Blockchain technology is rapidly evolving with new use cases. Supply chain tracking and tracking, compliance auditing, and simplified payment processing are just some of the applications for which this technology is being implemented. Now Tunedly aims to disrupt the music industry by implementing blockchain-based reward mechanisms to encourage user participation.
This technology has attracted the attention of artists, publishers, agencies, managers and many others seeking to develop new revenue models. Blockchain technology can help redefine the rights and royalties process, ensuring that all participants in the complex value chain in the music industry will receive fair payment. In this regard, Tunedly presents its new TunedCoin project. The project aims to offer TunedCoins and distinctive music NFTs as a reward for music consumers. These awards can also be used to gain access to exclusive events and royalties with your favorite musicians.
Musicians and music managers launched Tunedly in 2016 to remove barriers to entry into the music industry. It provides a solution for creating and publishing music in real time for everyone. Tunedly helps decentralize the music industry by opening the way for independent artists, helping songwriters and other music creators connect with world-class session musicians to create music professionally and publish it.
Having become a market leader in music creation, Tunedly has taken up music publishing and then music discovery to increase the fairness and transparency of the A&R process. As part of the TunedCoin project, Tunedly aims to enable music consumers to vote once a day for a song that they think should be signed. Listeners are rewarded by earning TunedCoins and NFT, as well as a share of future royalties.
How TunedCoins and Configured NFTs work
The Tunedly ecosystem is an example of how blockchain technology, non-interchangeable tokens and decentralized finance can revolutionize the music industry. The first aspiring artists are discovered on Tunedly by uploading their music to the Tunedly Music Discovery app.
After downloading the song, Tunedly will show the music of new artists next to the songs of famous artists without branding to eliminate bias. After that, music listeners can vote for their favorite songs only based on the music — without links to the artist’s name or other identifying information.
The best songs voted for by the Tunedly community receive a publication offer, and TunedCoin is allocated along with a subscription bonus. When a company signs a song that listeners have given a star to, listeners are rewarded by earning TunedCoins and NFT.
What is TunedCoin? (TUK)
TunedCoin (TUC) is a service token for the Tunedly ecosystem. The token is based on the Polygon blockchain, which is a second-level Ethereum smart chain. The total number of TunedCoins will be limited to 21,000,000 (21 million).
Tunedly says that TunedCoin will be a universal token that gives priority to users of the ecosystem, and the use cases of TUC will expand as the platform is constantly developed and updated. The TunedCoin ICO is scheduled for the second quarter of 2023. Before the official ICO, music listeners can purchase TunedCoin by listening to music in the Tunedly Music Discovery app.
Tunedly says it also plans to distribute royalties between NFT holders and music listeners. The company will share royalties for songs subscribed to the publication with users of the music search platform, allocating 50% of its net license income from a particular song and paying this amount in proportion to the holders of the NFT of this song, in proportion to the NFT. TunedCoin holder’s holdings. To use the TunedCoin royalty distribution utility, the user must own both the NFT of the song that brings the royalties and TunedCoins.
Tunedly says it plans to pay close attention to customer feedback to understand their growing needs when developing this new system. The company hopes that the TunedCoin project will become a cornerstone in changing the music industry and the ways in which exclusive content is consumed and distributed.