Over the last 24 hours I have been thinking. It's a dangerous thing for me . It is an amalgamation of many things over the past few days. I spoke about rise of Polymarket predictions market in my last post about how prediction platforms are on the up. People like predicting things and they are even willing to part ways with cash and put their money where their mouth is. We have seen this with the news and Polymarkets rise to fame that many people on Polymarket backed Trump to win the election a couple of days before the result.
I spoke the day before about meme coins and how crypto is mental these days with any old meme pumping for no reason whatsoever before the inevitable rug pull that is very very frustrating and a scourge on crypto. I do not like that meme coins do nothing. There should be some element of use case in it. At the moment everything in the world has now got a memecoin about it so the daily news is now being meme'd straight away as it costs virtually nothing.
But we go back to the music use case. What if a crypto platform was set up that makes a token out of every musical song that launches. If you really like the song then you buy that songs token. Because you think it is a brilliant song, you share it with friends and you bleat on about it until the cows come home.
How many times have you said to your friends, that I discovered this band like you found them under a rock. The wife is always telling me that she saw the Killers in some shithole venue in Dublin before anyone had ever heard of them. Students throughout the globe spend the majority of their time trying to find the coolest bands so they can be popular with their friends.
So when a song comes out , there is a market for this song so that the fan or early listener can benefit financially from the songs future popularity by discovering it first and buying the song token. Hell even if the songs owner wants to buy their own song token then they are free to do so. But here lies the weakness of the platform already as rich kids will go to number 1. But we are just talking out loud for a moment.
From this like with Polymarket charts could be made about how good a song is doing. It will still receive the same amount of sales but these markets would just run paranal to the music. The platform takes the fees like any other token trading platform and we now have a music trading place on a Hive Blockchain if they will have us.
I have just created the musical pump.fun but a tad more ethical. But what about the musicians you ask. Well if they back themselves and their song is any good then they will get the revenue from this. The platform will own the tokens initially so nobody can rug a song so to speak. A not so great song will fade away into existence like a normal not so great song does. It will go to $0 per share on its own journey when people get sick of the song and onto something newer.
It would be an interesting experiment. Building it however is not my forte. Anyone knows what the cost of a simple meme trading platform would cost you?
I have many favourite songs but I have to say that Fleetwood Mac "The Chain" is probably my favourite song ever and if there was a token for this song then I would be sure to buy it and hold it just because I love the song. So what are we coming up with here.
The website would have the top 100 charts from around the globe. And users could buy tokens for the song if they think the song is any good or not. If the song does well then the price of the token will go up and users can then trade the token at its peak and so on. That way the best music will rise to the top.
Surely there is a crypto company doing this already?? Any ideas lads. Girls? Anybody?
NEVER BREAK THE CHAIN......
Is this a Winklevoss / Zucherburg , someone on Hive steals my idea moment. Well if it is fair play to you. Enjoy your yacht with a shadow yacht.
I honestly would be a millionaire ! There are many artists I personally spoke and cheer them up when they extremely little then blew up into few millions spotify listeners on the monthly basis. On the other hand we would end up with so much crap music and perhaps I would be frustrated same way as I'm with meme coins culture.
But would the crap songs not die out due to lack of popularity so it would be a natural life cycle as opposed to a meme coin. It would be difficult to know
Someone will do it with music and then rug em. It has never been more blatant!
Even more of a reason to join our platform. I shall call it carpet! Nobody can rug a carpet. Its carpet!
It is harder to get them carpets up 🤣🤣
It's an interesting idea. I think the tokenization of assets and real world things is still in its infancy. I think they tried to do something like this with NFTs last cycle, but it didn't quite stick. I'm not sure though.
Yeah I'd say its a minefield with copyright and all that.
This would work if the artist Tonkines their song. Otherwise.. who is paying the profits on the song rise... it just gets popular... or, like money put in, is invested into the song/album, and then you get rolatys based on the capital that song gains over time, or buy-in level and such.
Sorta like group buying of stocks and all splitting the profits on it, but for music or film.
Otherwise, what you are saying with song pump, it just pump.fun with a musical twist to it, and the musical artists who make the song don't get any profit from their works...
Yeah Im thinking a pump fun for music would be the easier to set up initially and then if it gets big , start talking to the artists