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.
Looking forward to hearing more details, and I think you’re onto something cool here! I think (tho you should check with ppl savvier than me) that currently the way to do this is to drop tokens to holders once they have the NFT’s. I know there are standards that are getting developed, like “semi-fungible-token” or “multi-token” standards where the 2 can be released - may be worth doing some research to those ERC standards to see if they’re relevant or perhaps inspiring.
Catalog is another clear analog to what you’re proposing.
What do you see as your initial steps in development?
The original ideia would follow the “drop token to NFT holder” standard, once the NFT gets bought, a social token would be sent with it. This would imply having a supply of social tokens to distribute when needed (NFT creation and new members onboarding).
Will do some more research into these new standards, as I am not familiarized with them. Could for sure be something to consider, as one challenge we are facing is regarding the case of NFT ownership transference and what would happen to the token created along it - how would this affect governance and participation and how could we maximize the utility/efficiency of it.
I guess on that sense a “multi-token” would come handy.
Initial steps for development would be figuring out how is the NFT/token issuance and planning/building the dapp that serves as platform for releases/announcements, onboarding of artists and everything internal & community related. Have to admit in here that when it comes to more technical development I wont be able to go deep in details as we both have very little tech knowledge but a lot of experience within the physical side of the project (I am a musician and we are both active members of artistic associations/collectives).
This looks great as it explorer the trinity (FT, NFT, and DAO).
Just wanted to drop by and say that it’s a feasible project and hopefully by the time you are looking to develop it there will be some similar example to draw upon on NEAR; at the moment I do something similar here where the social token is minted on usage.
It will also integrate a DAO and implement the methods that make sure the contract gets notified of a sale, on a market, so on the back, it can do whatever is needed (like moving social tokens, etc…).