With giants like Spotify and Apple Music holding streaming rights to the broad majority of music, you’d think other companies wouldn’t try to compete. MODA DAO, however, accepts the challenge. They aim to democratize the music industry and increase value between creators and fans.
What is MODA DAO?
MODA DAO is essentially a music NFT marketplace. It offers a new way for artists to control royalty contracts, reduce middleman fees and allow revenue splits between the artists, rewards pool, and a token buyback program.
Via Unsplash
A DAO is an organization collectively owned by their members to manage a network’s operations and cryptocurrency transactions. The MODA comes from the platform’s plans to use the $MODA currency. The MODA DAO token supply hit the Ethereum, Fantom, Near, and Polygon blockchains on November 10th.
Holders of the $MODA token will be able to distribute their music on the platform, and control their royalty contracts. In other words, the platform will allow fans and enthusiasts to invest into music and gain from its success. This is huge for artists because they can get more funding or returns off of their music at their discretion.
Royalties Over Loyalties
Ever notice that Netflix originals or Spotify podcasts do a lot better than non-affiliate content? As streaming services gain larger and larger audiences, they can pay their artists/creators less. This is because the tradeoff of exposure has shifted, and streaming services can charge artists more to be on the site. Simultaneously, the companies start pushing their affiliated content first, making more money for the business rather than creators. This boosts company stock, but leaves sour impressions on creators who are making less from their royalties and plays.
In comparison, MODA DAO is a non-profit foundation. Meaning, the value that’s created goes back to the token holders and back into the ecosystem, with minimal middlemen. This is amazing news for artists trying to make their living off of their music.
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