MUZIKA-Blockchain Integrated Into Digital Music

nankninkboy (7)in #bitcoin • 6 years ago

Muzika is a revolutionary coin economy that will reshape the global digital music industry.

Muzika is gearing up to overturn the depressing reality of today’s digital music market. From A to Z, we will transform the digital music industry and re-define the roles of the market players involved, including consumers and musicians. The Muzika Coin (MZK) will serve as the sole medium for all the transactions and exchanges necessary within the new ecosystem, sparking a paradigm shift in the digital music industry.

The Digital Transformation

Here we briefly introduce how the music industry has evolved over the past two decades, and how the issues behind Muzika’s inception developed.

The story of the recorded music industry over the past two decades is one of transformation: from physical to digital; downloads to streaming; ownership to access. The transformation has brought about more variety in terms of services, and increased accessibility to consumers. Today, we can listen to music via streaming services without directly owning or downloading digital music files.

Digital music is currently the key driver of growth in the music industry as a whole, as it accounted for 50% of global revenue and 81% of the US music market in 2016.

Muzika will bring innovation to the value chain in digital music industry

We will reform how value is created and captured by various players within the industry. We will return rewards to those who create the value, from those who merely transfer the value, while recovering the share lost from digital piracy through blockchain technology.

WHAT MAKES US DIFFERENT

Previous Attempts Failed to Secure Large Userbase

Previous music blockchain projects have overlooked the importance of a large userbase to achieve widescale adoption. These projects have demonstrated that it is possible to give a higher commission rate to artists for their work using Smart Contract transactions. However, for artists, the low commission rate offered from traditional music streaming apps that had huge userbases were more attractive than blockchain apps using Smart Contract transactions. Case in point, a 10% commission of $1,000 from iTunes was preferable to 90% commission of $1 from a Smart Contract transaction.

Muzika Will Create A New Economy To Incentivize The Users

Muzika aims to provide musicians the best of both worlds: a higher commission rate for their creative content and a strong userbase. Muzika has developed a strong system for incentivizing fans to contribute to the Muzika ecosystem. These incentives will build the userbase necessary for Muzika to provide both higher commissions to artists along with the mass userbase of traditional music streaming sites. The network effect from a mass userbase will be the key to developing an autonomous, self-sustaining ecosystem. In other words, Muzika can provide musicians with 90% of $1,000.

We Have Done It Before

Muzika has already made significant achievements towards the development of sustainable solution to inefficiencies in the digital music industry. In 2015, co-founders of Muzika saw an opportunity in the online instrumental music industry and started online instrumental music platform Mapiacompany. In just over 3 years, Mapiacompany has become the #1 global instrumental music platform with over 2 million users. Muzika will build upon this existing userbase and community.

THE MUZIKA ECOSYSTEM

Muzika will create an autonomous, self-sustaining ecosystem driven by artists and their fans in tandem, where compensations and rewards will become proportional to the level of devotion put into musical creations and ecosystem behind them.

Smart contract will allow digital musical products to be transferred directly from artists to fans, ensuring fairer and more transparent economic distribution.

Fans will be rewarded with loyalty points for their various community activities, which will be regularly converted into MZK coins - the sole medium of exchange for all economic activities in the ecosystem.

Fans will have opportunities to make direct sponsorship to their favorite artists, supporting them and receiving exclusive benefits in return.

TOKEN METRICS