The music industry people have been attempting for several years to use blockchain technology to promote music. Many investors and startups think they have lots of potential but most artists have remained unconvinced about the same. A few services have emerged, but most of those projects cater to artists who are already in blockchain technology. It does not cover musicians who simply want to receive payment once they post or deliver their content. They are not ready to wait for the crypto result. Nina, a music marketplace for digital content, may solve these issues.
The New Music Marketplace with Blockchain Element
Nina is similar to Discogs and Bandcamp. Its founders include Mike Pollard, who worked with Arbor Records. Other founder partners are Eric Farber and Jack Callahan. It launched on Solana, which is more energy-efficient than the ethereum system. Music uploaded by a musician on Nina is streamed for free, in the same way it is done on the platforms like YouTube and Soundcloud. The unique thing here is that it comes with a few tokens that are not exclusive to any single platform. Token buyers are entitled to some special perks and not the music’s digital copy.
How Does It Work?
According to Pollard, the tokens are a type of customized loyalty program. Musicians can offer a discount to people who have got tokens. The music content has several values that are not exploited fully. This platform plans to change that. It is for the artists to develop such values. They can offer customized perks to the collectors. Music from many top names will be offered at Nina.
The platform allows buying only in USDC, which is a stablecoin with the same value as the US dollar. This cryptocurrency is not as volatile as ETH and SOL.