Moda Dao

MODA

Introduction#

Welcome to MODA DAO. A technology and human network dedicated to creating a highly functional framework for the next iteration of the music industry via Web3. We call it 'Music3' and you are invited to help. MODA can see a paradigm shift coming to the music industry, one that will use Web3 technologies to improve legacy systems.

We believe that value in the music industry supply chain should flow to those who most deserve it; the creators, their loyal teams and the passionate superfans who follow them. MODA will bring that belief to life.

The foundational mechanic of MODA is the $MODA token.

Prior to launch of MODA's network and suite of products, $MODA holders may be able to provide input on where resources are directed, and stake $MODA to access the liquidity mining program (a type of 'yield farming' that has become popular with DeFi protocols where the founding members seek to decentralize the governance of the protocol).

The purpose of the liquidity mining program is to distribute $MODA from the MODA Treasury to early MODA community members in order to:

1. achieve a broad holding of $MODA tokens across more of the MODA community,

2. incentivise new people to participate in the MODA community, and

3. to enable a more liquid and transparent market for the trading of $MODA.

The greater the size of the MODA community, the greater the prospects of decentralised governance and self-regulation that discourages bad actors and mitigates the manipulation of governance and the economy.

MODA holders/stakers will receive regular distributions of MODA and can vote on everything from tokenomics related issues to grants and innovation labs projects. Our pre-launch staking and rewards program has been heavily influenced by the successful pre-launch activity of the Illuvium play-to-earn game, and its $ILV token (www.illuvium.io).

Through MODA, the power to redefine the future of music is redistributed to those who participate.

A Troubled Industry#

The music industry has long been plagued with a myriad of problems. These are covered in-depth within the MODA-funded Music3 Industry Whitepaper written by Dr Jay Mogis, to be released later in November this year.

Industry processes were formed when physical distribution was largely gatekept, and recording was expensive. The internet has democratized music creation, but the processes remain archaic. Technology has only strengthened existing gatekeepers and created new gatekeepers in the form of music tech giants who offer benefits to artists at a fraction of their worth.

It's a classic middleman problem, and as such is primed for blockchain disruption. There is no shortage of blockchain music projects that have come and gone, and some fantastic products are in development now. MODA is focussed on raising the tide for all of these projects, ensuring that Web3 changes music forever, does not fade into obscurity and does not become 'The Wild West of Music'.

Mission, Vision, Values#

MODA will accelerate mainstream adoption of Web3 technology as a means to enable musicians and their audiences, as well as other industry participants to engage in the music economy directly. To support this, MODA will increase its collaborations with various other chains, initiatives, projects and companies that share a similar worldview.

One of the first items for DAO members to vote on will be to set out clear definitions of the MODA DAO Vision, Mission and Values.

To set the stage, the founding partners have proposed the following:

• Mission# - We are a multi-functional industry body that exists to actively drive innovation and adoption of Web3 technology for musicians, music fans and industry participants who wish to see a better future for music via Web3 technologies.

• Vision# - We want artists to have a more direct relationship with fans and more control of their music rights with less gatekeepers in the industry. We see a future where the value of music as an artform has been rediscovered via digital collectibility.

• Values# - We value diversity and open thinking, sustainable growth over speculation, and innovation to challenge the status-quo. MODA aims to break-down barriers to entry for artists into the blockchain world.

NFTs#

NFTs can unlock the future value of a song, which is usually only realised over the course of several years. While the legal framework for fractional ownership of a song does not exist in some countries (most notably the USA), we can begin to build a technical framework for these systems, relying on the collectibility and tradability of the NFT medium while we invest heavily into the legal side of fractional ownership. A legal framework for fractional ownership would mean writers could divest portions of songs, or even portions of whole catalogs to shareholders of their size and choosing. As of November 2021, MODA has identified one possible partner for fractionalised ownership and we will make this public as soon as possible.

NFTs may replace MP3 in the near future, not as an audio format but as an avatar for the tangible representation of a song. MP3s are not tradable, and they require continuous maintenance for access and back-up related issues. We envision a scenario where everything will and can be stored in a distributed network, making access easy, back-up automated and ownership the new focus over cheap access. Our contribution to this will be making Audio NFTs easy to mint, sell, buy, trade and stream.