Music Protocol
Crypto Overview
Overview
Music Protocol, represented by the RECORD token, is a Web3 protocol designed to decentralize the music industry by enabling direct interactions between artists and fans. The protocol aims to facilitate music distribution, royalty payments, and fan engagement through blockchain technology.
Purpose and Utility
The intended purpose of RECORD tokens is to serve as a governance token for the Music Protocol ecosystem, allowing holders to participate in decision-making regarding platform development and revenue distribution models. The token also facilitates transactions within the platform's marketplace.
Business Model Assessment
The protocol's business model appears to focus on legitimate value creation through decentralized music distribution and artist-fan relationships. No evidence was found of involvement in prohibited activities like gambling, interest-based lending, or adult content.
Real-World Adoption
The project is in its early stages, with limited but growing adoption. Several independent artists have joined the platform to distribute their music and engage with fans through the protocol.
Development Activity
The development team maintains regular updates to the platform, with an active GitHub repository showing consistent commits. The roadmap includes features for expanded artist tools and fan engagement mechanisms.
Token Distribution
The token distribution includes: 30% for community rewards, 25% for development, 20% for team and advisors (with 2-year vesting), 15% for ecosystem growth, and 10% for initial liquidity. The vesting schedule for team tokens suggests a long-term commitment to the project.
Crypto Impact
To assign a comfort level investing in Music Protocol from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Music Protocol.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.