Topics NFT
Bybit Learn
Bybit Learn
Intermediate
2022年4月28日

Melos Studio (MELOS): A Music Haven for All

Music is the universal language that connects us all. In recent times, however, piracy issues are running rife, with lawsuits in the music industry becoming more commonplace (for example, refer to the case of Ed Sheeran). Thankfully, all is not lost. This problem could well be solved with the appearance of music blockchain platform Melos Studio.

Melos Studio harnesses BNB Smart Chain technology to capture moments of musical inspiration. It functions using a combined decentralized meta and music Web 3.0 platform that creates an avenue for partnership and enables interaction between musicians and other music creators. Its user-friendly interface allows virtually anyone to create their own music with a set of free and easy-to-use tools. The resulting content is then minted as NFTs and uploaded for sale on the NFT marketplace.

Apart from enabling the sale of music NFTs, Melos also embraces additional features like NFT staking and NFT transaction mining. A unique feature about this platform is that minted NFTs are permanently stored on the blockchain and can be accessed at any time. The goal of Melos Studio is to ensure that no music is lost; that the originality of pieces is preserved, for both current and future generations to enjoy.

What Is Melos Studio?

Melos Studio, an innovative, decentralized music NFT marketplace, was set up in Taiwan in 2020. It’s a unique platform that enables artists, musicians and even content creators to showcase their talent to a community of fans and users. 

The Melos platform serves as a point of convergence for creators, artists, and musicians (and their fans/supporters). Melos Studio’s ecosystem allows creators to earn money on their creations after they’re sold. Its ecosystem runs on the FLOW, ETH and BNB blockchains. 

Melos Studio is dedicated to providing quality services to the music industry, and to taking the use and value of music NFTs to greater heights.

As of this writing, there are over 800,000 registered users on the Melos platform. In March of this year, the studio announced plans to commence a Web 3.0 mechanism focused on content discovery.

What Is MELOS?

MELOS is the official (or native) token of the Melos Studio platform. Both a DAO and utility token, this token has several use cases. For example, fans can use the MELOS token to tip their favorite artists, and to gain access to special privileges on the platform (e.g., music NFTs.) The token can also be used to generate funds required for opening a new studio. Revenue amassed from the release of NFTs is shared in the form of MELOS, and distributed to each collaborator.

The ongoing Web 3.0 content creation marketplaceeconomy will be powered by MELOS tokens in the near future.

Melos Studio: How It Works

The NFT creation process works systematically through a series of steps that ensure all creators earn rewards from the sale of NFTs. Here's an example:

  1. Pianist A records a tune and mints it as a music NFT called P0.

  2. Person B comes across P0, likes the tune, adds a guitar tune to it, and mints the combined piano-and-guitar NFT as P1 NFT.

  3. Vocalist C hears the combined P1 NFT, adds their vocal to it, and mints it afresh as P2 NFT.

With this method, all co-creators of the NFT are entitled to a share of the profit. It also fosters greater interaction between fans and creators. 

Key Features of Melos Studio

Melos Musicblocks

This refers to a particular musical work that has been uploaded on the blockchain and gone through the process of “forging” into a music NFT.

Virtual Band

This unique feature allows fans to co-create music and rhythm with their favorite musicians on the Melos Studio platform. For example, a virtual band can be created by inviting another creator to forge their individual Musicblocks, resulting in a brand-new Musicblock.

The creators can then decide in partnership to sell their newly created Musicblock NFT, with revenue generated from its sale shared by all parties involved.

Music Auction

This feature serves as a marketplace for music NFTs.

Jam

Jam term refers to the mixing of two or more pieces of music on the Melos platform.

Solo Forge

Solo Forge means that a solo Musicblock forms a different tune, for example a new Musicblock.

Jam Forge

This term refers to the combination of two different Musicblocks to form a new Musicblock.

Metis AI Music Workshop

Online tools and features are provided on the Melos Studio platform that give users the opportunity to easily create their own music and build it as NFTs on the blockchain.

This feature is particularly useful for newbies, as it helps users complete songs with just a few notes of music.

Melos Launch

This is a platform that allows users to drop their music to Melos Studio, and artists to connect with their fans on Web 3.0.

DNA and DNA Tree

On Melos Studio, “DNA” stores all the information about the creators of each Musicblock NFT. A Musicblock NFT is formed when a piece of music has undergone forging through Jam.

As the forging process is carried out from one generation to another, the DNA information from each set of creators is constantly being uploaded to the Musicblock. This collection of information results in what is known as the “DNA tree.” To receive revenue for their work, all contributors to a Musicblock are traced and rewarded accordingly with the profit generated from their creation.

MELOS Tokenomics

Note: Figures below are accurate at the time of writing, and approximated up to two decimal places.

Max Supply — 1 billion MELOS

Circulating Supply — 65 million (self-reported)

Market Value — $0.14

Market Cap — $9 billion (self-reported)

Fully Diluted Market Cap — $143 million

24H Trading Volume — $4.56 million

Pros

User-Friendly Interface

Melos Studio has an interface that’s easy to operate. Music NFTs can be easily minted and sold on the Melos marketplace.

Profit Sharing 

On Melos Studio, all the contributors to a particular piece of art receive rewards from the revenue generated by the work.

Fostering Interaction

Melos Studio fosters community interaction between musicians and music lovers. It also enables fans to creatively contribute to their favorite songs and mint them as NFTs.

Cons

Yet to Be Tested Extensively

As Melos Studio employs relatively new technology that hasn’t been extensively tested, it may have some major flaws/areas for concern that have yet to come to light. Only time will tell if it lives up to its promises.

Is Melos Studio (MELOS) a Good Investment?

Thanks to its unique use cases, MELOS has attracted a steady stream of high-profile investors (e.g., Binance Labs, Multi-Chain Capital, and NGC Ventures) and partnerships since its inception. Its most recent collaboration is with MEXC Global, a leading cryptocurrency trading platform — an exciting partnership bound to increase the adoption of music NFTs, and to enhance the musical experience for creators and fans alike. 

With its exceptional create-to-earn feature, it’s just a matter of time before we see a significant increase in MELOS’ value. The features we discussed earlier — Melos Musicblock, virtual bands, the DNA tree, and more — will without a doubt increase the use of music NFTs in the crypto world.

As mentioned earlier, perhaps the most interesting feature of Melos Studio is the recently announced launch of the algorithmically-based content recommendation model on Web 3.0. This serves as a good platform to enable fans access to musical content of high quality. An increase in the usability of MELOS will certainly lead to a corresponding increase in its price.

Buying MELOS

Step 1: Create a verified Bybit trading account (for new users).

Step 2: Login and visit the Spot Market section.

Step 3: Search for the MELOS/USDT pair.

Step 4: Input the amount of MELOS tokens you wish to buy.

Step 5: Click on Buy using a limit order.

Step 6: Confirm the transaction and wait for the MELOS tokens to be credited to your account.

Source: MELOS/USDT | Bybit

Closing Thoughts

Since its inception, Melos Studio has encountered its fair share of challenges. Despite facing multiple difficulties, however, it has been able to persist, and shows great potential in spearheading the next era of music streaming.

Melos Studio developers have mapped out a solid action plan based on the platform’s ultimate goal of having music that can be heard anywhere at any time. If Melos Studio is able to successfully implement the goals, services and objectives it’s listed in its road map, its market value is sure to see a steep increase. Subsequently, this will attract more investors and users.

In 2022, music blockchains such as Melos Studio are making a splash in the crypto scene. So far, things are looking good for Melos Studio, though we’ll have to observe more to make sure.