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Using blockchain technology in the music industry brings many exciting opportunities for artists. The way artists make money from their music has changed significantly over time. Traditionally, artists made money from selling albums and live performances, then through digital streaming platforms like Spotify. Now, with blockchain technology, they can create and trade song coins. Let’s explore the Crate platform, a music trading platform that allows artists to launch coins and trade those coins.
What is Crate?
Crate is a music trading platform built on the Base blockchain. Anyone can launch a song on Crate, and each song launch comes with a unique tradable coin.
Benefits of launching song coin as an artist on Crate platform
- Your fans directly able to buy your coin
- As your music gets popular, the value of your song coin goes up. This means your fans enjoy a hit song, and who have bought earlier they will be in profit
- Every time someone buys or sells your song coin, you get a creator royalty of 0.5%
- If your song becomes popular and its coins are traded frequently, these small payments can add up to a significant amount. Over time, the total earnings from these trades can be more. In streams platforms like Spotify, which pays a fixed rate per stream. As per this data, spotify pays roughly $0.04 per 10 streams. This model allows you to benefit more directly from the popularity and trading activity of your music.
Benefits as an early supporter or as a buyer
- As the artist gains popularity, the value of the song coin can increase, so say you have bought the coin for 5$ and the song is in demand and the price rises to 15 $ you will make a profit of 10$ and vice versa.
- By purchasing song coins, you can directly support your favourite artists, contributing to their success.
- Crate team is exploring fun perks such as token-gated song comments and social features to add utility in song coin
How to launch a song coin for your song?
- Visit Crate’s Website: Go to Crate’s official site.
- Create an Account: Sign up and create your account
- Fund Your Wallet: Ensure you have some ETH on the Base network (launch costs 0.001 ETH).
- Launch Your Song:
- Click on the ‘Launch’ button.
- Upload your MP3 file and cover image and you can create song using AI
- Write name of your song and token
- Pay the fees to create your song coin.
- And done! You launch your song coin.
- Your song coin will be instantly tradable on the platform. Once 80,000 coins are sold, the song will be listed on Uniswap, a popular open market for cryptocurrency trading.
How Does the Song Coin’s Price Work?
Just like any other tradeable asset, the price of the song coin goes up and down based on buying and selling activity. So higher the demand higher the price.
Check the image below to see how many songs were launched per day on Crate
If you are an artist, explore Crate today to launch your track. Fans can buy coins of their favourite songs, directly supporting the artists and potentially earning as the song becomes more popular.
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Disclaimer: At CoinTopper, we like to cover interesting products and share them with our community. This article is for educational purposes only and is not sponsored or endorsed by the project team.