We are proud to announce our investment in Mozik, a decentralized music NFT platform that aims to build a healthier and fairer music ecosystem.
Mozik is building the largest global decentralized music platform that leverages blockchain technology to create a system of incentives and rewards for artists and creators alongside improving transparency and reducing transaction costs.
Mozik is also included in our FUEL incubation program allowing us to work closely with the team.
The current economic problem in the Music Industry
Music is everywhere and is accessed more effortlessly than ever before since the creation of the Internet. Today, the Global Music Industry is worth more than it ever has been amounting to $21.6 billion U.S. dollars in 2020, representing the sixth consecutive year of growth. This kind of growth means that there is undoubtedly a growing number of new opportunities and monetary prospects for musicians and artists every day; however, the industry’s current design restricts many from accessing these benefits.
A hard truth in today’s music industry is that most artists only receive 12% of all profits from their music, as stated by Rolling Stone. Before the COVID-19 pandemic, artists would generate revenue from touring, ticket sales, and merchandise. However, even with such revenue streams, the music industry is still a tough place for the majority to emerge in because labels and promoters control the money and its general direction. Moreover, popular music streaming platforms focus heavily on encouraging artists to provide their audiences with quantity over quality and also only pay artists a fraction of a penny per stream. This may be fine for artists with millions of streams but does not amount to anything significant for underground and up-and-coming artists.
Utilizing the power of blockchain and NFT’s to revolutionize the music industry.
Mozik is building the world’s largest music NFT platform that aims to rebalance the music industry and make it fairer for artists, creators, and consumers alike. Non-fungible tokens (NFTs) have been heavily applied to art, music, literature, and sports in recent times. They have already showcased several huge success stories where a handful of popular musicians and artists have sold digital artwork, music albums, concert tickets, merchandise, and digital experiences. Mozik aims to make this process more accessible to all artists and creators in the music industry to level the playing field and allow them to directly showcase their work on the blockchain, gain investment incentives and eliminate the need for expensive marketing and additional players.
In Mozik’s blockchain-based community, artists and creators can streamline their work directly on-chain through the platform’s Digital Content Distribution Protocol (DCPP). After the digital asset is confirmed on-chain, Mozik will use an NFT (Non-Fungible Tokens) to identify it. The copyright of each NFT will be solidified using smart contracts, ensuring that early investors in an artist’s work receive long-term profits calculated by an IP business realization process. After an NFT is put on-chain, its intrinsic value will be subject to gains as it will be a tradeable derivative-based asset streamlined to the whole community on the platform. Mozik will develop all-important technology to register the earnings of each NFT in the ecosystem. Assets can be exchanged, traded, and circulated freely and valued based on the IP content they carry.
The system is designed around allowing creators to independently gain more exposure for their work and generate revenue from investment from community members. This will further incentivize them to not only financially benefit but also focus on “creating” high-quality music. Moreover, the system will empower fans and community members with token rewards, making fans not only consumers but also investors that can share the benefits of supporting their artists of choice.
Why We Invested?
Working towards establishing a system that focuses on motivating artists to create high-quality music and be rewarded is something the music industry needs. The COVID-19 pandemic has demonstrated global fragility for artists and creators all over the world who have struggled as a result of global lockdowns and restrictions on performances and events. However, even before the pandemic, it was no secret that the industry was not fair and still required much-needed reform. Dictated by the interest of record labels and the monopolies of centralized online streaming platforms, the music industry does not represent a space that prioritizes the consideration and well-being of its ground runners, the artists. This is why we believe that Mozik, which is utilizing the power of blockchain to create change in this industry, is very important for its future integrity.
The Global Music Streaming Market is expected to grow by $7.47 billion during 2021–2025 and it is now only right that its artists and creators get a good piece of the pie. We believe that Mozik’s decentralized NFT based platform will provide artists with more control over the true potential and value of their content alongside encouraging them via its rewards-based system to produce content based on quality over quantity. By doing so, Mozik will be reinventing the wheel in a certain respect, to create an ecosystem where artists, industry leaders, and consumers are incentivized to participate on a more equal footing. This should, in turn, create a more balanced industry that is focused on protecting the true value and well-being of its biggest assets, the artists.
Mozik is a decentralized music NFT platform aiming to build a healthier and fairer music ecosystem.
FUEL Incubation is a joint venture between Master Ventures and PAID. It is an incubation program that brings together Master Ventures’ combined 30+ years of blockchain and cryptocurrency experience and network of investors and advisors with PAID’s strategic marketing resources and its IDO sales platform, Ignition.
FUEL will supercharge Ignition projects by opening market access, building a project community, raising funds and building an investor and influencer network, as well as assisting in the construction of token economic models. From the same team that grew Elrond and Ultra, every new project incubated by FUEL will have the resources it needs to perform exceptionally.
FUEL lays the groundwork for a project’s successful moon mission.
About Master Ventures
Master Ventures is a blockchain-focused venture studio helping to build the next generation of blockchain-based Web 3.0 system innovations within the crypto industry. Launched in 2018 by Founder and CEO Kyle Chassé, the company’s ethos can best be summarized in the acronym #BeBOLD: Benevolent, Open, Love, Decentralized.
Master Ventures co-creates with entrepreneurs and businesses worldwide to turn the best ideas into innovative and disruptive products. They do this by investing as strategic partners through offering advisory services to the projects they believe in. To date, Master Ventures has invested in over 40 crypto projects, including the likes of Kraken, Coinbase, Bitfinex, Reef, DAO Maker, Mantra DAO, Thorchain, and Elrond.
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