With the price of cryptocurrencies such as Bitcoin and Ethereum skyrocketing in the past year, cryptocurrencies can become the main source of income for artists. Star coin Designed to help artists seize this moment, maximize their income and increase their autonomy. StarCoin is the first record company’s cryptocurrency to provide cryptographic support to artists.
First, it is important to outline the problems of today’s music industry to understand the value that encryption-backed record companies can provide. Usually, when an artist signs a record company, the record company provides loans to the artist so that they can make an album. Artists usually don’t get any income from their albums until they pay off their loans. Even if the artist pays off the loan, the record company will usually take most of the income at a ratio of 80/20 or 90/10 when the artist is disadvantaged.
For many reasons, encryption-backed record companies are superior to the traditional record company signature industry. StarCoin is the first cryptocurrency to cooperate with a record company, allowing cryptocurrency holders to sign contracts. The StarCoin community has the opportunity to vote for their favorite artists every month, and the artist with the most votes can sign a record company agreement. StarCoin allows less well-known or mainstream talented artists to shine and let those who support their work see and support them. Currently, record companies are most interested in signing artists who they believe will generate the most income, benefiting more mainstream artists, leading to the neglect of serious talents.
StarCoin is a Decentralized Autonomous Organization (DAO)-a blockchain-based open source protocol in which rules are enforced through smart contracts. The advantage of DAO is that its leadership is distributed among its members, and everyone has a say in its governance. Members of the Xingbi community who have tokens can vote to decide which artist should be signed, and the member who has held the token for the longest time has greater weight when voting for the artist.
Once enough votes are obtained for a particular artist, StarCoin and the record company will sign and fund an artist, and the funds will be generated through a token transaction. Unlike loans provided by traditional artist record companies, artists will have free funds and do not have to worry about repayment. As more and more artists are contracted by StarCoin, part of the funds generated through taxation will be used to promote the continuous growth of artists and contracted artists.
Through NFT, StarCoin will enable artists to earn up to 80% of their income from their music on streaming platforms. Currently, artists’ income on traditional streaming platforms such as Spotify and Apple Music only accounts for about 12% of their income. In addition to signing artists and recording their music, StarCoin will also promote artists’ ability to create exclusive NFTs for their songs and sell them on StarCoin’s NFT market, thereby providing artists with additional income. StarCoin token holders can purchase these NFTs and add them to their collections, and then resell them on StarCoin’s platform and other platforms. NFT sales will enable artists to continue to generate royalties, allowing their income to far exceed the typical $0.0006 currently obtained through mainstream streaming services.
Cryptocurrencies are all the rage, and there are good reasons for this. With the potential to stimulate creativity, talent, opportunity and autonomy, StarCoin is seeking to benefit artists by providing additional funds to stimulate their creativity, opportunities, talents and autonomy.