Author: Spike
The Music Metaverse track is becoming active, and the latest story is the case of Voice Street's debut on BitCoke in the past few days. Voice Street has appeared on the BitCoke exchange at 8 o'clock on August 3. As of press time, its token VST has increased by as much as 12 times.
Since last year, dozens of music NFT projects have obtained early-stage financing, and there are many eye-catching new projects such as Royal and Sound.xyz led by a16z. On the whole, these financings are concentrated in seed rounds, indicating that the industry is relatively early; and most of them use NFT for streaming media, trading platforms, creation and copyright linear solutions for Web3 iterations.
In contrast, Voice Street, which is committed to bringing music into Web3.0, has completed the layout of a variety of products such as music NFT platform, metaverse concert, musician live house virtual space customization and music-related games, maximizing Make full use of the function of NFT in the basic elements of the metaverse world, and iterate Web3 in all aspects from creation, transaction, copyright, income to user participation, fan interaction, musician cultivation, and concerts, empowering music operations and fan economy, Let NFT music flow freely in the metaverse world; moreover, Voice Street has landed on BitCoke Launchpad and completed IEO subscription.As of press time, 7,266,981.6 COKE (1VST= 0.22642 COKE) have been raised.
ThePrimedia will write this article to introduce the Music Metaverse project Voice Street in the context of the fusion of music NFT and Metaverse.
creator rights
Walking on the 3D Star Stage of the Music Metaverse
Digitalization is changing the competitive landscape of the music track, and the new economic model of Web3 creators has become the first driving force for the formation of institutional competitiveness.
The way to explore the new economic model of Web3 creators, starting from solvingA series of stubborn problems such as giant manipulation, copyright infringement, lack of standardization, and uneven resource distributionstart.
The development of the digital music industry has always been suppressed by the following mountains:
The giant platform is absolutely dominant, and copyright parties such as brokerage companies, music copyright associations and other music industry organizations are relatively scattered and weak, and cannot guarantee the interests of creators and fans.
In the process of digital music reproduction, due to the low cost of materials, machines and venues, infringements are common.
It is difficult for independent musicians to profit from music creation, copyright issues and the establishment of a sharing system for musicians need to be improved urgently.
Starting from the exploration of the new economic model of creators, Voice Street aims to further expand music IP channels and increase income through the horizontal and vertical development of music products and IP musicians, and solve the above pain points in the traditional music track.
Compared with traditional music companies, Voice Street allows musicians to easily and conveniently integrate into the music web3.0 world.
With the web3.0 music infrastructure provided by Voice Street, musicians can publish their own NFT works, participate in IMO, and obtain initial funds for publishing music works;
Participate in Live House online concerts, DAO community and communicate with fans in various ways to accumulate fame and fan base. Musicians who cooperate with Voice Street will get more income (additional web3.0 income);
Simply issuing NFTs cannot bring long-term stable income to musicians. Voice Street pays more attention to the in-depth development of music works, and tries to help musicians in all aspects, through music production (NFT distribution trading platform) to distribution (IMO), to follow-up operations (Metaverse concert, Metaverse music game, Customized scenarios, musician DAO fan community) realize the multiple development of music IP derivative value in an all-round way, and realize the maximization of NFT copyright value and NFT owner's rights and interests.
Voice Street expects to create a multi-dimensional creator's rights and interests through horizontal and vertical two-way channel design. Through the digital asset economic model carried by the blockchain, digital music IP content is the core digital asset to help musicians capitalize the digital music they produce. So that they can continue to gain benefits in the process of using, managing, and distributing works, and provide convenient and decentralized music communication channels.
"In the future, every star will be transformed into a 3D image to perform in the metaverse." Allen, the head of the Voice Street product department, described the vast stage of future creators with a vivid description."The digital music industry is developing in multiple directions, such as legalization of copyright, diversification of content, socialization of fans, etc., and gradually presents a comprehensive and interactive development model."
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Source: "Voice Street whitepaper"
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Source: "Voice Street whitepaper"
As shown in the figure, the platform ecological technology structure is composed of the underlying blockchain module and its related peripheral ecological components, based on the user layer, voice street service layer, blockchain core layer, basic component layer and public service layer. structural design.
