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As we enter the realm of 2023, the popularity and widespread adoption of NFTs continues to grow. Decentralization is taking the creative arts by storm as the number of blockchain-based projects within the music industry continues to grow rapidly. As a result, we have seen an unprecedented amount of innovation within the token ecosystem, making DAO a perfect example of the resulting transformation.
DAO stands for Decentralized Autonomous Organization, but what does it actually mean and stand for? to be viewed as an Internet community with They are a place for like-minded individuals to come together and pool their resources, talent, and vision to build sustainable communities where token holders can participate in the cultural, organizational, and financial growth of the DAO. represents. In other words, DAOs represent a new type of blockchain-powered corporate structure where the focus is on individual contributions rather than the amount of capital invested. Since the protocol by which individuals are rewarded is specified in code and enforced by blockchain, DAOs are essentially communities of people working towards a shared goal that operate as decentralized autonomous businesses. The future has truly arrived, so check out our list of the most famous and active music DAOs.
Dreams Never Die is a DAO record label that aims to build economic sustainability around brand new artists and create a collaborative community that participates in discovering, developing, distributing and promoting a growing roster. They address the issue of artist attribution by providing a community-based platform that acts as a record label to provide the necessary token-based funding and support in the early stages, avoiding the exploitative practices surrounding artist payments. This DAO is a perfect example of a community with a shared bank account where like-minded individuals pool their resources and talents and participate in achieving the DAO’s objectives.
Mudd DAO is a DAO aimed at creating a decentralized, community-run record label with collaborative, generative music creation at the core of the idea. The Independent currently only features the work of his musician Julian Mudd, but plans are underway to start supporting more artists. DAO works by allowing an artist to sell a specific song or stem as her NFT, granting collectors who purchase it access to her DAO community. The aim is to foster a community actively involved in contributing stems and small sound his snippets in collaborations revolving around generative songs created.
Flote is a music DAO built entirely around its own social token, $PV1, which gives all DAO members a stake in its growth. Fans will be rewarded with PV1 tokens for performing music curation work on the platform, such as scanning submitted music and co-signing songs they like. The aim of this project is to enable the growth of a vibrant music community by turning the platform’s curators into network owners and operators. The $PV1 token itself cannot be purchased and can only be obtained by contributing to curation work, co-signing, or submitting music.
SongADAO is a collectively operated DAO focused on daily updated Song of a Day NFT sales. While the song and its corresponding artwork and video will be sold as his NFT, DAO members are rewarded for completing specific tasks for the organization, with the members themselves choosing which work is most rewarding. To do. DAO owns 100% of the rights and revenues to all Song a Day songs, and members collectively decide how these rights and revenues are used to increase the value of his DAO catalog. To do.
Ammpled DAO should be considered a community-operated and supported music platform. How it works is that artists can post demos, exclusives, unreleased work, or new announcements and it will automatically notify all followers.AMPLED members pay a $3 monthly fee to access the platform. have to pay This provides her DAO with funding to support the artists who are part of the roster. There are currently 812 artists actively using DAO.
Image Credits: Ampled DaoElektra is a DAO focused on developing and distributing Elektra stories, games, music and artwork. It consists of pieces from an eight-week songwriting and art-making camp. song campSongcamp brought together musicians, visual artists, developers and strategists to create interactive worlds/stories centered around music. They then decided to market and distribute the fruits of their labor using the DAO structure.
Good Karma Records is the DAO’s music record label that sells NFTs to grant users $KARMA tokens, allowing purchasers to participate in the DAO’s decision-making and operational processes. NFTs will also unlock token-gate access to virtual and real-world events, as well as early exposure to artists’ unreleased music. In addition, DAO members not only select and vote for artists to be signed by the label, but also generally manage the label’s day-to-day operations and related financial management. Essentially, the purpose of record labels is to keep finding new ways to fund and support artists while increasing the value of the $KARMA token.
Holly+ is where the DAO world gets even more interesting. Holly Herndon is a musician and expert in the fields of machine learning and the human voice. She launched her Holly+. It’s a tool that allows collectors to create AI-generated artwork of her using fragments of their own voice, and it also allows them to distribute ownership of her digital likeness through the creation of DAOs. ERC-20 VOICE tokens are used to represent voting rights within the organization, an artist producing a song using the Holly+ voice model will automatically submit that song as a proposal to her Holly+DAO. , resulting in a voting process. By DAO’s $VOICE token holders. The best artwork and licensing opportunities are approved by her DAO members, and profits from these works are split between the artists who used the tools, the DAO members, and Holly herself.
RAC is another example of a direct-to-fan DAO that represents the creative work of Grammy Award-winning musician RAC. Purchasing $RAC social tokens gives users access to exclusive, unreleased music playlists and a portal to the Decentraland experience, available only to token holders. Token Acquisition works by allowing a RAC Patreon subscriber to claim $RAC tokens each month proportional to her Patreon membership tier.
MODA DAO is an industry facing DAO that aims to improve music metadata and provides tools for creators and developers in this space. Songs released on MODA will be sold as his NFTs, and token holders will be exposed to the DAO ecosystem by splitting the proceeds between artists, reward pools, and token buybacks. With a mission to facilitate the transition to Music3, they not only create a publishing ecosystem for the music industry of the future, but also provide tools that help facilitate progress in the web3 world. .
That concludes our comprehensive list of the best music DAOs operating in this space today. Each offers a unique masterstroke of innovation within a brand new sector of the industry. So let’s sharpen his set of musician tools, pick a DAO, and get to work!
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Music data strategist and music artist. One of the co-founders of the IMA data analytics startup, his interest in identifying trends and spreading awareness about the transition to web3 in music.
