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Valuations of the global digital music entertainment industry are estimated to be around $45 billion USD. While Spotify and SoundCloud are dominating the US market, emerging players in Asia have made promising strides towards the mass adoption of innovative technologies in the music industry. Leading the charge among these endeavors is Muzika, a blockchain startup founded by 3 entrepreneurs who have been featured on 2018 Asia Forbes 30 under 30 for their previous entrepreneurial collaboration.
An overview of Muzika’s self-sustaining blockchain ecosystem
Muzika is a project focused on fostering the synergy between content creators (music artists) and their fans as the backbone for a self-sustaining blockchain ecosystem. Muzika is a consortium blockchain and aims to maintain both efficiency and transaction privacy while decentralizing key aspects of the traditional music industry. The platform is supported by a token economy (MZK token) where community members are rewarded in accordance with their participation in the production, consumption, and distribution of creative content.
Asian consumers are known to be early adopters of emerging technologies. According to one report by Dalia research, 1 out of 3 South Koreans either own or gets paid in cryptocurrencies. Muzika brings together an existing user base of 2 million people and a high-profile advisory board that includes former C-suite level executives from global corporates Samsung Electronics and regional powerhouses Kakao Corp. and Naver. South Korea is also fertile grounds for the project because of the country’s leadership in the global tech and music industries.
Inkyu Choi of Naver (Korea’s equivalent to Google) and advisor to Muzika has said about Muzika: “It is not a question of ‘whether,’ it is of ‘who.’ Muzika, with a strong underlying usership, a deep understanding of the music industry, as well as top-tier team and endorsers, are at the forefront of the revolution.” In the blockchain industry, where many startups may propose a similar idea but fail in the execution stage, the synergy between Muzika’s geographical and market advantages will prove to be significant assets.
About Muzika (MZK)
Muzika is the 2nd generation of music blockchain that brings together artists and fans to build a Token Economy for Music. The collaborative platform will allow users to sponsor and directly pay their favorite artists for their music. Users will be awarded for community activities including voting, comments, posting and sharing songs through loyalty points that will regularly be converted to the Muzika utility token MZK. Users can then purchase products and service, or sponsor their favorite artists with MZK, who can use the token for production of music released on the platform. The dAPP for desktop will be available for download on the website by September with an initial service launch. Upon its launch Muzika will be available in over 150 nations including Korea and the US.
Muzika Official Site: https://www.muzika.network/
Muzika Telegram Group: https://t.me/muzika_english
Muzika Medium: https://medium.com/muzika-official
Muzika Github: https://github.com/MuzikaFoundation
Muzika Twitter: https://twitter.com/muzika_official
Muzika Facebook: https://www.facebook.com/Muzika-624798261200332/
Name: Alyssa Tsai
Email: [email protected]
Name: April Cho
Email: [email protected]
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