A music platform with a blockchain was announced, which is designed to provide both streaming and a whole music industry.
Muzika, which is the creation of experienced South Korean entrepreneurs, has already attracted support from the two largest technology companies in the country: Kakao and Naver.
The blockchain-based music platform is designed to fight the growing problem of remuneration of musicians. While in current streaming systems, artists complain that they have little control over their works and inadequate payments for their creations, Muzika seeks to link creators and their fans more closely with a system reminiscent of the Patreon membership platform.
Within the framework of the platform, users will be able to both sponsor and directly pay artists their music. They will also be able to participate in public activities, including voting, commenting and sharing songs.
Active users will be rewarded with loyalty points, which will be converted into the Muzika MZK token. This token will become the basis of all transactions on the platform.
For the artists, it will also be used to fund the creation of new music.
“We will create a new, decentralized digital music system that can autonomously achieve repeated production and distribution cycles, as well as take into account the consumption of music, and reform the hierarchy of profit distribution,” said Inseo Chang, co-founder of Muzika.
Despite the average age of 22 years, the creators of Muzika have considerable experience in the music technical space. They have already achieved success at Mapiacompany, the online pianist community and a music club with more than 2 million users.
The company raised funds from the “technological incubators” of the Korean government.
Muzika will start offering services in 150 countries in September.