Ontology, a new high-performance public multi-chain project and a distributed trust collaboration platform, has announced a partnership with decentralized blockchain music ecosystem platform Muzika. Muzika will develop dApps and a new music ecosystem based on Ontology’s underlying technology. Ontology and Muzika will also cooperate in events and community.
In the past 20 years, the music industry has experienced two giant transformations: from physical records to digital music and from music downloads to online streaming. The first transformation has made music more accessible, while the second has played a key role in expanding the industry.
However, this industry has its own problems: middlemen and copyright, limited fan participation, unbalanced and unclear economic distribution, and more. With the continuous development of the music industry, the revenue share of musicians who produce original music has declined, while music publishers are enjoying long-term returns from a one-off task. In this regard, there is an urgent need to build a decentralized and reliable blockchain music platform.
Therefore, Muzika’s sustainable music ecosystem solution will use Ontology’s underlying technology to give fans a new identity, allowing them to be involved in any step of the industry if they wish. Fans can participate in parts of music production, allocation, consumption, and profit distribution. This will form stronger networks and allow original music to be produced and distributed fairly.
By building an autonomous and reasonable digital music ecosystem, Muzika will eliminate unnecessary intermediaries and media, give more rights to musicians and fans, and eventually restore the profit balance among market participants.
Muzika has over two million active users and 17,000 music producers across more than 150 countries, with rich experience in community management and user management. Under the direction of Ontology’s real economy strategy, Muzika can connect different aspects of people, assets, objects, and affairs in the digital system through Ontology’s distributed services to integrate the music world with real businesses, and encourage greater trust collaboration.
Speaking on this cooperation, Inseo Chung, CEO of Muzika, expressed:
“Muzika is creating a real decentralized digital music ecosystem for the digital music industry to close the gap of all stakeholders with an innovative structure. The cooperation between Muzika and Ontology will be a great step in this. We look forward to working together to achieve a transformation of the digital music world”.
Ontology’s Founder LI Jun said:
“Music has various application scenarios in our life. Ontology is delighted to collaborate with an innovative team like Muzika to challenge the music industry. With the development of the dApp, the relation between music producer and fan will be changed, bringing a better music user experience and achieving a more balanced profit distribution and long-term cooperation model. We believe that the integration of blockchain technology and music will create a better landscape for the future”.
Muzika is a music blockchain platform with a mission to apply blockchain technology to the daily lives of the public. It aims to be the first digital music blockchain application to gain public recognition and popularity. It also has a leading core team, with all three founders included in Forbes Asia’s Top 30 under 30. The team also operates multiple platforms including Mapianist, MyMusicSheet, and KPopPiano.
Muzika has more than two million active users and 17,000 music artists across more than 150 countries from Mapia’s business platform, which lays the foundation of Muzika’s success. By building a music ecosystem maintained by producer and consumer, music fans can directly participate in sponsorship and production, and have freedom and rights in consumption and income distribution.