This week’s guest on Cardano NFT column is a project that aims to use this technology to decentralize the music industry: NEW.
Last week’s guest was a project build a new platform called AnimeSector, for anime fans with integrated NFT functionality.
This initiative is a reference point for NFTs on Cardano and every week or so we will invite someone to answer some questions and give us an update directly from the Cardano community.
Considering that many of our readers are new to the crypto space, we want one mix of simple and technical questions.
Cardano NFT Project: NEWM
Hi, glad to have you here. Introduce your team, where are you from, what is your background?
Hi, thanks for having us! We are NEWM, and we take on the music business. We started as just four people in 2021 and have quickly grown a dedicated team of 30 people today, working globally to achieve the NEWM vision.
Our vision is simple: to create a fair music ecosystem where artists and music lovers are directly connected in a mutually beneficial relationship through music co-ownership.
That being said, the execution is a bit more complex in the sense that there is a lot of legal due diligence that goes into creating a product with services like ours.
We have experts in development, law, product, finance, marketing, UX/UI and project management, tackles all aspects of this huge project. We were extremely fortunate to attract some amazing people with remarkable experience, which has made it easier for us to coordinate such dispersed team working mostly part-time.
What is NEWM? What problems are you solving and why have you chosen the Cardano blockchain for your project?
It is a dark side of the music business that the average listener doesn’t really know about or meeting and most of the problems have to do with artists’ contracts, middlemen and lack of ownership/creative control regarding intellectual property (IP) – i.e. music.
First and foremost, our goal is to shed light on these issues and how we all play a role in this system. We are seeing a global shift to more conscious consumers, and this will be a driving force for adoption. With constant access to immediate information, people look for projects that make sense, and we think we fall into that category.
The NEWM solution is twofold:
- ONE portal for musicians to generate actual income from their art in a peer-to-peer manner, freeing them from exploitative contracts and labels, including platforms that provide minimal payouts. NEWM will provide music distribution, the opportunity to fractionalize and sell streaming royalties via NFTs, royalty collection and distribution, music streaming and ticket sales; all in one user-friendly, yet amazing interface (if we do say so ourselves).
- The opportunity for music lovers and collectors to directly interact with their beloved music/musiciansas well as financially benefit from a multi-billion dollar industry.
Music used to be an art – the collector element we once had has all but disappeared with the digital landscape of streaming services. We are bringing back value by establishing music as a new asset class. Listeners can invest in music and become part of artists’ success and even create their own revenue stream. This also benefits the artist; every person who invests in music is intrinsically motivated to spread the word and push the respective artists. It’s a win-win.
We strongly believe in the Cardano community. There is a lot of creativity, collaboration and innovation that we feel adds exponentially to what we build. Cardano’s academic approach to product development guarantees a solid foundation and predictable fees. Its PoS model offers security, sustainability and decentralization, which is in line with our values.
How do you use NFTs in your ecosystem? What benefits does this technology bring to the music industry?
We turn songs into NFTs. Normally the first thing that comes to mind with NFTs is collectibles, but what we do is so much more. In our case, NFTs become fractional, enabling users to sell, buy and trade these “fractions” as tokens on the blockchain. Token owners receive royalty payments depending on their ownership percentages. So, by purchasing a token(s) with NEWM, you can now receive a portion of future streaming royalties.
On the artist’s side, this means immediate liquidity for new projects or goodsand the aforementioned benefit of long-term support for their art by creating a unique fan base that has a financial incentive to promote the musician. The value lies in the fact that people are responsible for what they own and are not dependent on third parties, as well everything is clearly documented and transparent on the blockchain.
You also have your own stake pool and NEWM token, tell us more. What will the token be used for?
Yes, we have ours stake pool that rewards ƝEWM tokens to our delegators. It’s our way distribute the token to our loyal community. The token itself will provide a lot of utility, most importantly voting rights. Since our vision includes a Decentralized Autonomous Organization (DAO), we prepare everything to make it as diverse and inclusive as possible. Our goal is that many and not just a few will define the direction of the NEWMiverse (ie our fair music ecosystem). Essentially harnessing the collective wisdom of our community. Ultimately, the same applies here: what we develop is a tool for artists and music lovers alike, so they should decide what the future holds.
More utility will be added as our roadmap progresses. One thing is certain ƝEWM token will be an integral part of our ecosystem, providing benefits to the holder in the app, on our marketplace and by staking it.
Thank you very much for your time. Any final thoughts? Where can people learn more?
Thank you for your interest in NEWM! I would invite everyone to check out ours website and especially spring white paper. There is one more in-depth description of NEWM’s full vision. We don’t just build a coining or streaming platform or a simple marketplace – we build a complete ecosystem where the long-term mission is to change things for everyone who cares about music.
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Disclaimer: The opinions and views of the people interviewed are their own and do not necessarily reflect those of the Cardano Foundation or the IOG. Also, this content is for educational purposes, it does not constitute financial advice.