Releap — A music NFT platform for creators and fans
Source: Releap Website
Releap is a decentralized music NFT platform built on Solana, with a mission to empower artists with new tools to engage fans like never before. Releap believes that their launch coincides with the fact that NFTs are about to lead the greatest revolution in music since streaming, and that there will soon be a huge wave of artists using Web 3.0 tools to reach a truly global audience. The challenge then is identifying the right approach for artists to build fruitful and long-lasting relationships with their listeners.
It is common knowledge that compensating creators solely based on the number of streams will lead to unfairness. This approach would inevitably allow big record companies to set rules that benefit themselves, leaving some artists struggling to make ends meet, even though their music is being constantly listened to on streaming sites worldwide.
Releap’s decentralized platform exists on top of streaming. The role of NFTs is to offer premium digital experiences to the artist’s most passionate and loyal fans (i.e. the 20% who contribute to 80% of the artist’s earnings). From limited edition releases and exclusive live chats, to metaverse events and VIP concert tickets — the possibilities for music NFTs are literally limitless.
All of the tools that Releap are building on their platform are ultimately aimed at fostering the growth of the independent creator. The Releap ecosystem consists of Releap Launch, Releap Exchange and Releap Circles — each with a part to play in an artist’s Web 3.0 journey.
With Releap Circles, they return creative ownership to artists and encourage them to build their own network effect. Artists are able to get direct contributions from fans through a reward system set by artists themselves, without any interference from third party platforms. Artists can share unreleased tracks, demos and cover versions, so that fans who are eager to discover more are incentivized to join their Circle. Access to the artist’s Circle also unlocks a number of perks, such as priority access to NFT drops and live show tickets.
With Releap Launch, fans who wait in anticipation for a music debut by an artist they love will be well rewarded. The debut is supported by information about the artist, such as the track’s background and the artist’s previous release history. For the most die-hard fans, they get early access that allows them to listen to the track ahead of its mainstream release. For example, once the launch timer goes to zero, fans will be able to ape into one of the limited number of NFTs that will give them that exclusive access to the track. In addition, the same music NFT gives fans instant access to the artist’s exclusive Circle, where the artist shares his thoughts and inspiration about the track, as well as some photos and videos related to the release.
While Releap Launch helps artists debut their new tracks, Releap Exchange welcomes all music regardless of release date. Releap Exchange has a much lower threshold than Releap Launch, encouraging any creator, especially those emerging and independent, to upload their own music. Of course, any violation of creator’s rights is taken seriously, and tracks will be removed from the platform should there be any copyright infringement. It offers decentralized file storage, meaning that music tracks uploaded are hosted on a decentralized permaweb network called Arweave, which ensures that tracks on Releap’s platform stay permanent and can be accessed anytime and anywhere.
In the future, Releap envisions partnering with metaverse projects to hold exciting launch events in the form of exclusive launch parties. Music debut will be in a more lively and exciting format than ever before, adding on to the immersive metaverse experience!
Releap’s mission to help creators engage with the largest audience possible has been the primary reason to build on Solana. Solana’s low fees allows any fan to ape into NFTs without worrying too much about gas. Ultimately, the fastest, cheapest and most comprehensive creative tool will provide a win-win for both artists and fans. Releap is set to launch in the first half of 2022. You can sign up here for early access.
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