The guest for this week on Cardano NFT is the project which simply aims to use the technology for decentralizing the music industry. Such kind of the initiative is the point of reference mainly for Non-Fungible token on the Cardano. Each week the guests invited to answer different set of questions and offer the update directly within the community of Cardano.
Considering the fact that several readers are new to this crypto space, so the questions will be a perfect mix and match of technical and simple questions. Also, project of NEWM Cardano NEWM is using the latest NFT technology for decentralization of music.
The solution of NEWM for NFT is two-fold:
The portal meant for the musicians for generating the actual revenue from art in the manner of peer-to-peer. It free them from the exploitative labels and contracts. This includes the platforms which offer minimal payouts. However, NEWM offer music distribution, with an ability to fractionalize as well as to sell out the streaming royalties through the NFT.
The opportunity which meant for various music lovers & for collectors will help to directly interact with the preferred music or the musicians. Also, this will lead to the financial benefit from the industry of the multibillion-dollar.
Music can also used as the fine art, where element of collector had all but even disappeared with digital landscape related to streaming services. The PoS model provides great level of security, decentralization and sustainability that perfectly aligns with the values. It is also important to check about the proper utilization of the NFTs within the ecosystem. Also, it should also be check about the advantages which it will bring for the music industry with help of this technology.
NEWM turns the songs or music to NFT. Here it gets fractionalised, thereby making it quite much possible for the users to sell, to buy as well as to trade such ‘fractions’ for the tokens of blockchain. These Token owners get royalty payouts according to the percentage of ownership.