Chord Protocol has landed to revolutionize & decentralize the music industry
The global music market is expected to be 60 billion USD in 2021 while a big part of those revenues go to endless intermediaries making the industry working very complex, slow and inefficient.
Chord Protocol is here to fix those problems, bring fairness, openness and efficiency to the industry by building a DAO-driven decentralized network for musicians where anyone can turn their songs, performances or any kind of music into unique NFTs and freely commercialize them without intermediaries.
At the same time, music fans all over the world can enjoy and invest in authenticated music clips and creations while helping tokenize the music industry.
Chord aims to become the first truly decentralized global ecosystem connecting musicians, fans & industry players.
In order to bring fairness & decentralization to the market we are using the advantages of non-fungible tokens technology to connect in a direct way music lovers with the world of artists.
Here are the main components which have been in development within the Chord ecosystem:
- NFT Tokenization Platform
Turn any recording by video or audio of a cover or original song into an NFT and sell it on Chord’s marketplace. Authenticate your creations and protect its copyright by digitally certifying it on the blockchain.
2. Chord’s Marketplace
Artists and creators can either sell the total or partial rights to their unique songs and performances or rent them by including royalties for every further transaction. Music fans will access hundreds of exclusive clips and original songs which can make their own to enjoy, show off, collect or further trade.
3. Integrations with the Music Industry
Chord is bringing on-chain tools to the professional music industry while getting rid of intermediaries. Partnerships with decentralized audiovisual channels, concert organizers & streaming events can now be operated through smart contracts, allowing ease and clarity in setting up deals while optimizing the use of copyrights.
Music fans can now take action in a new digital music industry
Anyone can discover rising stars. Now you can easily buy their copyrighted NFT rights for songs and performances and be part of their success. It’s a truly decentralized music economy!
The platform we are developing is truly agnostic and can support any type of decentralized protocols chosen by the artists. Among the main features of our innovative technology you can see:
- Multichain Support
Chord network will be integrated across several mainstream blockchains such as Ethereum, Polkadot & Binance Smart Chain, allowing creators to select where they want to issue their NFTs and commercialize them.
2. User-friendly UX/UI
Artists and performers can smoothly issue their NFTs and customize the commercialization model within several clicks without any specific knowledge of technology.
3. Delayed Fees Options
We’re sure you’ve heard about the problem high fees represent when generating NFTs. Well not anymore. Create your own NFTs but just pay for the transaction fee when they are first sold on Chord’s marketplace.
Chord is moving towards a fully decentralized network managed by music lovers.
Chord DAO will make all major decisions regarding future developments, products launches, key partnerships & integrations and new trading models be taken by free an open decentralized internet market.
$CHORD token plays a significant roles in the whole ecosystem while building a true economical value for the users and the music industry participants.
The key roles of the token are:
- DAO Governance Token
- Special events, activities and collaborations can only be unlocked with the $CHORD token plus special reward system for content creators
- $CHORD Deflationary Burning Program
- 0 transaction fees in the NFT marketplace deals when paying in $CHORD during the 1st year
$CHORD tokenomics is based the best practices of deflationary model which is focused on extracting the maximum value for the community of $CHORD holders.
30% Liquidity Pool (locked for 6 months)
40% DAO Treasury
5% Creators Incentive Program
10% Investors & Partners
$CHORD deflationary model
Total number of cycles: 120
During each cycle there is a fee for buying or selling transactions
Fee starts at 5% and ends at 10% in the end of the cycle
The fee gradually increases over 500,000 $CHORD tokens burned
When the cycle is over, 50% of what was burned gets reminted to holders, proportionally to the % of $CHORD they hold
When new cycle starts, the fee is reset to 5%
Total $CHORD tokens to be burned at the end of the deflationary process is 30,000,000
This is just the opening act…
Chord is not only about NFT, but its also empowering blockchain adoption in the music industry by bringing such exciting products as live digital shows, immutable ownership of tickets to concerts, on-chain smart contract tools for music labels & event organizers, FanArt NFTs and various tools to use your NFT in DeFi space.