Rewards
The more you stream, you get more $STREAM
Last updated
The more you stream, you get more $STREAM
Last updated
Due to the lopsided nature of the industry, only major artists are consistently generating multi-millions in revenue while new artists can struggle to set their foot in building an audience. Until now, almost all web3 music companies have suggested a solution to such problems by using NFTs to execute track sales. Unfortunately, the nature of NFTs requiring scarcity for value appreciation does not have the best synergy with music as music needs to be appreciated by millions of people to generate value as an art. Thus, MeMusic has been continuously researching, developing, and promoting Streaming & Mining since its inception.
However, tokenised rewards for app-activities are restricted if it exclusively uses the main utility token of a project. Mathematically the mining and rewards would end if the token is capped at a fixed supply. Therefore, MeMusic is eager to introduce $STREAM, our native reward token prior to the launch of our utility token to help users better understand how the tokenomics function in our vast ecosystem.
$STREAM is a reward token of the MeMusic ecosystem with no cap on the supply but with a deflationary mechanism through on-chain tax when the token trades.
Emissions The $STREAM token will power MeMusic Stations. Therefore, there are three beneficiaries that can mine the $STREAM token: creators, listeners, and node holders. The token will be minted and distributed to contributing creators, listeners, and node holders accordingly. The idea is to help creators and listeners to have a consistent, novel stream of revenue that will help kickstart their journey of monetisation on Stations.
Why are we implementing a transaction tax? We want to create a healthy, sustainable fan-creator economy. Normal marketplaces or platforms will take fees of 10–30% from the creators. These fees are used to sustain the platform’s operations and growth. MeMusic is imposing a transactional tax on the $STREAM token to reduce token volatility while also promoting user-oriented growth on the platform.
How is the Tax Structured and Distributed? There will be a 10% trading tax for the $STREAM token which will be distributed in various ways to strengthen the MeMusic ecosystem.
4% — Burn 2% — $MMT Token Holders 2% — $STREAM Token Holders 2% — Node Holders
Maintaining the value of $STREAM As a reward token, MeMusic aims to retain a base value for the $STREAM token to help maintain a consistent reward by pegging the base price to our digital non-cryptocurrency: Bubbles.
MeMusic’s main utility token unlocks various blockchain-powered services that we plan to implement in the future such as paying gas fees, minting NFTs, or trading it for artist tokens in the future. The $STREAM token is designed to bolster the MeMusic token while rewarding the users of the ecosystem.
Trading Pair with MeMusic Token While we expand the MeMusic token’s availability to as many traders possible on CEXes and DEXes, the $STREAM token will initially focus on building its liquidity on DEX. There will be a more concentrated liquidity based on the MeMusic Token to allow more trades based on the ecosystem’s utility token.
MeMusic has been researching and developing an algorithm to allow users to mine for tokens while listening to music. At MeMusic, we connote this mechanism as ‘Listen & Earn’. We propose a new shifting paradigm in earning tokens from games that hardly provide entertainment value to earning tokens from simple entertainment. In the first quarter of 2021, the number of music streamers is amounted to 487 million users. These users can easily switch from the likes of Spotify and Apple Music to MeMusic to continue streaming their favorite artists and albums while having the additional tokenized incentive.
When the token goes live, there will be an airdrop to MeMusic Token Holders, Node Holders, Station Users, and Testnet Users.
