Built on top of the TRON network, the Rockstar token is a utility token meant to help musicians and the music industry in general. The project also encompasses two unique platforms that support artists, streaming, and social interaction.
The Rockstar token (ROCK) is a TRC20 Tron token that can be exchanged to TRX on Tronscan.org. According to the project’s white paper, the value of one Rockstar (ROCK) token is expected to be about $0.03.
The team plans to issue a total of 2 billion Rockstar tokens.
The challenges of the music industry
Blockchain technology could help resolve some of the most pressing issues in the music industry. Right now, for example, retailers and the recording industry are losing almost $2.7 billion a year to music theft and piracy. Blockchain technology could help with tracking content and thereby reduce the effects of this phenomenon to some extent.
If piracy wasn’t enough, there’s also the issue of the intellectual property rights of creative items. We’ve seen plenty of huge music scandals and complicated lawsuits due to unclear laws on ownership. It’s pretty common in this industry to have one company that owns the audio while someone else holds the rights for the lyrics within the same song.
Most of these issues occur because music information is still hard to track. This leaves many artists underpaid as it’s often hard to tell who made the music and who owns the rights for it.
Blockchain-based networks could reorganise all this data more effectively than ever before. It could be a revolution within the industry with significant effects on the way both artists and rights-holders get paid.
Moreover, as the industry stands today, retailers and record companies take the lion’s share of profits, leaving artists with almost nothing. According to information provided on the Rockstar token website, from every $9.99 you spend on a music platform, only 94 cents go to the artists. That’s less than 10% of what you’ve paid!
How the Rockstar token could help
The developers of the Rockstar token claim that it could help musicians make more money from their art. The token will fuel two decentralised platforms where musicians can connect to fans directly, with no need for intermediaries.
- RockstarTunes will be the platform for storing music. It will enable musicians to upload, manage, sell, and market their tracks.
- RockstarSMS will be more of a social platform, where artists will communicate on a massive scale with their fans using text messages. At the same time, fans will be able to use this platform to store information about their favourite stars and communicate with each other.
With these two platforms, the Rockstar project is looking to eliminate all intermediaries between musicians and music buyers. Artists won’t have to pay expensive commissions to sell their work, either. Rockstar promises “100% of sales”, so musicians won’t have to pay any fees for using the platform.
Other blockchain-based music platforms
The Rockstar token isn’t the first digital coin ready to take over the music industry. Other blockchain start-ups are also looking to overcome challenges through similar solutions. Let’s take a look.
Moosecoin
Moosecoin calls itself “the music cryptocurrency”. The platform enables musicians to register and manage their music and even to initiate crowdfund actions. Fans can listen to music and donate or invest in their favourite artists.
The project provides a marketplace for musicians who are looking to close deals and a community of developers who serve the music industry.
Musicoin
Musicoin is a platform that provides free streaming and helps musicians monetise their work. Fans can use it to listen to music and connect with artists. People who upload their music get rewards in the platform’s currency.
Musicoin promises transparent contracts for musicians, with no intermediaries and fair compensation.
Voise
Voise is a decentralised music platform built on the Ethereum blockchain. This cryptocurrency-powered solution enables artists to sell their art through a collaborative P2P marketplace.
Voise allows musicians to get the correct price for their work, provide free samples, and seek support from other users on the platform.
The takeaway
There’s no doubt that the music industry needs to change to keep up with the times and people’s new buying preferences. Blockchain and cryptocurrency could bring the industry into a new era and help artists counter some of the current critical problems.
Will the Rockstar token be the answer to the industry’s woes? It’s hard to tell for now. The project “for artists, by artists” still has a long road ahead and a lot of money to raise before it sees the light of day.
Featured image from the Tron Weekly Journal.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.