Unlike traditional centralized giant platforms that focus on fan stars, Voice Street focuses on supporting creative independent musicians and music rookies, helping them integrate online communities, offline performances and personal brands, and realize fan monetization, value growth and Content innovation, so as to achieve a win-win situation in the pan-entertainment digital music ecosystem.
As a Labs dedicated to bringing music into Web3.0, the Voice Street project team is composed of serial successful entrepreneurs in Silicon Valley and former Warner Music executives. They have many years of experience in music distribution and operation, copyright protection, and game development. IP and musician resources have first-mover advantages.
The current project cooperation institutions include the well-known music copyright operation company Believe, the music label Goal Music, MOST, STUDIO 25, and many entertainment companies in New York, Nordic, Hong Kong, etc. There are already 30+ well-known musicians with 2-5 million fans and Voice Street reached a cooperation and landed on Voice Street Metaverse Concert to hold their own concert.
Voice Street also helped 7 musicians from different countries, including Kpop star Kevin Shin, Top 100 DJ 22BULLETS, Top 100 DJ Pink Panda, Top 100 DJ KAKA, Malaysia Eric Moo, Rapper 8UCK, Rapper Long Zeyu, etc., successfully launched 7 IMO.
The musicians and institutions that cooperate with the platform have millions to tens of millions of attention, and they have a large number of attention and fans. Compared with other blockchain projects, it is easier for users to understand and participate.
The emphasis on the rights and interests of creators is the foundation and soil of Voice Street's metaverse layout, which aims to promote the thriving creator economy.
User Growth and Revenue
New features of IMO tokens under DAO governance
The innovative function of IMO tokens is the killer feature of Voice Street's efforts to build a user growth system.
In the art field where Voice Street is located, how to introduce Web2 users into Web3 is the biggest problem facing. Voice Street is trying to be as "insensitive" as possible.
IMO (Initial Music-copyright Offerings) comes from Voice Street's original music metaverse new model. It is a blockchain solution for the music field and pushes the concept of "initial music-copyright offering (initial music copyright offering)" to the forefront.
Before the emergence of Voice Street, most of the applications of blockchain technology in the field of digital music used digital assets as payment and settlement tools for digital music. A typical representative is the homogeneous token FT based on the ERC20 standard of the Ethereum network. It is used for the settlement of digital music results, and it is easy to track the circulation address and quantity, but it can only express credit and token value. Since then, digitalization in the music field has experienced three stages of development:
The first stage: digital music payment settlement and distribution resource exchange
Use non-homogeneous token NFT to represent unique digital asset value.
Phase 2: On-chain operation of key rules
Write the digital music distribution agreement and copyright transaction agreement into the blockchain in the form of a contract for the entire network to witness to ensure the fairness and openness of digital music rules and output logic.
The third stage: on-chain operation of digital music
The chain operation of digital music is the final form of the industry. All the logic codes of digital music are executed in the chain environment, and the decentralized distributed network generates and stores data.
After three stages of spiral development, digital music has completed the preliminary blockchainization of the blockchain, but its operation still needs a comprehensive operating environment of credible, efficient, minimal delay, and lightweight user nodes. In this regard, the industry has no decisive technical solutions.
Voice Street has tried this, implementing its homegrown solution by rolling out NFT transactions on Ethereum, Binance Smart Chain (BSC) and Polygon with cross-chain functionality:
1. Provide a lightweight full-node environment;
2. The service stack runs in the blockchain environment;
3. Music player as one of the node infrastructure;
4. Joint development/debugging environment for interactive interface;
5. The digital music code (contract) is executed by a secure virtual machine controlled by the music player.
Under the technical solution provided by Voice Street, Earning, its first IMO token innovation function, began to take shape."Through Earning, fans can pledge IMO tokens, support their favorite musicians and receive additional VST token rewards."image description
Source: "Voice Street whitepaper"
IMO asset owners pledge assets with copyright income rights into a specific earning pool through staking. The income from copyright operations of IMO works is deducted from operating costs, and the profit part is returned to the pledge pool. The platform hopes to protect IMO to the greatest extent. The value of music copyright and owner's interest IMO.
In VST's token economic model, token rewards are issued through a predetermined earning pool. The distribution ratio is determined by the type of pledge that supports the IMO token, the income of the copyright operation of the work corresponding to each pledged IMO, the power of fans, and the number of participants. The longer the IMO token is pledged, the higher the fan reward you will get.
On the Voice Street platform, IMO products mainly have two sources of income.
