Sonorus is a web3 platform seeking to change the future of the digital music industry and reward artists and music lovers. It uses a decentralized music voting system, TrendFi, enabling fans to earn by supporting their favorite songs while helping musicians gain the rewards and recognition they deserve.
The project’s developers invite us to think of Sonorus as the IMDb of digital music. For example, the world’s most popular online database of everything related to cinema and TV series is not a streaming service. Yet, it attracts nearly 1.2 billion visitors monthly.
Instead, the website is a directory promoting film productions and measuring user preferences to indicate the latest industry trends. It does not gain revenue from copyrighted content but from the added value users bring to the platform by promoting or supporting it.
Sonorus seeks to become similar to IMDb for music, a renowned authoritative source with a palpable impact in the digital music landscape. It does not stream copyrighted songs, functioning as a directory promoting and gauging trend sentiment while rewarding users for genuine interactions.
A new way to earn with music in web3
Technology has come a long way, spurring innovations like the blockchain, cryptocurrencies, and non-fungible tokens (NFTs). However, some standard practices with global representation, such as the music industry, remain rooted in outdated mechanisms.
Present-day streaming services have taken hold of music, neutralized the fans’ passion, and prevented artists from gaining the recognition and revenue they accurately deserve.
Sonorus seeks to empower music lovers everywhere, enabling them to vote on their preferred songs and earn rewards when these tracks surge in popularity.
The platform allows musicians to showcase their creations, receive transparent audience feedback, and earn fair rewards. As it is, Sonorus sees music as more than just the art we enjoy producing or consuming. It regards it as an opportunity for both creators and admirers.
How it works
Sonorus has over 200,000 users who can nominate their favorite tunes on the platform. Instead of the number of plays and likes, a song’s popularity depends on the votes it receives. The more people back it, the higher it will climb into a fan-driven music chart and the higher the rewards for its supporters.
The platform’s proprietary on-chain voting system, TrendFi, guarantees decentralized, transparent, and fair appreciation of songs. It also ensures artists gain accurate recognition for their creations.
Every new song on the platform starts with a base price of 0.0002 BNB. Receiving one vote automatically increases its value by 0.000002 BNB. Conversely, when a user withdraws their support for the track by selling their vote, the song’s price decreases by the same amount.
The basis of TrendFi stems from the laws of demand and supply. An increasingly popular song will bring its creator and fans more rewards.
Meanwhile, a track must gain community support to maintain value, including potential rewards.
Fees and rewards
Nominating a song on Sonorus incurs a 0.01 BNB fee, ensuring users will not waste resources proposing low-quality or fake content.
The platform incentivizes nominators to scout and introduce potential hits with a fixed 5% share for all the votes received by a song they nominated. Users can select their favorite songs from Spotify, YouTube, and Soundcloud on Sonorus.
This process puts the track up for community voting automatically. That is the first step in the song’s journey toward the apex of the Sonorus musical chart.
Furthermore, artists can directly upload their music freely to Sonorus.
In return, they get genuine community feedback and enhanced control over their revenue. The platform also rewards them with a default percentage from all on-chain interactions. This potential gain has a fixed rate but may soon become customizable, granting artists the autonomy to decide.
Sonorus tokenomics
The SNS token is native to the Sonorus protocol. It gives holders governance power, enabling them to have a say in the platform’s future. Also, SNS allows them to stake their holdings, thus accessing more earning opportunities. The Sonorus team has established a 1 billion SNS as a total supply.
Those seeking to be more influential on Sonorus can purchase and hold the platform’s DJ Node tokens. These NFTs provide holders exclusive access to platform benefits, utilities, increased governance weight, and other perks, such as airdrop opportunities. Moreover, it entitles them to daily SNS rewards, which started on Oct. 1, 2023.
DJ Node tokens are currently available for purchase via the Sonorus website.
What’s Next for Sonorus?
Sonorus launched in 2022, attracting considerable support from major brands in the industry and beyond.
Its earlier seed funding round was successful, securing $2 million from significant investors, such as Hashkey, Mask, and Y2Z, among many others.
The developers launched the “Free Market” project as part of the platform’s initial features, proposing a new music record pricing mechanism. More precisely, your music record’s value increases every time more people buy it.
Next, the team launched the “Infra Upgrade” project, enabling users to log into the platform directly with their crypto wallets. Newcomers without a crypto wallet can create one upon registering to Sonorus, thanks to the platform’s collaboration with Particle Network.
Another milestone in Sonorus’ development was the Music Artist Portal. This brand-new platform is dedicated to all artists, enabling them to submit and release their music via the Sonorus protocol. Meanwhile, the platform’s Music Launchpad empowers the community to decide what music to appear in its directory.
Recently, Sonorus launched the DJ Node token to grant buyers exclusive benefits within its mission to reshape the decentralized music landscape. DJ Node holders can access unique privileges in endorsing new music releases on Sonorus as part of the platform’s “Talent Scout” project. Moreover, they will enjoy future revenue sharing if their endorsed music succeeds.
Next, the Sonorus developers have set their sights on several developments, including:
- SNS token airdrops to reward its loyal and active music supporters.
- Social features allow users to create their social profiles on Sonorus.
- More weight in profile discovery for DJ Node holders, making it easier for others to find and recognize their work.
- Loyalty rewards for the Sonorus community members, especially SNS and DJ Node holders.
Sonorus seeks to reach the same global dominance IMDb enjoys in the film sector but within the digital music landscape. More importantly, the platform is crafting more than just playlists. Instead, it aims to lead a movement where music charts reflect the collective voice of a fan-driven community.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
Read the full article here
