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Monetizing your music on the Blockchain, an inside view (Part 1)
Once upon a time
We are only at the beginning of the possibilities of monetizing our music (or even other forms of Art) on the blockchain. Everything is still so fragile. Pioneers have launched themselves, some are still alive, sometimes floundering, and some have paid the cost of this exploration of new possibilities, fading away. But they opened the doors. Opened the path! Regarding the monetization of art inside the Blockchain, it is still not easy for some artists to understand how blockchain works, the different networks involved, the wallets, the exchanges. One thing is very clear, the blockchain removes intermediaries. The Midleman, or the Midlemen. The first thing we all need to understand is that nothing can stop virtual currencies. It's THE new digital revolution, as the genesis of The World Wide Web was one at his time. We can easily imagine that in a world of tomorrow, money will be completely virtual, decentralized or not. As artists we must now understand how this "Brand New World" works, and what it can do for us. We've seen, and we see a lot of blockchain music projects emerging. The only way to realize if they are viable or not, it's to read the whitepaper, check the roadmap, follow them on different social medias, chek out what they are saying, promising, and.. trying them by ourselves. Yes, Think by yourself! Even if some influencial people are useful to point some interesting things about the blockchain universe. But don't follow (angry) sheeps. Once again: Think by yourself!! Stay alert, & observe.
The Choon Case
It is clear that a number of musicians got angry with Choon the day they get banished, or when they banished various artists because they were accused of cheating, about generating fake plays on their own tracks. Truth or lie? Probably both. That said, Choon was very promising, and when the $Notes token (ERC-20 token) was finally unlocked in December 2018, the economy had started, paying artists every day for the number of the listening they had generated. If the system itself was not decentralized, you could export your $Notes to the Ethereum blockchain every day if you wanted, in order to HODL them, or sell them on the only exchange available: Forkdelta (and Etherdelta, the same in fact). The Choon team has made numerous errors in marketing strategies, communication, site updates.. and by taking these drastic measures against artists, and finally by blocking the possibility of withdrawing daily earnings. But the site by itself was pleasant, operational, and fully functional. Choon was an important step on blockchain music monetization. We can't deny it. RIP Choon.
On my opinion, the first mistake that many Choon artists made is that they left their $Notes earned stored on Choon. Whatever the reason, it was a mistake. It's still a mistake today. Above all, do not leave your income on the platform if the platform lets you export it freely. This should also be the case on all platforms. The last months will have taught us that the platforms retaining the funds, the earnings of their users, were only "scams".. and other projects not sustainable. There are exceptions, on very early stages, for example. And.. Hey girls, guys previously on Choon, you clearly know you have made a lot of money on Choon. Compared to many other music platforms, on the blockchain or not.
More to come..
I'm publishing* this self reflexion about this complex subject on several parts.
I will publish very soon the next chapter, part 2 of it. My thoughts on existing music platforms, the new wave ones, how to track them, how to work on it, how to be helped by some great and useful communities/networks, etc. Derivative exposure and earnings. Opening your mind.
It's a vast subject! :0)
"Nul n'est prophète en son pays". Only my thoughts, my experience.
Don't hesitate to share your own point of view!
See you soon.. for more!
Thank you very much for all your support.