For too long, the music industry has been dominated by large-scale, high-profile music labels, who exploit artists and give little back to the devoted fans in the music community.
Music Bear Awards are changing the game as the first decentralized music label revolutionizing the music industry into the new era of WEB 3. Utilizing Blockchain technology and the use of Smart Contracts, MBA plans to promote and support new and existing artists as no other music label has previously.
Own a piece of the Music Industry
Typically, artists today only receive around 10% of the revenue produced from their tracks, with the label taking a massive 90%. MBA, created by long-standing professionals within the industry, understands the injustice of this margin and plans to change this. The artists supported by the project will receive between 50-60% under the current plans, and provide the artist with ownership rights of their music through the use of NFTs, paving the way for the future of music.
MBA will be a fully decentralized community made up of artists and music lovers, giving them the opportunity to dictate the future of music. Each artist will give 5-10% of their revenue back to the community of NFT holders, which will enter a community wallet. The holders will then have voting rights on the use of the funds, which can go towards supporting other, new artists joining the platform, or cashing out part of the wallet for the holders.
The project has plans to make some big partnership announcements in the near future with high-profile artists, however, it already has several onboard, as well as many smaller independent artists that it supports. One massive artist that is already involved is American rapper, Vic Mensa. In a recent interview, Mensa talked about the industry currently, saying “The structure of the music business is rotten. There is an opportunity in WEB 3 to restructure and to change the shape of power”.
The future is a fully decentralized music industry, where artists own their music, and the community is rewarded, as well as heard in the future development of the space. With the partners already onboard and lined up, not to mention the development plans, this is the start of something huge.
MINT goes live on Sunday, 3 April.
For more information, check out MBA’s official website.
Disclaimer: This is a paid post and should not be treated as news/advice.