TL;DR
- DAORecords uses web3 to protect artists and consumer rights
- FonoRoot NFT system changes the way audio NFTs are used and valued
- Find out more about DAOrecords’ Alpha, Sound Splash, and its token, $SPLASH
- Find out how you can support DAOrecords on Meta Yield right now
Democratizing the music industry with web3 technology
DAOrecords seeks to revolutionize the way that artists create and distribute music on NEAR Protocol. Their mission is to democratize the music industry through the use of audio NFTs (or music NFTs), allowing audiences and artists to interact in new and equitable ways.
Through the organization of parties in the Metaverse, the DAOrecords team sets up a unique experience for creators from all over the world. Over the past two years, they have attracted a large number of artists from different countries, and the number of creative people in the community is growing.
DAOrecords has been releasing and hosting a series of Metaverse events and NFT drops since May 4. The events series ends on July 27. During this time, 12 artists from different parts of the world will present their work, which marks a new method of global collaboration. The SoundSplash drop events are taking place in various Metaverse settings like a pool party in the CryptoVoxels Metaverse (pictured below) and on the NEAR native project, RealityChain.
“Artists from Nigeria, Malaysia, Indonesia, Japan, Venezuela, Australia, Singapore, the United States, Trinidad & Tobago, Cambodia, and South Africa will be included on the platform, which will be open to the public. Musicians and DJs from all around the world are coming together in one place!”
The FonoRoot Audio NFT Launchpad
FonoRoot is the first audio NFT launcher built on NEAR. Exactly, it is an on-demand NFT creation system. With FonoRoot, artists will be able to set sliding prices for their songs and regulate their own royalties.
When an audio NFT is minted through FonoRoot, it creates a new ‘generation’ of that copy. Each time the NFTs in that generation are purchased, a new generation with more copies is created.
Essentially, for each NFT collected, two more are minted in the next generation. The first 5 generations can currently only be bought with a Splash Pass. Splash Pass is an NFT allowing early access to the 12 drops happening through July.
Furthermore, the FonoRoot NFT software has a built-in method to protect the value of original audio NFTs, while also making the content widely available. This is possible due to the generation process that FonoRoot is built on. Early generations will have a higher value, but later generations will be minted to ensure availability.
How is FonoRoot an improvement on current audio NFTs?
Why is this technology significant? Because it is a significant departure from the software used traditionally in audio NFT technology. Within the audio NFT community, the model has traditionally mirrored the one used by Crypto Art.
In this system, artists select prices and royalties for their audio NFTs, and make them available on various platforms for purchase. Conversely, FonoRoot allows for the same level of control by artists, but their system of generations means that value can be retained for early purchasers and collectors. This allows the NFTs to both hold high value and also become available at reasonable prices for everyday listeners.
$SPLASH tokenomics
To fuel the micro- economy growing on the Sound Splash Alpha, DAOrecords is releasing $SPLASH. The token is not meant to be used across the entire DAOrecords ecosystem. It is currently only being used to facilitate transactions between the sound splash releases.
For example, you can use your $SPLASH tokens to purchase audio NFTs, earn staking rewards, tip your favorite creators, and participate in DAO governance. You can learn much more about the tokenomics here.
How to back DAOrecords on Meta Yield
Meta Yield has been aptly dubbed a “kickstarter” style platform for the NEAR community, and it is hosting DAOrecords fundraising campaign.
Meta Yield allows users to stake their stNEAR to financially back a project in exchange for their native token. The staking rewards go to support the project (in this case DAOrecords) and after a lock-period backers get all their stNEAR back.
Meta Yield provides a riskless way to support community projects that you believe in. You can read more about how to use Meta Yield and the specifics of the DAOrecords campaign on our blog.
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