As democratization and access to online contents continue to expand, the music industry is increasingly being heralded as a promising new frontier. The music consumption experience will be revolutionized by the tech startup Mozik.
In the music industry, blockchain-based NFTs continue to expand into new sectors as a new frontier in democratizing online content consumption. Mozik, a blockchain-enabled, decentralized NFT platform, will revolutionize how music is consumed around the world by bringing more fairness, participation, and quality to the music industry.
Spotify and Apple Music, which are frictionless and easy-to-use applications, account for a large majority of the global music streaming market share at present. According to a Citigroup study, despite the easy accessibility of music, only 12% of music industry profits are paid to artists. By offering musicians and artists the tools to work with their own intellectual property rights, Mozik seeks to eliminate this imbalance.
The internet has enabled individuals to create their own digital objects for the first time since its creation. Typically referred to as an NFT (non-fungible token), this involves assigning a digital asset or object an unchangeable digital identity and then storing it in the blockchain database to prevent it from being altered. With Mozik, you can sell the rights to your music through a legally recognized IP transaction system that uses NFT-creating technology.
“After working in this industry for 15 years, I’ve seen first-hand the struggles many artists face. Blockchain and NFT’s make it possible for us to consume and make use of music in a new way, incentivizing talented artists to create quality work.”Mozik Founder and CEO, Mario Lee,
Here are a few cool features of Mozik:
Uploading works is the responsibility of creators. Music is universal and is available to all – whether they listen to it, share it, or subscribe to it.
Fans on social media
The platform is an online and offline communication medium for music fans, and they give the platform traffic value. By implementing the blockchain, the value of traffic is distributed equally to all users.
Blockchain NFT assets are issued for releases of music. In addition to protecting and authorizing copyright assets, Mozik provides copyright system administration functions. By using smart contracts, creators, fans, and Mozik can manage assets together.
Exchange for Digital Assets
It is possible to issue and manage NFT assets with the Mozik wallet. Several built-in features enable Mozik users to exchange assets.
In the digital age, NFTs provide a breakthrough for creators who wish to expand online, as they guarantee that the creator retains ownership of content regardless of reproduction online. Additionally, this allows fans and community members to interact directly with the artists’ music, and it enables royalties to be paid directly to the creators. Mozik has eliminated middlemen in its platform, instead pairing listeners and music with content that has been peer-reviewed. Content creators are also incentivized to create higher-quality works when there is a higher percentage of income flowing to them, increasing the overall quality of music and democratizing the entire industry.