deadmau5 has thrown his weight behind MODA DAO, a decentralized network designed to democratize the music industry in the metaverse.
The decentralized autonomous organization (DAO) is now set to combine its ambitious NFT music streaming platform with $MODA, its governance token. DAOs are organizations collectively owned by their members in order to safely manage a network's operations and cryptocurrency transactions.
The token supply will hit the Ethereum, Fantom, Near, and Polygon blockchains on Wednesday, November 10th. Holders of the $MODA token will be able to distribute their music on the MODA DAO platform, which could ultimately compete with streaming giants like Apple Music and Spotify while offering a novel way for artists to control royalty contracts.
According to CoinDesk, the company is targeting musicians and their managers to adopt the cryptocurrency. The revenue earned by the music released through MODA DAO's platform will reportedly be split three ways: the artists, rewards pool, and a token buyback program.
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Holders of $MODA will also have access to unique blockchain-powered services like "audio fingerprinting," which allows artists to mint audio files as NFTs and sell the songs prior to their distribution on major streaming platforms like Spotify.
"I see the Web 3 ecosystem growing alongside streaming services, and eventually becoming more significant to the artists,” deadmau5 told CoinDesk. “This new [MODA DAO] world is creating new ways for artists to take ownership of their music, but it will take a while to scare the Spotify and Apple Musics of the world."
Considering deadmau5's hunger for disruptive music tech and criticism of the corporatization of EDM, giving Apple Music and Spotify a run for their money is in his blood.
You can find out more MODA DAO here.