A few years ago, in the huge ecosystem of distributors, publishers, royalty collectors, and labels, the idea of artists receiving payment quickly seemed like a revolution. What if thousands of particularly cash-strapped artists did not have to wait forever to get their money but rather could receive payments instantaneously? Cryptocurrency enthusiasts have been finding ways to use technology to transform the music industry. With the blockchain, musicians can receive payments, venues can find and destroy counterfeit tickets, and record companies can trace music streams and pay contributing artists.
Hashmelody is the first of its kind digital art collectible with a collection of over 16 000 unique digital melodies, each with a specific chord progression and a predefined length. The project falls into a niche of NFTs (non-fungible tokens), which reside on the Ethereum network. They work in the same way as a stock certificate. You receive a token when you buy a Hashmelody. The token is a public ownership claim to the digital melody that is privately held. Digital art is such that it extends online norms through introducing such ownership so that to own a Hashmelody is to become part of a new community. It is to connect with many artists globally.
By holding the melody NFT, you accumulate the Melody Naming Token (MNT) every day, which allows you to pick a name for the melody on the blockchain. The NFT you buy has not yet been revealed, but it will have its unique traits when it is. The idea is to combine quality music with a hierarchy value made by the consumer of the work and the creator. The melody traits are provided to guide the consumer in addition to the naming privileges. Hashmelody is the first digital music collectible to accumulate tokens the same way Hashmasks does. As the owner of a Hashmelody NFT, you received an unlimited, global exclusive license to copy, use and share the music for commercial use. Anyone who would like to use a Hashmelody without ownership commercially will need written consent from the current owner.
Since, as the user, you get to name your NFT, no single Hashmelody will have the same name as another. The name is visibly stored on the blockchain. You must own the MNT to change the name. Over time, the Hashmelody will get new MNT, but you can only change the name two times every year, and whenever you do, the MNT is burned. Each Hashmelody will retain its final form when the last token is burnt.
The project is beginning to gain momentum and draw attention on Twitter, with some DeFi and ETH accounts sharing and retweeting it. If you missed out on Hashmasks, it is definitely worth checking out. It is your opportunity to be among the first people to participate in a large collaborative NFT art project.