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Music NFTs - Avoiding the problems of the old industry
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Well, that's, why I am on Cardano.. and for the free scam zone.. never fails, scammers get pushed back. There are tons of utility token like STUFF, NEWM, NMKR, SPXT, DEDO ecetera, just to name a few. Also the meme space with SHARL, SNEK,FREN, HOSKY and others is great .. just check it out. Latest technology, university proofen. Seemlesly BTC integration cause of utxo model.. Before Cardano I was on ethereum , when I started my crypto journey and I lost tons of money on scams, vc Plays and gas fees.. still have some SHIBA and some ETH, but I will concentrate on Cardano now .. the community has the real mindset for me. Like BTC in 2011..
I just meant in terms of wallets, de-fi, dexes, and legitimate decentralized projects like World Mobile, Empowa, NEWM, and Stuff.io. Four years ago it was Daedalus, Yoroi and staking and that was pretty much it, if you weren’t into NFTs.
Apologies for the long comment, but for those who are genuinely curious... I use Cardano to stake, buy nfts, make swaps, DCA, and vote for projects. You can also mint an nft to link with an email address, or mint an nft as a handle so you can receive txs using a more user friendly address, like Eth domain names. There's DePIN projects like Iagon, which is like Filecoin, to store your data with a decentralized storage provider. They also host dapps and are working on decentralized compute services. There's NFT royalty platforms for creators like NEWM, Books, and Jpgstore. You can also lend NFTs. Some lending protocols even offer double yield on lending since the liquidity pools are staked. It is kind of like staking liquid staking derivative tokens, but much simpler. You don't have to exchange your ADA for stADA and potentially trigger a taxable event. Also let's say your order has not yet executed at the limit price you set, it can still earn staking rewards while the order is pending. Staking is liquid and self-custody, less middlemen and more ownership for the user. There's RWA projects like Palmyra and Empowa. The ecosystem is growing much faster now that infra and tooling is improving. Community built their own languages like Aiken and Opshin that are based on more popular languages like Typescript and Python, which compiles down to Haskell-based Plutus. You don't need to know Haskell anymore. Although you do need to know how to build on an extended UTXO model, but it is getting easier as more devs open source their code and share their designs. There's even a new batcherless AMM design that got funded this Catalyst round, and designs are rapidly adapting especially with Plutus V2 and V3 now with Chang upgrade, enabling zk primitives support on the L1. There's also new L2's on the horizon that offer unique benefits due to UTXO's deterministic properties like way cheaper fraud-proofs and better mobility between L1 and L2. There's also Leios and Peras to make the L1 faster. Hydra has interesting Catalyst proposals this round as well. The one thing I wish I could use Cardano for is stablecoin stuff. They have home grown stablecoins that are algorithmic and fiat backed, but they don't have the more established ones like USDC and USDT with higher liquidity, stability, and connections. MyUSD on Cardano is backed by USDC and USDT. There are also ways to bridge over USDC using Wanchain. Your implication is right, it is relatively a small ecosystem, a small island compared to the others. But it's fast growing. It's important to note that it is growing without Ethereum's network effect and heavy VC support. But interoperability is increasing with the recent Plutus V3 upgrade, that makes it more interoperable with Ethereum, and other developments like Cardano's integration with Cosmos. There's also Polkadot's Substrate tech powering Cardano's partnerchains. Cardano devs are also bridging the knowledge gap between them and Bitcoin devs with Fluidtokens and Maestro sharing protocol designs. It appears that this cycle, the alpha on Cardano is on Twitter, not on Reddit. Here's a few recent tweets from non-Cardano