The Myx platform has launched with ambitions to shake up music distribution with Web3 technology.
The blockchain-based platform “bridges the gap between both artists and fans as they create, collaborate and connect on a new and level playing field”, according to a statement.
Myx is currently available in soft launch phase. As well as offering distribution ownership and revenues, artists can create NFTs for tracks, or break down vocals, instrumentals and beats as their own NFTs.
Music streaming on Myx is due for launch in the second quarter of 2022.
Artists can release unlimited tracks and collections as single or multiple edition NFTs on Polygon, and have them automatically be created and listed for sale on the OpenSea marketplace. They can also customise secondary sales royalties, so fees are earned whenever NFTs are traded in the future.
Artists can collaborate through a Myx feature called Pods, which allows fans to invest and earn alongside their favourite artists. It is a tool that allows for multiple owners of music to collaborate and earn together on the economics and governance of that music.
Harrison $First, one of over 150 acts already using the platform, said: "The most fascinating thing about Myx at this stage, seems to be their Pod feature. I think this will give artists the opportunity to turn their music into a high commodity asset.”
Music NFTs on Myx include proof of authority and digital signature. Files are encrypted and stored with IPFS, a Web3 file storage system that helps fight piracy.
Myx artist Karyuu added: "I've been in the industry for a long time, and I've never seen an idea like this before. This is finally a fresh upgrade in the industry. It's clear to me this will be something huge, which finally brings together artists and listeners."