An NFT Streaming Platform That Connects All Blockchains Together
2022.04.29 15:20
An NFT Streaming Platform That Connects All Blockchains Together
- Meteora is a blockchain-based music platform that provides artists and listeners with a suite of enhanced music listening tools.
- The platform removes intermediaries, empowering artists and allowing them to monetize their content.
- An ICO for MRA, Meteora’s native token, will be rolled out starting from May 5.
The next wave of the evolution of music is here. For the past few decades, the internet was hailed as “the thing” that would disrupt the music industry, and it did. However, it is now evident that the internet evolution had particular bottlenecks, especially for artists and creators.
Intermediaries in the market, mainly record labels and production houses, found a way to exploit artists and take the more significant piece of the pie – this left artists longing for a proper way to monetize their talents.
The induction of blockchain brought the promise of restoring power to creators to control the supply chain and associated rights over their creations. One such project in the blockchain-music space is Meteora, backed by the Lunaris Inc. team.
An Outlook of the Meteora Ecosystem
Meteora is a blockchain-based music platform that is the central hub for artists, listeners, and professionals providing all of them with a suite of tools to make music listening as enjoyable for listeners and as lucrative for creators.
The project boasts a cross-chain functionality meaning that artists have a broader reach to audiences across blockchains. This feature might boost the artists’ NFT floor price as demand soars, primarily when the minted creation is housed on a smaller native chain.
There are three segments, namely Meteora Stage, the player and social section of the platform; Meteora Market, the platform’s marketplace; and Meteora Studio, the creator and professional segment of the platform.
Empowering Artists & Creators: Royalties, Copyrights, and More
Meteora aims to eliminate the middlemen in music development, publication, and payment; also improve the user experience, and make music listening, creation, and administration as engrossing, enjoyable, smooth, and dependable as possible. The project is focused on putting the artists back in the conversation, letting them enjoy royalties and control the rights associated with their masters. Moreover, the artist entirely decides every NFT sale, auction stream play, and transaction price.
They can upload their piece to LUNARIS.CORE to create the Master NFT. The artist can then create copies of these NFTS, called CDs (Chain Disks), to sell them while retaining ownership over the Master NFT. The Master NFT is stored in the artist’s wallet, allowing them to control all the files stored in the Master. A cryptographic signature of the artist will be required for any actions pertaining to the Master NFT.
Artists get to keep the entire sales revenue rather than earn only a portion of their work. Every sale is credited to the artist’s account and paid at any time. METEORA uses MRA as its cryptocurrency token for the ease of transaction and security of LUNARIS.CORE. However, artists also have the option of using fiat currency.
A novel feature of Meteora is that it accords copyright protection for the artists’ work. Artists are required to undergo a KYC verification process before uploading their music on the platform. The information obtained will be used to authenticate the copyright, and with every minted Master NFT, the relevant copyright files are also stored on the IPFS network.
What Lies Ahead for Meteora
All in all, Meteora, at its fundamental level, proposes a way forward and away from the existing industrial business model that plagues the music industry alongside elevating user experience on the platform by providing a gamified experience.
Meteora will be holding an ICO for its native token, MRA, starting from the 5th of May to onboard creators, music enthusiasts, and artists on the platform. The MRA Token is expected to be listed on CEX and DEX shortly after the end of the Meteora ICO in August 2022, and the list of partnered exchanges will be announced on METEORA’s socials.
Continue reading on CoinQuora
