Blockchain technology has piqued the interest of music industry professionals looking to create novel revenue models that ensure fair compensation for all stakeholders. Tunedly’s TunedCoin project offers unique music NFTs and TunedCoins as incentives to music consumers, which can also grant exclusive event access and royalties with their favorite artists. This project aims to revolutionize the rights and royalties process in the music industry.
Tunedly was founded in 2016 by musicians and music managers with the aim of eliminating the obstacles to entering the music industry. It offers a platform for live collaboration, music production, and publishing, accessible to all. By connecting songwriters and other music creators with professional session musicians, Tunedly is helping to decentralize the music industry and empower independent artists with world-class music production and publishing capabilities.
Tunedly, having established itself as a market leader in music creation, has expanded into music publishing and discovery, with a focus on promoting fairness and transparency in the A&R process. Through its TunedCoin project, Tunedly allows music consumers to vote once a day for a song they believe should be signed, earning rewards in the form of TunedCoins, NFTs, and a portion of future royalties.
How this works
The Tunedly ecosystem exemplifies the potential of blockchain technology, non-fungible tokens, and decentralized finance to transform the music industry. Emerging artists can gain exposure by uploading their music to the Tunedly Music Discovery app, where it will be featured alongside established artists without any identifying information to eliminate bias. Listeners can then vote for their favorite songs based solely on the music itself. The most popular songs receive a publishing offer and a signing bonus, with TunedCoin and NFTs also allocated. When a song is signed, listeners who voted for it earn rewards in the form of TunedCoins and NFTs.
What TunedCoins are
TunedCoin (TUC) serves as the utility token for the Tunedly Ecosystem, and is built on the Polygon blockchain, a second-layer Ethereum smart chain. TUC has a total cap of 21 million tokens. Tunedly envisions TUC as a versatile token that prioritizes ecosystem users, with additional use cases to be added as the platform evolves. The official ICO for TUC is scheduled for Q3 2023, but in the meantime, music listeners can earn TUC by listening to music on the Tunedly Music Discovery app.
Tunedly has announced plans to distribute royalties to NFT holders of songs on the platform. The company will allocate 50% of the net royalty income for a particular song signed to a publishing deal to users of the Tunedly Music Discovery app, proportionally to their holdings of that song’s NFT and TunedCoins. To take advantage of this royalty share system, users must own both the NFT for the royalty-generating song and TunedCoins. Tunedly plans to incorporate customer feedback as it develops this system, with the goal of using the TunedCoin project to transform the music industry and the distribution of exclusive content.