Crypto as a Primary Source of Income for Artists

Artists can make cryptocurrency a very lucrative way to earn a primary income, due to the astronomical rise in the prices of crypto currencies like Ethereum and Bitcoin.  StarCoin aims to assist artists in seizing this opportunity, maximising their revenue and increasing their independence. StarCoin, the first cryptocurrency to offer a crypto-backed record company for artists, is StarCoin.

First, it’s important to outline the issues of today’s music industry to understand the value that a crypto-backed record label could provide. Record labels typically lend artists money to create their albums. After the album is released, most artists don’t make any money from it until the loan has been repaid. Even once the artist has paid back the loan, the label usually takes the majority of the revenue through an 80/20 or 90/10 ratio at the artist’s disadvantage.

The advantages of a cryptocurrency-backed record labels over the traditional label-signing business are numerous. StarCoin was the first cryptocurrency that partnered with a record company, making it possible for cryptocurrency holders to sign a contract. StarCoin’s community will have the opportunity every month to vote for their favorite artists, with artists with the most votes being able to sign a record label deal. StarCoin allows talented artists who aren’t as well known or mainstream to shine, enabling them to be seen and supported by people who support their work. Record labels currently prefer to sign artists they think will bring in the highest revenue. This means that artists with more established careers are less likely to be signed.

StarCoin is a decentralized autonomous organization (DAO) — an open-source protocol underpinned by blockchain where rules are enforced through smart contracts. DAOs have the advantage that their leadership is shared among members so everyone can participate in governance. StarCoin coin owners can vote on the artist they want signed. Those who have had their coin longer have more weight to do so.

StarCoin and record labels will agree to fund the artist after enough votes have been received. Funds generated by transactions for tokens will also be signed and funded once sufficient votes have been collected for that particular artist. The artist is not required to pay a loan as a result of traditional arrangement between artist and record label. Instead, they will receive funds free of charge. StarCoin is signing more artists. StarCoin will use a percentage of tax-generated funds to help artists sign under their label.

StarCoin’s NFTs will allow artists to make up to 80% from streaming music revenues. Artists currently only earn 12% on streaming platforms like Spotify or Apple Music. StarCoin, in addition to signing an artist and recording their music, will facilitate artists’ ability to create exclusive NFTs of their songs and sell it on StarCoin’s NFT marketplace, providing the artist with additional revenue. StarCoin token holders could purchase these NFTs and add them to their collection, resell them on StarCoin’s platform and to other platforms. NFT sales allow artists to generate royalty income that is much higher than their current $.0006 through major streaming platforms.

Cryptocurrency is all the rage and there’s a good reason for it. StarCoin hopes to help artists with extra funds that will encourage their creativity, talent, opportunities, and autonomy.



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