This week’s guest is Cardano NFT columns It is a project called We aim to use this technology to decentralize the music industry: NEWM.
last week’s guest was a project Build a new platform called AnimeSector for anime fans with integrated NFT functionality.
This initiative Cardano NFTs Every week or two, invite someone to answer a few questions. Update directly from within the Cardano community.
Considering that many of our readers are new to the crypto space, we A combination of simple and technical questions.
Cardano NFT Project: NEWM
I’m glad I came here. Please introduce your team. Where are you from and what is your background?
Hello, thank you for using us. WE ARE NEWM AND CHALLENGING THE MUSIC INDUSTRYWe started in 2021 with just 4 people and have grown rapidly. A dedicated team of 30 people is now working globally to achieve the NEWM vision.
Our vision is simple. Artists and music lovers connect directly in mutually beneficial relationships through the sharing of music.
Having said that, Execution is a little more complicated In the sense that there is a lot of legal due diligence involved in creating a product with services like ours.
we have Development, Legal, Product, Finance, Marketing, UX/UI, Project Management Experts, working on every aspect of this gigantic project. We have been very lucky to have some great people with notable experience. Distributed team working mostly part-time.
What is NEWM? What problem are you solving and why did you choose the Cardano blockchain for your project?
there is The dark side of the music industry that the average listener really doesn’t know or encountered, most problems are Lack of ownership/creative control over artist contracts, intermediaries, and intellectual property (IP) – That is, music.
First and foremost, our goal is to shed light on these issues And how we all play a role in this system. We are seeing a global shift towards more conscious consumers and this will drive adoption. With instant access to information, People want meaningful projects and we believe we fall into this category.
The NEWM Solution There are two:
- a A portal for musicians to generate real revenue from their art in a peer-to-peer fashionfree them from exploitative contracts and labels, including platforms that offer minimal payments.NEWM provides music distribution, features Split and sell streaming royalties via NFT, royalty collection and distribution, music streaming and ticket sales. All he’s put together in one easy-to-use yet amazing interface (if you say so yourself).
- For music lovers and collectors, Interact directly with the music/musicians you loveBut it also benefits economically from a multi-billion dollar industry.
Music was once an art – The collector factor we once had has all but disappeared with the digital landscape of streaming services. Regain value by establishing music as a new asset classListeners can invest in music, be part of an artist’s success, and even generate their own revenue stream. This benefits artists as well. Everyone who invests in music has an intrinsic motivation to spread the word and push their respective artistsIt’s a win-win.
We strongly believe in the Cardano communityThere’s a lot of creativity, collaboration, and innovation that I feel adds exponentially to what we’re building. Cardano’s academic approach to product development ensures a solid foundation and predictable feesIts PoS model offers security, sustainability, decentralization and aligns with our values.
How are you using NFTs within your ecosystem? How will this technology benefit the music industry?
turn a song into an NFTCollectibles are usually the first thing that comes to mind when it comes to NFTs, but what we do is much more than that. in our case, NFTs will be fractionated and users will be able to sell, buy and trade these “fractions” as tokens on the blockchain.Token holders receive royalty payments according to their ownership percentage. Therefore, by purchasing tokens on NEWM, Receive a portion of future streaming royalties.
On the artist side, this is Instant liquidity for new projects and productsand the aforementioned benefits of long-term support of art through creation. Unique fan base with financial incentives to promote musiciansThe value lies in being in control of what you own rather than relying on a third party. Everything is clearly documented and transparent on the blockchain.
It also has its own stake pool and NEWM tokens. please tell me in detail. What are tokens used for?
yes we have stake pool that Reward delegators with ƝEWM tokensthat’s how we do it Distribute tokens to a loyal communityThe token itself brings a lot of utility, but the most important is voting rights.in our vision Decentralized Autonomous Organization (DAO), preparing everything to be as diverse and inclusive as possible.Our goal is to have the will of the many, not just the few Defining the direction of NEWMiverse (i.e. a fair music ecosystem). Essentially, it taps into the collective wisdom of our community. After all, the same applies here.what we are developing It’s a tool for both artists and music lovers, so they should decide what the future holds..
More utilities will be added as the roadmap progresses. One thing is certain ƝEWM token is an integral part of our ecosystem, providing benefits to the app, our marketplace and its holders by staking it.
Thank you very much. Any final thoughts? Where can people learn more?
Thank you for your interest in NEWM.I encourage everyone to check us out website especially our white paperit’s more Detailed description of NEWM’s complete visionWe are not just building a casting or streaming platform, or a simple marketplace. A complete ecosystem whose long-term mission is to change things for everyone who cares about music.
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Disclaimer: The opinions and views of those interviewed are their own and do not necessarily reflect those of the Cardano Foundation or the IOG. Furthermore, this content is for educational purposes and does not constitute financial advice.