Pimpama, Australia, Jan. 19, 2022 (GLOBE NEWSWIRE) — (via Blockchain Wire) Bringing the world of NFT’s and the music industry together, MoonwalkerFM is one of the first-ever NFT record labels of its kind to launch. With 33% of their NFT’s already sold in presale, MoonwalkerFM has now announced the release of its Season 1 compilation of music
Blockchain in the music industry
MoonwalkerFM is one of the first record labels to give out royalty-based NFT’s. This new phenomenon is one of the latest developments in the blockchain and NFT space, adding another use case for the decentralized technology. So far, the traditional music industry has had a handful of artists releasing individual songs and handing out NFT’s, which are essentially certificates for royalty ownership. For example, artists like 3LAU, rapper Nas, and The Chainsmokers have been or are about to launch songs with royalty-based NFT’s.
MoonwalkerFM will fully function on this new structure, giving fans and listeners a unique opportunity to participate in the success of the record label. And now with “Season 1” set to launch on April 1st (no joke!), MoonwalkerFM NFT holders can start earning passive income!
For the launch of “Season 1”, a total of 100 NFT’s will be linked to 50 lofi hip-hop songs, equating to two NFT’s per song. Among the two NFT’s, the one that has the more rare traits will be deemed ‘rare’, and NFTs with the less rare qualities will be deemed ‘non-rare.’ This rating process incentivizes holders to hold rare NFT’s rather than common ones. Once an NFT is linked to a song, users will receive passive monthly rewards based on the song’s success. Rare NFT’s that are linked will receive 30% rewards, while common NFT’s will receive 15% rewards.
Public Sale on April 1st
The public sale for MoonwalkerFM will be on April 1st. This first collection consists of 1,500 NFT’s. So far, more than 33% of the NFT’s have been sold in presale, leaving less than 1,000 NFT’s left for music fans to scoop up. Once the public sale is live, users must connect their Metamask wallet to the MoonwalkerFM website and hit the mint button.
MoonwalkerFM is a progressive and dynamic project and uses the already established NFT formula and takes it to new heights with a real, functioning utility that connects a song to an NFT.
This project will see investors gaining from two sources of rewards (song stream rewards and NFT value), and music artists from all over the world will see their song championed by large communities eager to see it thrive.
This project comes at a time when the music industry is in desperate need of change. Not only have artists been drastically affected by the pandemic, but their opportunities to make decent revenue are slim and scarce. MoonwalkerFM is the start of a direct line of communication from fan to artist — one in which both parties benefit.