Empowering artists through social tokens
The idea is to use social tokens integrated into NFTs to govern a music/artist collective of music labels, support upcoming artists through the recurrent revenue of NFTs as well as to connect visual with audio art.
Once an artist has been onboarded and added to the rooster, the first NFT will be created, which includes not only a song but also a visual piece with a specific social token from the label or collective, with the logo visually integrated.
This social token allows its holder to participate in decisions regarding the label, such as which new artist will be taken on to the rooster and which new collaborations will be made.
For each new release, one or more NFTs will be created. Some of those pieces will include a social token that allows the new holder of that specific NFT/release to also interact in collective activities and take active participation in decision making.
This social token is limited to XXX existing tokens, being non-transferable, only when the NFT owner chooses to sell the piece, the social token attached to it gets transferred to the new holder. This will help the governance of the label/collective to be decentralized and connected to its audience, while keeping it coherent and focused on its purpose.
Members of the community (token holders) can propose creators to apply for membership and a new token will be created upon acceptance and integration into the label, which will be decided by voting.
In order to do so, also an app would be needed, which serves as a platform for the releases, sales and the DAO voting system.
The NFTs would not only be used as digital assets but would also gain a practical value through the integrated social token which gives benefits to the holder.
We are still in the beginning of the process, thinking on how to go from here but we do believe in this idea and are happy to connect with more dev/tec savvy gals & guys
This idea can not only be used to our physical collective but to any other physical collective/label that includes NFT artists and will bring more voting power to fans as well as more support for the artists itself.