people. [https://x.com/CryptoConan/status/1811416874552611129](https://x.com/CryptoConan/status/1811416874552611129) [https://x.com/NftswithDiz/status/1813229438370259276](https://x.com/NftswithDiz/status/1813229438370259276) [https://x.com/TannerCartier/status/1813167238599655792](https://x.com/TannerCartier/status/1813167238599655792) [https://x.com/ZKDID\_/status/1799400337612190153](https://x.com/ZKDID_/status/1799400337612190153) Some recent posts to show typical daily chatter. [https://x.com/CardanoRami/status/1805971403675779203](https://x.com/CardanoRami/status/1805971403675779203) [https://x.com/Padierfind/status/1813519559703335109](https://x.com/Padierfind/status/1813519559703335109) [https://x.com/zkFold/status/1813271373802053835](https://x.com/zkFold/status/1813271373802053835) [https://x.com/FluidTokens/status/1813247448015307080](https://x.com/FluidTokens/status/1813247448015307080) [https://x.com/cosmos/status/1806357065960407485](https://x.com/cosmos/status/1806357065960407485) [https://x.com/ZengateGlobal/status/1803850888085189072](https://x.com/ZengateGlobal/status/1803850888085189072) and more... [https://x.com/sharlhuskens/status/1803442866280341529](https://x.com/sharlhuskens/status/1803442866280341529) [https://x.com/VioletNoRegarde/status/1805955713111670974](https://x.com/VioletNoRegarde/status/1805955713111670974) [https://www.youtube.com/watch?v=y4txesKsL\_M](https://www.youtube.com/watch?v=y4txesKsL_M) [https://x.com/ore\_times\_3/status/1810691719848952084](https://x.com/ore_times_3/status/1810691719848952084) [https://x.com/HouseOfTitans\_/status/1811829651121000663](https://x.com/HouseOfTitans_/status/1811829651121000663) [https://x.com/Omen4Omen/status/1804855019864207402](https://x.com/Omen4Omen/status/1804855019864207402) [https://x.com/MoparGirls/status/1813180347494113438](https://x.com/MoparGirls/status/1813180347494113438)
Iagon.com are working towards decentralised compute, but I'm not sure if it could do what you want. Sharing films is easy, except for copyright and licence issues, not a technology problem. NEWM.io and book.io are working on music and books respectively, removing the licence issues.
I agree Cardano need to get a stable coin that everyone uses on there. They have USDM coming soon which might stir things up. I think I read somewhere that because they use eUTXO it made issuing certain stable coins harder. Also I think you have to pay $100k+ just to request one of the major stable coins to provide access. Maybe they could use a catalyst fund to pay for that. I disagree on your point that Cardano doesn’t have many good projects though. Just look on taptools.io WMT IAG BOOK NEWM EMP etc
Axo, Bookio, FluidToken, Spectrum, Indigo, OptimFi, Iagon, Encoins, DexHunter, JPGStore, LenFi, Levvy, Nmkr, Liqwid, Danogo, Genius Yield, World Mobile, NEWM, Cornucopias, Xerberus, OrcFax, OptionFlow, Empowa, Maestro, Atrium Labs, Butane, Splash. And if you're actually interested in trying them out, use Vespr for mobile wallet and Lace or Nami for desktop wallet even though there are way more options (these are just simple UI ones.)
Do not sell until you meet your objectives (which should be far away still imo). NFA though lol. If you want to gamble away, do it without selling, I mean, if you have some to spare right now. Maybe buy some Cardano native tokens, they are prime to explode in the bull (search about NEWM, WMT, LQ...)
What about NEWM? From Google: NEWM is a revolutionary music platform built on the Cardano blockchain that empowers artists, fans, and the community
*cough* NEWM on Cardano *cough*
My personal favorites are NEWM and OrcFax. Although the Orcfax ISPO is technically full, which this website doesn’t indicate. I would go NEWM, personally. They have a 25% and 50% pool that both have room for delegation. So just choose how much ADA reward you are willing to sacrifice in return for NEWM. The NEWM can be claimed via DripDropz on an epochly basis once your stake becomes active.
Not really sure what they are offering but it seems cool. As an artist, though, I am weary of companies trying to enter the space of music NFTs. The idea of NFTs were to empower anyone to be their publisher, yet many companies want to just bring the current model to blockchain. Even projects like NEWM, while much better for the artist, is just CDBaby on blockchain. We need full autonomy of our work! We shouldn't have to fractuonalize our works of art. Our creations are the "proof of work", and we should be able to monetize them directly!