we hosted an amazing AMA with Music Trust on the 31th of October
And here we will put some of the best questions:
Q1. Can you please introduce yourselves as well as songtrader.io ?
Harosho:
Yes, Hello everyone. My name is Raymond (Also known as Harosho my artist name). https://g.co/kgs/9tmDVS
https://goo.gl/maps/pN1pjVjo1M4Wkm277 Music Trust is a revolutionary NFT music distribution platform that gives artists the ability to sell music in the form of NFT’s. Royalties are paid directly to the NFT holder. Music Trust consists of four major platforms in it’s ecosystem.
Q2. What are the advantages of Your project ?
Harosho:
Songtrader.io offers everyone the chance at ownership of song NFT’s and to collect the royalties they earn
Q3. please tell us about the goal you want to achieve in this year.
Chris:
Hey everyone, Chris here, COO at Songtrader
This year has been a busy one for us so far but our main goal is to finish out our UI/UX that allows access to our distribution platform
this is a multi-service platform that 1. allows artists to release music to major DSPs like Spotify, Apple Music, Amazon Music and about 70 other top platforms
- It allows for the direct sale of released music by artists to every day users that would like to collect royalties from these DSPs without having music of their own to release
and 3. The sale of fractional portions of those rights that allow multiple users to share in the royalties of a single release
1 and 2 are live at this moment, 3 is still under development but we are confident that we will complete this well before the end of this year.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Chris:
As Ray mentioned at the beginning, he is directly involved in publishing his own music along with artists that have worked with him over the last 2 years
I have been working with him as well in a business development capacity and the main thing we’ve noticed in collecting royalties for these works is that the process can be very difficult for inexperienced artists
this leads them to join large labels that take equally large percentages of their royalties and keep them under extended contracts
through this we saw a great market opportunity to provide high level services to independent artists who otherwise do not have access to the marketing, technical and other resources required to take their music to the next level on DSPs
Q5. NFT is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on NFT with us? Do you think NFT will disrupt the current financial system? What is Your project’s approach to the NFT sector?
Chris:
NFTs, in our opinion, are the perfect conduit to buy and sell rights to musical works
over time these works can become diluted through multiple splits that are not tracked or tracked incorrectly causing disputes over ownership and improper distribution or royalties that take long periods of time to collect (some DSPs like Napster and Tidal take over 9 months from the date the track was streamed to pay royalties)
NFTs are an immutable solution to this and we believe this will change the way royalties are collected fundamentally, which is much needed across this new digital landscape that music now lives in
And here we will put best questions from our members and Music Trust fans:
Q1. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?
Harosho:
We are a global project supporting and working with all major music platforms
Our music contracts that service every major music streaming platform such as Spotify, Deezer, Tidal, Apple etc.
Q2. Not only SongTraderio) but also a lot of projects are currently looking at metaverse and NFT games. So, my question is What benefits does the players have in playing Metaverse ? And what will encourage them to enjoy it instead of traditional games?
Harosho:
Our eco-system integrates directly into the Metaverse in several ways. First it provides a music streaming platform which users can listen to and stream music from all over the world directly into their VR experience. The songs that are being listened to are both traditionally streamed AND NFT music royalty rights.
Second, we offer the ability to mint new songs in NFT format and distribute them into traditional music distribution and radio networks along with our Metaverse music channels. Third, we offer digital identity passport and ticketing services through tickethodler. All of this is governed by the Music Trust token.
Q3. Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Harosho:
According to CISAC’s report, creators across all repertoires saw their global royalty collections hit €9.58 billion ($11.32bn) in 2021, up 5.8% YoY, but this was still down from the 2019 level of €10.11 billion.
As the global music industry shifts into NFT music royalty rights we will see a gradual increase in the overall value of this market and this token. If you are a savvy investor in it for the long haul you can expect heavy growth in our token in the years to come.
Q4. I understand that this network will have its own wallet, in which we will be able to create new addresses, but is this network really compatible with decentralized wallets like Metamask or TrustWallet, and if not yet, do you plan to do so?
Chris:
Yes our token is created using the Binance Smart Chain and has all of the integrations that come standard with that like Metamask
if you visit our website now you can see the direct metamask integration for purchasing songs and adding the respective NFTs to your wallet
which does not necessarily require you to create a new address, you can use the address you normally do within metamask
Q5. Could you give some information about how your Tokenomic Distribution will be? How many coins will be minted and how many of them will be locked? Also, how will you ensure that your token is not scarce in the market and its price is not going down?
Harosho:
Music Trust will burn a specific number of tokens after our seed fund raising rounds in order to increase the price of the token and will not mint anymore tokens in the future.
Each team member received 1M tokens recently with an undisclosed lockup period.
Seed Sale
2%
Strategic Sale
2%
Private Sale
2%
Private Sale 2
2%
SEED SHO (Round 1)
2%
SEED SHO (Round 2)
5%
Team
10%
Advisors & Partners
10%
Liquidity Pool
20%
Ecosystem
35%
Foundation Reserve
Q6. I want to invest, but I am in doubt at the moment, how #SongTraderio can convince and reassure me that this project is safe and profitable?
Harosho:
We have been involved in the music industry for quite some time. https://goo.gl/maps/u9GvyjbkD21HFfhm9 Established company in Abu Dhabi
Q7. Why choose BSC among many chains? Can you elaborate?
Harosho:
Speed
Binance has speed and wide spread adoption, we will be looking to adopt and integrate other blockchains in the future though
Q8. How can I earn song NFT? Can you tell me the details?
Harosho:
Simply buy BNB/BUSD or Music Trust Token and then head over to songtrader.io and purchase a song NFT. Hold the NFT in your wallet for royalty payouts monthly
Q9. Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we Join l it?
Harosho:
https://www.musictrust.io/whitepaper.pdf
Upcoming Special Sale:
https://gempad.app/special/0x1e9142096Fc681B6388EbF690b963322991AaF2B?chainId=56
Q10. Where i can get all the latests new abouts ? Do you haves Twitter/Telegram/Discords communitys? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Harosho:
https://discord.gg/t53kKKAC2T https://t.me/musictrustio
And this was the end of our AMA with Music Trust.
You can find us here:
Website(music trust) :https://www.musictrust.io/
Website(song trader) :https://www.songtrader.io/
Twitter :https://twitter.com/SongTraderio
Telegram Community :https://t.me/musictrustio
Instagram :https://www.instagram.com/musictrust.io
YouTube :https://www.youtube.com/channel/UCami8kAwwN0vAjFQTz_eYLA
Discord :https://discord.gg/t53kKKAC2T
Facebook :https://www.facebook.com/SongTrader.io