Decentralized music platforms for the win
A Decentralized music platform named Stems is the next project to gain funding to build in web3. The funding round was led by the investment firm Ideo CoLab Ventures with participation from Collab+Currency, Village Global,Polygon Studios, Crytpo firms such as Merit Circle and Yield Guild Games, FireEyes, NoiseDAO,Jump, GSR, Akatsuki, and more.
Stems encourages engagement between the artist and their fans by allowing the artist to release the stems of their music to the community. A stem is a composite of drums, bass, guitar, and other individual music tracks. Users are able to take the stems and create new songs or remixes which could be sold as NFTs netting the original artist royalties upon the sales.
The platform will be launched today October 6 with an inaugural minting of seven NFTs each costing 100 MATIC a piece.
NFTs can be almost any form of media with “jpgs” or “pngs” being the most well known at the moment. Videos, gifs and audio files can be used as NFTs as well.
Stems is built with the purpose of creating an economy and community of music creation, exploration, and sharing. The artist will create a record to release the stems and the community will choose their favorite remixes made by the stems via the DAO.
Currently, there are curated collections and games available on the website and clicking some of the collections lead you to SoundCloud.
The “games” are basically the small contests to create new tracks and remixes of the stems that are provided by artists.
Decentralized music is not new as many platforms are being created with more freedom for artists and fans in mind. Audius recently reached a milestone of 7.5 million monthly users and the Warner Music Group has partnered with OpenSea to offer Music NFTs.