How NFT solves the pain points of the music industry and the Mozik solution
Covid-19 had a significant impact upon the music industry, where live shows have completely collapsed while streaming volumes are at an all-time high. However, there hasn’t been an effective solution towards the piracy issue of music streaming.
Pain points of the music industry
- Quantity over quality: Alibaba and Tencent are at the top of the online music ecosystem. Undoubtedly these are the leading platforms, but still, they have failed to provide proper room to musicians to produce quality content. Musicians and artists do not have any authority on such platforms and they are strictly abided by the terms and conditions of the platforms. Alibaba and Tencent, like most streaming platforms, compel musicians to focus on quantity of content instead of the quality.
- Infringement: The music that artists create are not protected from the act of musical infringement. They might be used online (websites, Tiktok videos) or offline (conferences, parties, gigs) without the artists’ acknowledgement or consent.
- Copyright issues: Platforms like Alibaba and Tencent do not guarantee economic interests and copyrights to the musicians due to the lack of NFT music copyrights. So, the constant infringement of legal rights makes musicians despondent, consequently they give up.
4. Lack of criteria: The online music system lacks standard criteria for adjudicating the monetary value of IP assets. In this system, the interests of end users cannot be evaluated as there is a weak connection with the listeners.
The NFT solution with Mozik
Mozik is a decentralized music platform that provides various tools to help independent composers. The objective of Mozik is to eliminate the monopoly of the centralized system and to create digital entertainment ecology for online music based on blockchain.
- Very focused: Mozik enhances the value of the digital content industry by paying detailed attention to layout, community, and the international vision.
- DCPP: Mozik promotes Digital Content Publication Protocol (DCPP) along with the tools that are compatible with DCPP registration rights on-chain.
- Asset identification: Mozik carries out asset identification by using NFT music copyrights.
- Discovery mechanism: It also facilitates an environment in coordination with the Mozik token economy and provides an excellent discovery mechanism. In this way, the platform helps artists to connect with a wider audience.
- CTPP: Mozik Copyright Trading and Pricing Protocol (CTPP) pave a path for the musicians to complete the NFT music copyright trading conveniently.
- Connection building: Mozik encourages digital content by building a content community and trading community around the globe.
- Mining tool: Mozik encourages creators to produce quality content by means of its mining mechanism which ranks all contents accordingly. With the availability of ranking tools, creators will be given valuable feedback and help them produce better content.
Mozik is completely focused in providing support to independent musicians and artists. With the decentralized music platform, Mozik aims to alleviate the pain points that musicians currently face on other streaming platforms. In addition, Mozik provides a fair and safe marketplace for artists to sell their music and artwork on the blockchain. The copyright and royalty management that are integral in NFTs give control back to the creators. This is why there has been a surge of NFT releases recently and undoubtedly many more in the future.