FAQ

Got a question about the MUSO, Musibyte, or the ICO?

Below we have compiled answers to some of the most asked questions. See if you can find the answer here. If not you can always just contact us

THe MUSO COIN

MUSO coins are currently only available from the Exchange. Presently you can purchase pre-sales coin pack using a credit card PayPal, or any major Cryptocurrency.

There a numerous ways to make money from a MUSO.

The MUSO is a Stable coin. This means it is pegged against the dollar. You can buy MUSOs using cryptocurrency, that is prone to fluctuations. If you purchase the MUSO when the Value of your Crypto is HIGH then technically you will get more MUSOs than when the price is LOW. Just like trading against a the dollar.

However, the MUSO can also be traded for a Musibyte NFT. The price of a Musibyte is set by the artist. A successful artist, especially one who is paying out, can increase the value of their Musibytes. Money can also be made by users who hold multiple bytes. NFTs can be traded for FREE through our special Musibyte Marketplace.

For the ICO phase we will mint around 10 Million MUSOs, based on the donations of 1440 Musicians. Subsequent coins can only come into existence should more musicians offer more music. Whilst there is no limit set on the number of coins available for purchase, the number of coins is limited by the amount of musical time uploaded to the system. We can only mint coins that are backed against a musical audio file.

We normally charge a small administration fee for withdrawals. For this experiment we will be adjusting this fee, reducing it as we approach our goal of 1:1 market rate with the dollar. After this period we intend to standardise our fees at 1.5% for withdrawals, with 1/3 of this going towards helping power grass roots music regeneration.

The mint rate of Music to Coins was determined by an analysis of Music Industry Royalty payments. We compared the value of the MUSO to the revenues generated by mainstream collection agencies, such as, Tunecore. Through this we can show that a mint rate of 250 coins is appropriate for the current market value. You can find out more by reading about MUSO Tokenomics.

THe Musibyte

The Musibyte is a special kind of NFT for Music. An NFT is s special kind of blockchain token that is completely unique.

Each is associated to an artist and an audio track. Artists can modify their Musibytes, adding links to external sites and revenue.

The Musibyte itself is a 3D virtual object that can be used to promote a particular track, through the collective help of Musibyte owners (Fans). The artist can pay out muso coins to fans who help promote their music

A Musibyte allows artists and fans to work together. They can be adapted by the artist to offer incentives that give fans the impetus to promote and increase the popularity of a track.

When an artist sells an NFT for a MUSO coin, the value of that coin is transferred to their MUSO wallet. Funds can be withdrawn into a PayPal, Bank, or Crpto account.

Musibyte owners can list sell NFTs on the Musibyte Market for FREE, or any other NFT Marketplace.

Artists can make distributed Payout through their Musibytes directly into a fan’s MUSO wallet.

The ‘standard’ price for a Musibyte is $1. This is because the MUSO coin is pegged as a stable coin against the dollar. As we always mint the same number of MUSO coins and musibytes, this gives the Musibyte its value of $1.

If an artist lists their Musibyte at less than a dollar they are ‘underselling’ and the number of MUSOs in supply will increase. If the Artist lists a Musibyte above one dollar, then they are ‘over selling’, and consequently each sale will reduce the number of MUSOs in circulation. The number of coins in circulation also plays a role on the perceived value of the MUSO eco system.

The value is ultimately determined by the Musician, when they list their bytes, or donate music.

No. The Musibyte does not directly collect royalty payments.

It is a digital asset that can integrate sales portals and streaming links into a single virtual object. Using this, fans can promote the Artist. If the song performs well the Artist can Payout to their fans.

However, the collection of monies is completely the responsibility of the Musician. They must list their track and provide the sales page from which revenue can be generated. The Musibyte can then help draw more attention to those gateways.

For sure. Our NFTs are fully compatible with the ERC-721 NFT protocol, acceptable by most NFT market sites.

We also plan to develop integrations with other platforms that will allow users to list Musibyte Collections, that will be able to contain sets of Musibytes, even from different Artists.

DONATED MUSIC

Easy! Simply fill out the form. You need to have uploaded your track to Spotify or Sound Cloud.

A Musibyte allows artists and fans to work together. They can be adapted by the artist to offer incentives that give fans the impetus to promote and increase the popularity of a track.

In the future yes, but for this experimental launch we are only accepting one submission per artist. This is because we want to distribute the initial Musibytes across a wide array of musicians, rather than one artist uploading whole albums worth of music.

Our present ICO is limited to just 30 seconds for a number of reasons. Firstly, we are only minting 12 hours of music. We want to be able to include as many artist as possible for this initial phase.

Secondly, we have established a minting rate of 250 coins per second as a reasonable number of coins. This means each artist will receive 7500 Musibytes, which is easy to manage. There are a number of Bands and Musicians who are able to sustain themselves through a small group of dedicated fans. We don’t just want to release and sell as many bytes as possible. What we want is to empower artists to go and generate greater support for their work.

Lastly, after the ICO we will release the Musibyte Market Place, that will offer musicians greater flexibility with their Musibyte listings.

Unfortunately no.

We will be going through each submission to make sure the artist meets our standards. We are looking for acts that are hard working and have made a concerted effort to generate income from their music.

A Spotify or SoundCloud Account are prerequisites for any submission.

We will inform successful applicants through the email address provided. We will require the artist to respond and verify their email before we mint any of their music.

No.

You hold on to all your rights. You are giving us permission to store, host, and transmit the donated audio. You will be able to sell, and contract for your music.

As the creator of your musical work you can withdraw music from the system by destroying or burning all of your Musibytes.

However, blockchain is an immutable system. Therefore any agreement to mint coins cannot be reverted entirely.

If an artist needs to completely revoke their donated music, the same number of coins must be removed from the system. This can be achieved by making a request to the exchange, who will arrange for the burning of associated MUSO coins, once the artist has burnt all of their musibytes. However, if the artist has sold their bytes, they will need to make a buy back offer to their musibyte fans. The system tracks the values at which a musibytes are traded. The buyback offer returns a 50% on a fan investment

I.E, if a musician makes $1000 with musibyte sales the return for a buyout will be $2000.

Once a musician has possession of their bytes they can ‘burn them’. Once done, the exchange can subsequently burn the associated coins and prevent the track from being used by the system.

PLEASE NOTE: as blockchain is immutable, a record of transactions will always remain. Therefore, complete eradication of a track is impossible as it is used to encode Musibyte and Muso transactions. Therefore the removal of a track can ONLY prevent it from being used for further transactions and NOT for altering past transactions.