thanks for the comments.
However, I want to point out one more thing: the average Spotify freemium user - meaning 60-70% of all platform users - will not start buying some intermediary token with their hard earned fiat just to tip an artist when they can listen to the artist for free as well.
You gotta be a really big fan of an artist to take that hurdle.
Then, on the other side, I doubt that UBI will be capable of paying every artist. Additionally, it punishes small artists when every artist is paid according to the amount of plays IN RELATION TO all the other artists on the platform.
Plus, for miners there's no or only a very small market, assuming that 60-70% (in the beginning probably more) users will not pay for coins.
I understand that most people don't like ads and those people could still buy a "premium-like", ad-free experience. But you have got to find a way to monetize the "free" users. There's a reason why Soundcloud is on the brink of bankruptcy and Spotify is not.
to be honest, I've just discovered Musicoin today and I haven't yet fully understood how the economy of tokens works.
Right now I understand the following:
- listener can listen to music for free
- miners mine coins and a fee goes to Musicoin
- this fee goes into the UBI pool (and also pays for server maintenance etc, I guess)
- UBI is used to pay artists according to amount of plays
But what happens with the tokens that accumulate at the miners?
My understanding is that this just keeps accumulating - right?
My idea: Yes, right now the system is ad-free but why not replicate Spotifys business model of freemium to get the coins circulating?
- every user gets tokens for watching or listening to ads
- every play of a song deducts tokens from the user
- advertisers buy tokens (from miners, users or artists who have accumalated tokens)
- advertisers create advertising smart contracts with a budget of tokens
That would ultimately incentivize miners to sell their tokens and lead to higher payouts on the artists side assuming UBI isn't capable of paying everyone properly "at scale", because in the end it's just that: universal BASIC income.
Would be happy to hear your thoughts on this, or generally what the plan is to create a real token economy in Musicoin.
not sure I can reach someone official here, trying nevertheless. Also want to hear your thoughts on the topic mentioned in the title.
Isn't Musicoin and IPFS a natural fit, considering that Musicoin has to distribute a large amount of files sooner or later and make them available globally?
Does anybody know how the music that is currently available on musicoin is stored?
Looking forward to see how Musicoin develops - IMHO that's one of the best use-cases I've ever seen for blockchain. Even though in the end I assume the Musicoin smart contracts will still be managed by some kind of intermediary instance between artist and blockchain, I think it really makes it easy for the artist to become globally available.
Enjoy the ride!