We are starting 2023 and with the adoption of NFTs becoming more and more popular among users, we can find different industries creating blockchain-based projects. In this opportunity we will see how the music industry is developing DAOs within the ecosystem and explain some existing examples.
Before starting to learn about the music projects that merge NFTs technologies with DAOs, it is good to know what “Decentralized Autonomous Organizations” are.
DAO stands for “Decentralized Autonomous Organization” and the easiest way to see them is as Internet communities that have a shared goal. In turn, they represent places where people with different ideas come together and combine resources, vision and talent to create a sustainable community over time.
In DAO, users hold tokens that work to participate in the cultural, organizational and financial growth of the project. In itself, DAO represents a new type of business structure that uses blockchain technology and where the emphasis is on the individual contribution rather than the amount of capital that might have been invested by the project.
Moreover, they are transparent, since, the protocols through which participating users are rewarded are specified in the code and enforced through the blockchain. DAOs are especially communities of people working towards a shared goal.
Dreams Never Die
Dreams Never Dieis a DAO record label that aims to generate financial sustainability around new and emerging artists. At the same time, their mission is to create a community that participates in the discovery, development, promotion and distribution of music.
Moreover, they want to address artist attribution issues and eliminate practices that we commonly see in this industry such as exploitation and minimal payments to artists. Accordingly, they have created a community-based platform that acts as a record label and provides token funding.
This DAO shows a clear example of a community with a shared bank account where like-minded people pool resources and talent to achieve the same goal.
Mudd DAO
Mudd DAO aims to create a record label and to be managed by a decentralized community with constant collaborative and generative music creation in a hub of ideas.
Currently there are only the works of independent musician Julian Mudd, but they have confirmed that plans are underway to start supporting other artists in the near future. This DAO operates by allowing the artist to sell certain pieces of music or tracks as NFTs, this non-fungible token subsequently grants access to the DAO community.
The goal is to seed a community that is actively involved and together can contribute songs or sound bites in a collaboration that revolves around songs coined as NFTs.
PHLOTE
PHLOTE is a music DAO that relies on its unique social token called $PV1 that gives every member of the community a stake in its growth.
Fans are rewarded with PV1 tokens after performing music selection jobs on the platform. Some of the activities may include: scanning music submissions and co-signing songs they like.
The goal of this project is to turn the curators of the platform into owners and operators of the network, while growing the music community.
The $PV1 token is not available on the marketplaces for purchase, but is only obtained by contributing to the curation work, sending music or signing up with likes on the different topics.
SongADAO
SongADAO boasts of being a community that focuses on sales and NFTs called “NFTs” and is updated daily.Song of a Day” that is updated on a daily basis. Songs, artwork and videography are sold as non-fungible tokens and DAO members are rewarded for completing certain tasks for the organization. Also, users belonging to the community themselves choose which jobs are paid more than others.
This DAO owns 100% of the rights and revenues of the songs that are published in “Song a Day”, and the members collectively decide how to use these rights and revenues to increase the value of the DAO’s catalog.
Ampled DAO
Ampled DAO is a community-operated and community-supported music platform. It works in such a way that artists can post demos, exclusive products, new announcements or unreleased works, in turn all their followers are automatically notified about any of these actions.
AMPLED DAO members are required to pay a $3 monthly fee to gain access to the platform. As a result, the DAO provides the funds to support the artists who are part of the rosters.
Currently this DAO has around 800 different artists actively using the platform every day.
Good Karma Records
Good Karma Records is a DAO record label that markets music and offers memberships in NFT format. It also grants users the $KARMA token, which gives buyers access to participate in DAO’s decision-making and operational process.
NFTs also unlock token-controlled access to virtual world and IRL events, as well as seasonal exposure to the artist’s unreleased music.
In addition, DAO members can elect and vote for artists who belong to the label, have overall control of the label’s day-to-day operations and manage the finances involved in the label.
One of the goals of this record label is to seek and find new ways to provide funding and support to artists, but at the same time, for the community to increase the value of their $KARMA token.
Holly+
Holly+ is one of the most exciting DAOs in the music industry. It is led by Holly HerndonHolly+, a musician and specialist in the field of machine learning and the human voice.
This tool it launched called Holly+ allows collectors to create AI-generated artwork with a fragment of their voice, as well as the ability to distribute ownership of their digital image through the creation of a DAO.
This project uses an ERC – 20 VOICE token to represent voting shares within the decentralized autonomous organization. Also, they are used so that artists producing songs with this Holly+ voice model can automatically submit the song as a proposal to Holly+DAO.
Its own token is called $VOICE and the best artwork and licensing opportunities are approved by the DAO members themselves.
Finally, the profits from these works are shared among the artists who used the tool, the DAO members and Holly Herndon herself.
All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.