One of the things I love to do when online is to find new stuff and I’m really quite pumped about this latest find. It’s a Blockchain based music streaming website that pays Musicians for every play via its own Cryptocurrency Musicoin $MUSIC
The project has been running for a few months now for the music community.
Now I’ll try to explain in my basic understanding
- Sign up for Musicoin
- Upload your Track to the website
- Share your tracks on social media
- Get paid 1 Musicoin per play
(make sure you own all the rights to your uploads)
You can make splits easily during the process, for example
Drummer = 1 share, Singer = 1 share, etc
Every time someone listens to your music a payment is made via the Blockchain by Musicoin. The website holds a fund to pay musicians from Fees that are charged to Miners, who are the ones generating the coins. So 1 coin is released from the fund to pay the artist.
The Musicoin coins are being traded publicly on a few exchanges such as Bittrex and Cryptopia. This trading is showing value for the coin and is currently around 5 cents per coin. So, in theory, an Artist/Musician should be able to trade their coins for the current Dollar amount.
The price went from 1 cent to 5 cents per coin recently and that is a staggering amount for 1 play of a song.
How much does a YouTube view pay or even the mighty Spotify? Heck, even Soundcloud should have done this but they didn’t.
So I’m pretty glad I signed up for Musicoin as I’ve already received plays and coins. With lots of talk in the forum for additional changes for labels, I think this a project that will grow and grow.
Sign up for Musicoin here