Tyumen
MODA DAOSince 2015, the music industry has been playing close attention to the world of blockchain. We’ve been talking about it at conferences for years. We’ve seen projects rise and fall; some disappearing forever, others making progress in an exciting direction. But in 2021, the Web3 space has advanced in a more rapid way. The time has come for the music industry to come together, embracing what looks less like another industry iteration, but an entire paradigm shift.shif
Over the next few weeks we will share the ingredients that are going into this project; ideas, creative, code, thoughts and thinking that comes from 30+ years in the music industry, 20+ years of start-up work, 6+ years in the blockchain space and 4+ years at the intersection of blockchain and music.
Here on Medium we’ll share information about the roadmap, the team, governance, technology, tokenomics and our innovation lab. We will also keep you, the MODA community, up-to-date with details of our token generation events and product launches.
Follow us here and on Twitter to get the news, hit telegram for quick engagements and look out for an invite to our discord for deep interaction with the community of like-minded artists and technologists.
Problems with music
The music industry has always been broken, corrupt and highly exploitative. In fact, the industry term for monetising music is literally ‘exploitation’. Beyond the known bottlenecks and middlemen lay some lesser-known problems like multi-billion dollar royalty blackboxes and a global collections system that takes years to distribute revenue.
In the modern streaming environment, the behemoth platforms have a stronghold on the pathway between the studio and listeners’ ears. Now that these platforms have all the music and hundreds-of-millions of paying subscribers, their goal is to reduce the amount of royalties paid to rights holders. Notice that Spotify often tries to push you to a podcast? Or are you wondering why they bought The Joe Rogan Experience? It’s because every minute you listen to their ‘owned content’ is a minute they don’t have to pay artists.
No matter what you are told, traditional corporate entities have one main goal: to make money between their suppliers and the customer, to deliver that value back to their shareholders and line the pockets of company executives.
MODA DAO is being built on a non-profit foundation where that middleman cut is reduced, automated, improved and streamlined and the value that’s created goes to the token holders and back into the ecosystem.
What progress have we made so far on that end? We have engaged a top legal firm to set-up the MODA Foundation drawing from their experience helping Synthetix become a fully decentralised ecosystem. The MODA Foundation will be incorporated within 6 weeks.
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