Ontology (ONT) recently made an announcement about its partnership with Muzika – a decentralized music platform. The aim of the partnership is to develop a blockchain-driven music ecosystem. The new music ecosystem with be driven by the platform of the multi-chain project.
The blockchain of Ontology (ONT) will serve as the basis for the new decentralized music environment of Muzika, in which they aim to empower enthusiasts in order to enable them to have a more active role in any stage of the industry while trying to resolve some issues.
The Issued Faced by the Music Industry
According to the press release, “The industry has its own issues, which range from copyright and middlemen, limited participation of fans, unclear and unbalanced economic distribution, and many more. As the music industry continues to grow, the revenue share of artists that produce original songs has significantly reduced, while song publishers keep enjoying long-term returns from the one-off task. As a result of this, there is an urgent need to create a reliable and decentralized blockchain music ecosystem.”
With the new blockchain-driven music platform, Muzika will be able to build decentralized applications that will bring music lovers and producers even closer, eradicating the need for mediators, and distributing profit more appropriately.
Ontology (ONT) Price Today – ONT / USD
According to the CEO of Muzika – Inseo Chung “Muzika is aimed at developing a real decentralized digital music ecosystem for the digital music industry to breach the gap of all stakeholders. He added that the partnership between Ontology (ONT) and Muzika will be a great step towards achieving their goals.
About the Decentralized Music Platform – Muzika
Muzika is a blockchain-based music platform that is aimed at becoming the first digital music app based on DLT to gain mainstream regulation and popularity. The platform boasts of more than 2,000,000 active users and over 17,000 musicians all over the world. The firm refers to itself as the bridge between consumers and producers, hence contributing to a more transparent and reliable music industry.