The first category is the income from streaming media platforms. Part of the income is obtained from film and TV drama authorization, performance and secondary creation rights, and KTV authorized MV. These incomes constitute the Base APR of Voice Street’s Earning;
The second category is music products released by IMO, and there are many web3.0 revenues outside the traditional music industry, including but not limited to revenue from NFT authorized sales, revenue from music copyright authorization, and revenue from Voice Street platform subsidies. This part of revenue constitutes VS Boosted APR.
The final revenue earned by music fans is the weighted revenue that includes these two parts. At present, Voice Street has opened the Earning of two IMO products, and more and more earning pools will be opened in the future.
paradigm shift"paradigm shift", into a new era of music. To this end, the Ark of Panda team has set up a dedicated team to use the discord server to communicate and communicate with players.
The platform plans to launch the Voice Street DAO, and make it a bridge between fans and musicians. By participating in the Metaverse of Ark of Panda, enough VST and PT are produced to issue proposals in the Voice Street DAO. Fans can influence musicians' future metaverse concerts and VIP time, performance content and form by being active in Voice Street DAO. Form a new relationship between fans and idols under web3.0.
In terms of DAO management, Voice Street envisages that all tokens circulating in the metaverse of Ark of Panda can participate in the governance of Voice Street DAO and vote according to the content of the proposal. Once passed, these features will be implemented. Decide how to maximize the Voice Street DAO value by voting to increase the profits of artists, fans and investors, such as NFT mining and reward range, random airdrop PT.
In the future, the platform hopes that Voice Street DAO will become one of the main battlefields for fans to influence idols outside of reality. The handling fees for asset transactions in the Metaverse will also be deposited into the Voice Street DAO for community activists to make more proposals related to musicians. The main function of Voice Street DAO at this stage is to provide Ark of Panda players, musicians and fans with functions such as game NFT transactions, IMO, online activities, etc., and promote the music industry to enjoy the dividends of blockchain and Web3.
Supporting the above idea is that Voice Street has a large fan base. At present, it has obtained investment from the United States, India, Vietnam, including Huobi Ventures, Shima capital, AU21 Capital, Hotbit Labs, Dragon Roark, RedLine Dao, The founder of NEO, etc. , more than 50 investment institutions and community investments in Russia and Indonesia.
As of press time, Voice Street's social media has reached 46K+ Twitter fans, 51K+ fans, and 36K+ Telegram users. The platform hopes that the new functions of IMO tokens under the governance of DAO will become the material guarantee for user growth and income.
VST + BitCoke IEO
The Token Economics of Metaverse Music
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Image source: https://www.bitcoke.vip/launchpad
IEO is not new, but IEO in bear market is very rare. IEO (An Initial Exchange Offering) means the exchange's first issuance, which is a crowdfunding activity initiated by the exchange. Compared with ICO, it is easier for users to participate because users do not need to manage different chains and different wallets. Transactions on the chain only need to be operated in the exchange account. At the same time, because the exchange will provide an endorsement for the project and provide a higher degree of background for the project, it is more secure; for a project that wants to raise funds, IEO provides a direct user base, which means that the project can Reduce their external marketing channel expenses and focus on product development.
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Source: "Voice Street whitepaper"
According to Voice Street's project white paper, VST covers a wealth of practical usage scenarios. As a Labs dedicated to bringing music into Web3.0, the Voice Street platform uses VST to sell music NFT products. VST will be used as a pricing and exchange medium in various scenarios such as copyright revenue pools, Ark of panda Metaverse games, Live House online concerts, and NFT props.
Specifically, the following assets can be distributed through VST among NFT assets:
1. Assets based on digital music copyright projects (including standardized digital music works, samples, samples, vocals, customized digital music works) and related entities.
2. NFT asset portfolios based on digital music works and their own traffic and related categories are distributed by certified professional users (including independent musicians, publishing companies, independent music studios and professional music community KOLs) through platform distributors.
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Source: "Voice Street whitepaper"
The platform hopes to stimulate more content creators to participate in ecological construction through the token system, and also hopes that fans are not only consumers, but also investors, and share the benefits of digital assets by participating in the creation of content. In the future, VST can also be used as an interactive consumption for fan consumption and community governance, such as helping stars climb the leaderboard, developing derivative products, etc., and becoming an interactive bridge between creators and fans.
