“3MILY” OPEN LABEL MVP

BACKGROUND

Musicians represent the transformation process in the Music Industry.

THE OPEN LABEL

The idea of Open Labels lay its foundations on a few basic assumptions:

  • Independent musicians SHOULD monetise on their digital releases of recorded music.
  • Every independent musician with a bit of dedication has a core-fanbase of people (10, 100, 1000) that follow him/her during live shows, share his/her content and from time to time provide opportunities or help with booking, logistics, videos, radio plays, and any sort of stuff.
  • These core-fans often buy the musician’s CDs and merchandising, sometimes more in a supportive spirit than for actual use.
  • Royalties are the ultimate valuable asset a musician has a certain degree of freedom to monetise on. They constitute a personal property of the creator, and any personal property can be sold via mediated or unmediated interpersonal agreements.
  • Holding shares of a musician’s release (song or album) could be the ultimate incentive for fans to gather around him/her as contractualized participants in a “Open Label” scenario for a given song, album or catalog.
  • As long as it is certified and built on a verifiable mechanism that satisfies the sale’s agreement, authorities cannot forbid musicians to privately sell (part of) the ownership over their creative work.

The right combination of traditional and up-to-date PRO Rights Ownership certifications (see Soundreef time-stamp service on the Bitcoin blockchain), the IPFS CIDs system, token crowd-sales or Uniswap, a dividend payable contract, and any basic html front end can easily allow that.

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“3MILY” MVP

“3MILY” is the first single from my 10th album, written and recorded on a 4-tracks Tascam cassette recorder, during my staying at the Stone Oven House, a mountain retreat located in the Western Italian Alps, in August 2019.

FUNNELING PAYMENTS INTO THE “3MILY” SMART CONTRACT

Despite the many issues in adopting contract templates offered by DApp/DAO providers which use previous versions of Solidity — or in alternative the challenge of writing up a dividend smart contract without having a `callDividends()´function looping through arrays of token holders — I believe what described above represents a pretty solid starting point to notarise and un-mediate music royalties split in a P2P way, from artists directly to fanbases.

  • Sablier.me protocol for temporary rental of the song or temporary Licensing (commercial syncs agreements)
  • Matic.Network for pay-as-you-listen micro-payments. In this sense, I would recommend taking a look a what VideoDAC is putting together in terms of Ready App and UI.
  • An ERC721 sale with a given numbers of NFTs representing life-time license to exploit the song for commercial use.

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matlemad

matlemad

122 Followers

Musician rolling down the crypt, ETH educator and entrepreneur. Find my music on https://linktr.ee/matlemad