deadmau5 & Richie Hawtin fund MODA DAO for NFT music release & licencing project
Looking to adopt Web3 technology in the music industry, a decentralised autonomous organisation going by the name of MODA DAO, has set out on achieving a new approach of music publication where it “aims to remove the middlemen of traditional streaming services.” Illustrating the ‘Music3‘ framework, the group have envisioned a world where artists are given full control over their catalogues, with their treasury used for the creation of tools required for music production, as well as for any grants artists will be provided with for their projects.
Taking it that one level further, MODA DAO have also set out on creating a platform where artists will be allowed to upload their music as NFTs (non-fungible tokens), and in turn also allow the listeners access without having to transfer ownership. This will be achieved through an “audio NFT aggregator,” with a main purpose of taking the place of ordinary mp3 downloads. An initiative set to change the music industry in the most groundbreaking of ways, it comes to no surprise that Richie Hawtin and deadmau5 have embraced such an idea, as both joined the most recent round of funding for the project.
With both artist’s heavily invested in the metaverse through their Pixelynx gaming platform, this latest project fits perfectly with their main aim of blurring the lines between music, blockchain and gaming. Talking in a recent interview, Hawtin showcased his excitement “that the tools MODA is building will help create further options for the independent music industry,” and in the long-run will enable a more fair compensation system for artists, as well as “creating long lasting personal connections to their fans.” Moreover, Hawtin proceeded with an explanation of how the MODA grant system will work, as it has set out to “blur the lines between artists, audiences and fans.”
A truly unique concept set to impact the music industry in the most enticing of ways, Hawtin made clear that “MODA isn’t designed to interface with or replace traditional music streaming platforms,” as it will bring “a new and unified listening experience to users” through streaming “NFT audio files from every leading NFT platform and chain with a simple layer of usability.” The new era of music streaming is well and truly underway, and such initiatives can only further enhance the musical experience for both the creators and fans within our community. For further detail and information on MODA DAO, be sure to check out their official website.
Image Credit: deadmau5 (via Facebook), Richie Hawtin (via Facebook)