MODA DAO, a new decentralised and autonomous organisation designed for Web3, has announced that it will be looking to utilise Web3 technology in the music industry. According to their website, their Music3 framework is specifically designed for the metaverse and “play-to-earn” era, and is “dedicated to the adoption of Web3 in the music industry via NFTs, micro-licensing, DAO governance and DeFi.”
Unlike traditional streaming services, Music3 will cut out the middleman and give the power back to the artist by way of their new Web3 designed approach to music publishing. Taking advantage of the NFT, MODA DAO promises to increase value between creators and fans in ways never seen before.Essentially, Music3 will give artists complete control over their catalogue, while MODA DAO will also be providing grants and tools for artists to create and release their music.
The revolutionary approach to music streaming will also change the way NFTs are accessed and interacted with. The organisation’s “audio NFT aggregator” will be designed to allow artists to upload their music as NFTs, but will allow fans to listen to the music without ownership of the NFT ever being transferred, essentially replacing the mp.3 format.
MODA DAO has seen increased backing from artists in the industry, with deadmau5’s mau5trap label, Chris Lake, and Richie Hawtin joining the growing list of backers. To date, MODA DAO has secured $5 million in funding. Speaking to Resident Advisor, Hawtin elaborated on MODA’s grant scheme:
“The MODA grant system is open to artists, producers and entrepreneurs who plan to experiment with community-driven creative projects which blur the lines between artists, audiences and fans. It is within these conversations and collaborations which we believe a completely new, exciting music ecosystem can be created. Through the MODA token and with our combined music connections we will be able to directly fund and offer support for these new Web3 music initiatives.”
Hawtin went on to explain how MODA and Music3 will impact existing streaming services. “MODA isn’t designed to interface with or replace traditional music streaming platforms,” he said. “Instead, it will enable users to stream NFT audio files from every leading NFT platform and chain with a simple layer of usability… In addition to enabling users to listen to NFT files without requiring ownership transfers across multiple platforms, the aggregator will include a social feature allowing musicians and creatives to upload their music directly into the app for direct streaming to other users.”
More information on MODA DAO is available via their website, here.
