NEWM
Crypto Overview
Overview
NEWM is a blockchain-based music platform that aims to revolutionize the music industry by providing artists with direct ownership and control over their intellectual property. The platform utilizes smart contracts to enable artists to tokenize their music rights and receive fair compensation for their work.
Purpose and Utility
The NEWM token serves multiple purposes within the ecosystem: governance rights for platform decisions, access to platform features, and representation of fractional ownership in music rights. The platform allows artists to mint their music as NFTs and receive royalties directly through smart contracts.
Business Model Analysis
The business model focuses on creating a transparent and fair marketplace for music rights, which aligns with Islamic principles of fair trade and transparent transactions. The platform does not involve interest-bearing mechanisms or gambling elements.
Current Adoption and Usage
NEWM has launched its main platform and has onboarded several artists. The platform has demonstrated actual utility through successful music rights tokenization and royalty distributions. While adoption is still in early stages, there is evidence of real-world usage aligned with the stated purpose.
Development Activity
The project maintains active development with regular updates to the platform. The team consistently releases new features and improvements, indicating genuine effort to deliver on their roadmap.
Token Distribution
Token distribution includes vesting periods for team members and early investors, showing commitment to long-term development. While exact percentages are not publicly available, the distribution structure appears designed to support platform development rather than quick profit-taking.
Crypto Impact
To assign a comfort level investing in NEWM 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 NEWM.
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.