This DeFi platform is launching exclusive music drops on the Binance NFT marketplace |
The music industry has been struggling for years to adapt to the digital age and to reap the benefits of the online streaming revolution. However, a recent trend has emerged where a few artists have received a majority of their income from the sale of digital assets on their platform.
If you’ve ever used DeFi (or are in the market for a DeFi product) then you know it’s a complicated, sometimes daunting world. That’s why we’re introducing a brand new creative project called the Drop, a series of exclusive music drops curated by industry influencers, and launched on Binance’s new stablecoin, Binance Coin (BNB).
If you’ve been following the news lately, you’ve probably heard about the Binance Chain. This non-fungible, or “DeFi”, blockchain is a novel idea that makes it possible to trade assets with little to no fees on decentralized exchanges. This is a huge win for DEX users, and Binance’s upcoming launch will be a big step towards making the Binance Chain a reality. But what else will be in store? The Binance X token, which will be traded on the Binance Chain, will have its own unique functions that will help token holders to trade and earn.. Read more about where is binance located and let us know what you think.
The music releases that will be released under the NFT name include work from well-known artists such as Lil Yachty and Kyle, and will certainly be of interest to NFT collectors and fans of the artists themselves.
Digital music becomes a digital good
Music is one of the more unlikely use cases for NFT, but the case is quickly gaining traction in the burgeoning market of non-playable tokens. Famous artists such as Kings of Leon and Aphex Twin have released their music in NFT format, and album covers and even the rights to entire albums have been sold this way. Opulous is the brainchild of Lee Parsons, founder of Ditto Music, which prides itself on supporting over 500,000 artists and labels through its global record distribution and publishing service. Parsons saw the potential of NFTs and their ability to support exclusive and collectible music releases. He founded Opulous and began combining digital music with digital tokens that allow ownership of the music. We are excited to partner with Binance NFT to launch these exclusive NFT drops featuring some of the most exciting artists from around the world, Parsons said. I’ve been passionate about the use of cryptocurrencies and blockchain technology in the music industry for years, and I believe that the introduction of NFT drops like this will help strengthen the bond between artists and their fans in the future.
Binance spreads its wings
Binance has grown from a simple cryptocurrency exchange to a global blockchain hub, present in all major sectors, from investment to mining. The NFT trading platform, simply called Binance NFT, will launch in June. Users of the platform can sign up to receive exclusive newsletters from NFT on topics such as art, collectibles and music. Unfunded tokens can be mined, traded and placed on the universal NFT platform. Opulous, the first NFT project dedicated to music and artist support, aims to become the leading funding platform for artists. Opulous creates the first launch pad for copyrighted NFTs, allowing artists to get paid for their work and grow their global fan base. Future income includes the provision of Defi credits secured by future royalties, allowing artists to fund new work while rewarding their most loyal fans and supporters. Exclusive NFT drops on Binance NFT, led by Lil Yachty and Kyle, give fans an idea of what to expect when Opulous releases his NFT Launch Pad music. Author stock royalties allow artists to earn passive income, and early buyers of their work are rewarded by the career growth of their favorite artists. In time, Opulous will set up an NFT exchange where the music of supported artists can be traded. This creates a thriving symbolic music economy that will fund the stars of tomorrow.
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As a fan of the music industry, I was eager to discover that my favorite artists were about to launch their own versions of cryptocurrencies. This week, Brooklyn-based singer-songwriter Sia has announced her new project simply called Sia. Sic, which will be a fully-functional version of the Ethereum blockchain, will be used for collective purchase of the singer’s music, with all revenue going to charity. The project will be launched on the Binance DEX, the decentralized exchange (DEX) that Binance Labs launched last month.. Read more about best defi coins and let us know what you think.
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