NxM Had a Spectacular Month of MArch with the Events and Projects Planned and Executed under the NxM Projects/Event Grant. You could Find out the Monthly Report Here
In the Month of April, NxM Has Planned a Way Lot of Activities to Engage the Community. Also With the New Social Media Team, Pushing out Abilities Beyond Boundaries will increase our Engagement and Interaction With the Community
As Paul Stated, Beat DAO is more concentrated on Music Production, While NxM is Related to Music Itself. NxM and Beats DAO are Closely Related to EachOther. In other Words, Nxm Could be the DAO Verticle For Music While Beats is Subcategory of it.
Paras doesn’t support mp3 for now, therefore we are not there, as it would require from artist to prepare a mp4 file, which usually bigger than mp3.
Also, Paras doesn’t allow us to deploy our store as a smart contract, so if we would like to create our own collection, we would use Paras’ smart contract, however on mintbase, owning a store is owning our own smart contract.
On mintbase, NxM and BeatDAO take 10% from forever royalties, and 10% in one time payment if we are minting on behalf of the artist.
DAOrecords will change that in 2022, as the audio launchpad is under construction, where Music DAOs and artists will have bigger range of possibilities in terms of music releases and some use cases for their NFTs.
From me, I propose reduce to 0%, otherwise there are no difference between traditional talent agencies (for example, my wife is actress and pays 10% to her agent) and web3 … furthermore “web2” agencies for 10% cover all legal, payroll, taxes and paperwork questions;
Another one way is put the royalties in “Music DAO” treasury, spread between musicians or pay them for streams, like Apple Music ($6-$10 per 1000 streams);
I see how we pay huge money on onboarding new musicians and promotions, but, In my opinion, we don’t have real trumps to retain them in web3 metaverse.
I believe, a final goal is self-sufficient DAOs. Marketing DAO can give a great kick-start for these DAOs/projects.
First of all, the fees that currently are being set into royalties/one-time payments are our main income at the moment, also almost every artist needs some help with minting their NFTs, etc which we as councils are covering.
Such high revenues are meant mostly for huge music stars, there is no way that we will get $6 per 1000 streams as NxM at this stage…
Moreover, NxM has been established in order to operate in a different and better way, without web2 streaming services like Spotify, Apple, or Tidal. The streaming services where we should seek collaboration are Tamago, Emanate, or even NEARton, however, those services are still at an early stage.
If an artist knows what web3 stands for, we don’t have to make them stay in web3.
We are showing artists the possibilities of music release, networking with others, and support with some technical aspects (like minting).
Yes, but reducing fees to 0 won’t help that at our current stage.
DAO should be WIP constantly, with that being said NxM councils are aware of the long-term goal which is being a self-sufficient entity, and we are working on that, however, it’s not something that will be reached in 2 or month period.
Thanks. Happy to support your proposal. Would be great to see NxM road map, progress, current goals, how many musicians were onboarded, opportunities, maybe shareable excel form for new musicians … with your next proposal in May.