What Is Melos.Studio (MELOS) And How Does It Work? | KuCoin Crypto Gem Observer
The recent months have seen NFTs explode in popularity with their use case in various industries ranging from contemporary art, gaming, real estate, ticketing, and e-commerce, to mention a few.
However, most experts will agree that we are only in the early days of NFT adoption and their applicability will spread to every imaginable industry where ownership is a priority, especially now that the internet is evolving from a Web 2.0 platform to a Web 3.0 internet.
In the music industry, Melos.Studio is the first-of-its-kind platform to pioneer the applicability of NFTs in music, where NFTs are used to capture moments of musical inspiration on the blockchain.
With Melos, musicians can collaborate, work together or simply put out their music and have it collide or evolve in a mix with other forms of the music, thereby creating something new and truly inspirational. Melos makes it such that all music creators are credited and given the freedom to create as they should without fear of their work getting stolen.
Here is a breakdown of the Melos.Studio platform.
What is Melos.Studio?
Whatever the cultural background, music remains to be one of the most unrestrained ways of propagating inspiration.
With this in mind, Melos is using NFTs on the blockchain to build a utopia-like ecosystem for musicians where creators can create NFTs from the musical inspirations that pop in their heads. Each NFT based music on Melos is then merged with other artistic expressions from the ecosystem to create new and non-static NFT-based music files.
By creating NFTs based on the musical inspirations that come to mind, creators can have their work evolve into other musical pieces as well as achieve new music on the blockchain in what Melos calls “MusicBlocks.”
Each MusicBlock records information such as author and co-creators identity as well as the time of creation and the number of times that piece of music has been forged and merged with other MusicBlocks.
How Does it Work?
Melos is more than a platform that simply converts musical artwork into NFTs. At its core, the NFTs on Melos.Studio is not static as the platform features a unique forge technique designed to produce a fusion of musical inspirations. Their ecosystem works in a similar way you would picture musicians from all walks of life having a jam session in a spree of improvisational music that ends up creating something new and exciting.
Melos can achieve this fusion even with music from different genres while using different musical elements. The end goal of the platform is to create unique and scarce music with every musical piece. Hence the value, content, and format of MusicBlocks on Melos is constantly changing. This enables musicians to collaborate in creating truly scarce and valuable pieces of artwork that can only exist on Melos and nowhere else.
When multiple MusicBlock NFT holders are forging their NFTs to create new musical works as MusicBlocks, a "Jam-Forge" is created, and everyone who has contributed is credited ownership of the new music works according to the ratio of their contributions. Creators can also choose to go for the "SOLO NFT Forge" option that lets one change the musical content of a purchased NFT to create a new MusicalBlock.
Under the hood of the Melos.Studio platform is an AI (artificial intelligence) engine called Metis AI that uses a DNA Tree to categorize and forge different music files into new ones. This enables users of the Melos.Studio platform to have access to a platform that lowers the barrier of entry to creating new music while enabling an economy of fan-based music files.
What is the MELOS token and what is it used for?
Melos is an Ethereum based application, and therefore, its native token is an ERC20 token with the ticker MELOS. This token also serves as the platform’s governance token. The token can be both mined as well as granted by the ecosystem through rewards for active participation.
The total supply of MELOS tokens is set at 1 billion with distribution as follows:
· Team: 17%
· Advisors: 5.5%
· Strategic round: 6%
· Private sale 1: 7%
· Private Sale 2: 1%
· IEO: 1.5%
· Evergreen: 2%
· Eco: 30%
· Mining: 30%
MELOS token also features a taxation system where a 3% fee applies for both buy and sell orders, with 50% of those fees going to MELOS liquidity pools and the other 50% going to fund MELOS token burn and buyback events.
MELOS is on track to be listed on KuCoin under the MELOS/USDT trading pair after the Spotlight token sale closed. Given the platform's purpose to benefit musicians and its use of AI and NFTs on the blockchain, the MELOS token has a lot of room for an upward trajectory.
Click to learn how to participate the Spotlight token sale.
Melos.Studio DAO and Community?
Apart from its innovative technology, Melos is also governed by a DAO (decentralized autonomous organization). While the Melos community works to remove barriers to entry into the music industry for everyone, its DAO community is responsible for the governance of the entire ecosystem. Members of the Melos DAO can vote on proposals and implementations coming to the platform. This enables the Melos platform to continue to expand while maintaining fair trade and decentralization.
The world of cryptocurrencies, blockchain technology, and NFTs have come a mighty long way. From the old days of colored coins on Bitcoin’s blockchain network to the current wave of NFT hype, there is no denying that more innovation is on the way. Melos.Studio is pioneering the integration of NFTs and other technologies such as AI into the music business. With Melos, fans and their musicians will be able to create new forms of music, even possibly create entirely new musical genres from simply using the Melos app.
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