Table of Contents
2. What is blockchain?
3. What are NFTs?
4. How do musicians make money?
4a. Evolution of income streams
5. Future of the Music Industry
6. Our solution
Do you remember the excitement of going down to your local store and purchasing a copy of your favorite band's album, and it was yours forever?
We believe in bringing back that sense of ownership to the digital world by utilizing block chain technology and embracing the NFT revolution
A non-fungible token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright. An NFT functions like a cryptographic token, but unlike cryptocurrencies such as Bitcoin, are not mutually interchangeable, in other words, not fungible.
According to a Citigroup report, the music industry generated a record $43 billion in 2017, but recording artists saw just 12% of that revenue, or $5.1 billion, and the "bulk" of their revenues came from touring.
A study from The Future of Music Coalition featured 4,453 respondents in total, 74 percent of whom have 16+ years working in music. The biggest source of music-related income for artists is live performance.
Our solution is to use blockchain technology to sell digital music as if it were a physical product. By selling music as non fungible tokens we can create an entire new market sector within the music industry. Within this sector artists will be able to control the amount the supply of digital assets and, through the use of smart contracts, artists and labels continue to earn money on secondary market sales as well as when the asset is traded or gifted.
This format will become the preferred sales format for artists and labels alike due to its control of supply in continuous revenue generation through smart contracts.
The Crescendo NFT Music Marketplace will allow users to purchase Music NFTs and add them to their NFT Music Wallet.
Part of our strategy to accelerate the adoption of a blockchain based sales market within the music industry is to create an access point that is free for the end user. This is where Crescendo Radio comes into play.
Within the crescendo radio feature of the Crescendo Music app users will be able to listen to curated playlists and accumulate credits in the form of CrescenDoge by listening to ads or by upgrading to an ad free experience which would include a set amount of tokens being rewarded every month upon renewal. These credits then can be used to purchase songs and add them to your NFT Wallet Playlist.
CrescenDoge will not only be used as the native currency side by side with BNB Smart Chain, it will be a governance token allowing holders to vote on featured content, changes to the platform, and other community driven decisions.
As with any other tech start up, our success is merely speculative. But, we have put together an amazing team and have the backing of artists, labels and investors. The cards are stacked in our favor and we are ready to revolutionize the music industry.