Metaverse & NFT Music
Copyright value transfer in the context of NFT-FI
In the music vertical track, the non-homogeneous token "NFT music" has become an alternative ticket to the "music metaverse".
As an indivisible, irreplaceable, and unique music digital asset, music NFT has the same ownership as the real thing. When a user owns NFT music, it is regarded as a material symbol of owning physical music works. All purchase data, transaction data, etc. have the characteristics of real-time transparency and non-tampering. No matter how many copies of a physical music work are copied, the one with the NFT identity is the original. All information with NFT can be independently matched and freely traded without going through a centralized intermediary.
The rapid changes in technological means have caused earth-shaking changes in the music medium. From the sale of music scores around 1880, to the invention of the phonograph and the era of vinyl records, to the era of tape recorders/walkmans/tapes/CDs, and then to the Mp3 era led by the ipod in the 21st century...the album format has moved towards the development of singles, and the audience has moved towards fan economy.
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Source: "Voice Street whitepaper"
According to the "Global Music Industry Report 2020" released by the International Federation of the Phonographic Industry (IFPI), the market size of the global music industry reached US$20.2 billion in 2019, growing for five consecutive years. %, it is foreseeable that in the future, digital music based on streaming media will continue to become an important pillar of the music industry and stimulate greater vitality in the music industry.
If streaming media provides a source of living water for the music metaverse, then NFT music is a rough stone thrown into the metaverse, stirring up waves of virtualization.
The first wave: the rock band King of Leon released the new album "When You See Yourself" in the form of NFT, which caused the first ripple in the Metaverse;
The second wave: Musician 3LAU released the first NFT music album "Ultraviolet", which gave birth to the second wave of the Metaverse;
The third wave: Mike Shinoda, the founding member of Linken Park, launched a series of music NFTs called Ziggurat. This series has 5,000 mini-mixtapes containing unique music and covers, making waves in the metaverse.
Major domestic musicians are not far behind, and have joined the wave of NFT music.
Jay ChouRelease the NFT album, and jointly launch the Michelin Metaverse event with celebrity chef Jiang Zhencheng;
Yi NengjingSupport the promotion of the NFT project Theirsverse to start the first NFT casting;
Peng Lei, lead singer of the band New PantsThe NFT series Peking Monsters will be released.
At the same time, musicians A Duo and Hu Yanbin have released NFT albums, and many music copyright platforms have launched NFT exclusive sections, promoting the immersive music experience in the Metaverse environment to be accepted by the public.
With the rapid development of AR/VR technology and 5G network, there is a trend of barbaric growth of music NFT.
At present, the most important use case of NFT is the online storage, circulation and collection of music and other artworks. Some projects have begun to explore NFT-FI. The main channels include using NFT as collateral, splitting NFT for issuance, etc.
On the Voice Street platform, ordinary users can easily participate in the Voice Street ecosystem through NFT, experience metaverse games, or participate in concerts and interact with their favorite stars.
Voice Street's metaverse game Ark of panda is an invitation-only music metaverse game. Ordinary users can directly enter the game by purchasing a limited edition NFT or getting a free ticket. Platform musicians gather together in the game to play for their dreams. Not only can they hold online concerts, but they can also conduct world tours and release record charts.
Ordinary players play the role of a young man who loves music in the game, buy a musical instrument to start his own musical journey, and constantly improve his self-cultivation in this virtual country. In the future, he can form a band with like-minded friends and start marching towards his dream. Players can communicate with players from all over the world through music festivals, part-time jobs, concerts, livehouses, etc. in the game.
Peripheral derivatives will also appear in Voice Street. "For example, musical instruments pt vst can circulate freely and can be withdrawn at any time."
As the main line of the overall Metaverse world, this game will be interspersed in the main core modules such as music festivals, concerts, livehouses, and Metaverse space customization, and become a space-time tunnel for the platform to allow users to grow and gain benefits.
In BitCoke’s first launchpad that ended on April 7, 2022, the selected currency RIV raised a total of 2,000,000,000 RIV, which can be described as a successful test of the water.The second phase has raised 7,266,981.6 COKE (1VST= 0.22642 COKE), let us continue to pay attention to the follow-up results. Voice Street has appeared on the BitCoke exchange at 8 o'clock on August 3. As of press time, its token VST has increased by as much as 12 times.
