Problems: Most musicians don't get fairly paid in today's music industry, which can be mainly reflected in three aspects: 1. Streaming revenue model favors free audience: If a musician fully owns both sound recording and composition copyrights of music, each play on such music can only generate around $0.003 for him on Spotify. 2. Inefficiency of royalty chains: Between a musician with his fans, multiple royalty chains normally involve 2-5 middle organizations. These royalty chains are black boxes, which can cause significant royalty disputes, delays, and deductions. 3. Lack of Ownership of music In the past, people own their music assets, such as CDs and tapes. Owners can resell their music assets. Digitalization makes music no longer an asset. Streamings can not store or transfer value as a physical copy does. For example, the signature cannot be signed on a stream. There is no collection value, and it's not tradable.
Basscube is a music NFT platform that helps indie musicians build core fans' community and generate sustainable income. Our team consists of music industry professionals, senior-level engineers from Apple, Facebook, Tiktok, Sonos, etc.
Our project is incubated by the University of Southern California. We have over 300 artists who agreed to launch their music NFT on Basscube. Their aggregated fan base is currently over 16million fans now.
We recently won 1st place in NFTVisionHackathon hosted by Circle and IPFS. We developed the onramp solution and currently iterate our design and develop interactive solutions.
Our solution to previous problems: