Introducing The MUSIC Token - A Social Token For All Music Lovers And Creators Built on Hive Engine
The Hive blockchain is thriving with all kinds of different content creators, many of those being musicians. The $MUSIC Token is a social token for the new @blocktunes Hive Engine front end and the greater music community on Hive. As of writing this post, the site is still being set up on the servers and will be available in the coming days.
$MUSIC Token Details
When posting your music on Hive, you can now use the #music #blocktunes #btunes and #tunes tags and your post will not only show up on our new premier front end for music lovers on Hive, but you will also earn the $MUSIC token!
The $MUSIC token rewards pool was launched on October 31, 2022 at 4:20pm Pacific Standard time.
There are a total of 420,000,000 $MUSIC tokens that can only be earned by the Proof of Brain consensus, which is posting your music using the above mentioned tags or directly on our new front end!
There were no pre-issued tokens prior to the start of the rewards pool, so those who use the platform are the ones that will earn the first issued tokens!
21 $MUSIC tokens are set to be issued to the rewards pool every 2100 seconds.
How to Earn $MUSIC
The $MUSIC token is earned through the Proof of Brain consensus. This means that people who use our front end and any of the 4 activator tags will earn some $MUSIC tokens.
Those who engage with posts on BlockTunes through voting and commenting will also earn $MUSIC tokens!
Another way that people will be able to earn $MUSIC will be to delegate HIVE POWER to the @blocktunes account. Delegating 1 HP will earn 0.05 $MUSIC tokens per day. So delegate 1000 HIVE POWER and earn 50 $MUSIC tokens every day! Delegation payouts start November 15, 2022.
Mint And Purchase Music NFTs with $MUSIC
Musicians can get whitelisted on our upcoming NFT marketplace on our new Hive Engine front end and start minting NFTs with the $MUSIC token. Fans and collectors can then come and purchase those NFTs with their own $MUSIC tokens!
So you get to earn $MUSIC so you can buy and collect music!
Fees from minting NFTs will be sent back to the @blocktunes account to be used for delegation payouts.
Staking $MUSIC Tokens
Staking the $MUSIC token doesn't earn you more $MUSIC, it earns you SWAP.HBD rewards that will be paid out directly to your wallet on a daily basis. These funds represent a percentage of the revenue that is brought in by BlockTunes, through posting, curation, commissions from NFT sales and sales from the store as well as BlockTunes PRO Artist and Release service submission fees.
These rewards will begin to be distributed starting January 1, 2023. This allows us time to rebuild our HBD investments and earn some revenue for the @blocktunesDAO account, which will be the payout account for the $MUSIC token rewards.
Rewards will be calculated from the month prior and divided by 30 to get the daily payout figure. Once payouts begin, stakeholders can expect to see some SWAP.HBD hitting their wallet daily!
As stated before, there were no pre-issued tokens as the $MUSIC token was launched on October 31, 2022. Those who are posting music using the tags will be eligible for earning tokens!
Tokens that will be manually issued will be those who already hold the $bTUNES token. This token was our BSC-based DAO token, and since we are stopping the use of Binance Smart Chain on our platform, we will be issuing 10 $MUSIC tokens for every 1 $bTUNES tokens that are currently held. These individuals are advisors and early adopters of the platform. This distribution will take place on November 1, 2022. The @blocktunes account will stake all tokens received to be used to start curating posts to help with POB distribution.
Another batch of 100,000 $MUSIC tokens will be issued and held in the @blocktunes wallet to be used for delegation rewards to pay those that delegate HIVE POWER to BlockTunes.
Token Claim Drop Starting November 5, 2022
For investors that want to get your hands on some $MUSIC tokens, there will be a claim-drop sale started on Tribaldex where you will be able to purchase $MUSIC tokens for 2 HIVE each.
On November 5, 2022, a total of 100,000 $MUSIC tokens will be issued to the @blocktunes wallet and used for the claimdrop sale distribution. The claimdrop will last for a duration of 90 days. At that time, any remaining tokens will be returned to the BlockTunes account and added to the amount used for delegation rewards.
This sale will give those that want to invest a chance to do so before the markets really get formed. The earnings from the initial sale will be used to start and fund at least 1 but hopefully 2 diesel pools for the $MUSIC token. One will be MUSIC/SWAP.HIVE and the other would be a MUSIC/SWAP.HBD pool. The remaining funds would be used to power up Hive Power to the @blocktunesdao account as well as HBD to go into savings to use as an income yield, as well as repay for development costs and start a marketing fund for BlockTunes.
Support Independent Music on Hive
By getting involved and purchasing some $MUSIC tokens and NFTs, you are helping support musicians across the globe! The more we earn, the more we can help spread the love across the blockchain to all of the awesome musicians who are working hard at creating amazing art!
Join the independent music revolution today!