be paid to all participants on a proportionate basis. Mutual benefits for music creators, fans and eco-participants.
MusicY brings all music services together on one platform, which is innovative and efficient, eliminating many intermediaries and reducing the time and economic costs associated with intermediary agencies, making the contributors of music creation the main beneficiaries, while music lovers, music industry practitioners and the entire music industry will all benefit together. With the support of blockchain technology, the MusicY Music NFT trading platform will drive the whole music industry into the “crypto era”.