Element.Black and AKon’s music NFT collaboration launched to a positive response selling 3,500 music element NFTs within minutes. Element.Black an innovative SocialFI and NFT platform, is a leader in the collaborative NFT space. Their NFT platform provides an ecosystem for the co-creation, collaboration, and co-ownership of digital assets, creating an ecosystem that includes tools for users to create games, movies, art, and music.
The first of its kind platform aims to deliver rewards to users through the financialization and tokenization of social influence. Users are empowered with the tools to create digital assets from gaming assets to NFTs, including compatibility for use across all metaverses.
The ‘Create-to-earn’ model is the core concept behind the NFT release. Each NFT has a randomly selected music element and a lion PFP (profile picture) that owners can remix and sell on their own. The music elements offered in the NFT all come from Akon’s curated library of original music. Collectors are incentivized to modify whatever elements they choose to create something new. Re-edited or remixed, a new piece can be uploaded to the Music-Infinity Dapp. Once minted the owner can then begin to earn revenue from their self-produced music NFT.
The elements of Akon’s music provided in the NFT have a specific number of stars, which range from one to five depending on the element’s length and the number of tracks. Once remixed and uploaded to the Music-Infinity Dapp, a ‘crown ranking’ that equals the total number of stars used in creating the new piece of music is assigned. The more complex the composition and higher the quality of the music, the more stars it will receive and in turn will be given a higher crown ranking.
Based on these rankings, collector generated music NFTs will have a value that can rise and fall depending on how popular it is. The ecosystem has a revenue structure in place that pays out earnings to owners and collaborators alike:
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70% goes to the crown NFT owner
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10% goes to the creators of all used music pieces in the new work
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10% goes to all crown NFT owners proportionally distributed by the number of crowns they are holding
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10% will be burnt
NFT owners can also edit and collaborate with others in the ecosystem to create their Lion PFP. Using the Pixel-Infinity Dapp, their Lion PFP can be edited and dressed up with a variety of different costumes. Once finished, their PFP can be sold or staked. Staking NFTs allows holders to earn an income from their collection while maintaining ownership. While both crown music NFTs and Lion PFP NFTs can be staked, the crown music NFT staking rate return is based on its crown ranking.
As an NFT holder of Akon’s music mystery box owners have access to a list of privileges that span from special staking rewards to exclusive music from Akon.
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The collectors will get access to exclusive Akon music pieces.
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The collectors will be able to combine, re-edit, and re-mix the NFT music pieces and integrate them into one new music NFT.
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The collectors will get access to exclusive NFT profile pictures accessories and create their personalized NFT profile pictures, which can be used as their music covers.
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The collectors will receive token airdrops through staking the music NFTs.
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The music producers who generate new music NFTs will be able to receive ELT token mining rewards from the receipts of new music sales based on the crown levels of their new music.
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The music producers who generate new music NFTs will potentially get the chance to collaborate with Akon.
The project was launched on April 22nd, with both Binance and OKX, prominent crypto exchanges founded by Chinese entrepreneurs, hosting the drop.
Web3.0 content, including music NFTs, is evolving rapidly, creating more innovative and creative ways for users to interact. As Element.Blacks ecosystem grows we’ll soon see if its ‘create to earn’ model becomes the standard from which the industry follows. Regardless, blockchain technology will continue to revolutionize the way people listen to and purchase music, not just by ensuring transparency in the music industry but also by benefiting musicians.
