If you’re an NFT music lover, you should definitely check out the MetaBoom project aka the BoomBox of the Metaverse. Basically, users can store all their music NFTs in the MetaBoom, regardless of which blockchain it runs. The end result is a visually awesome collectible that doubles as a music container and player.
Time to deep dive into the project because on the 15th of November, 5000 MetaBooms are coming your way via the Public Sale. The NFTs are available for minting for 0.05 each.
A Closer Look at MetaBoom’s Utility
MetaBoom is actually a component of a bigger ecosystem. It goes hand in hand with the Fansi NFT Marketplace and MetaMusic. Fansi is currently one of the biggest music NFT platforms in Asia. Its role is to the music NFT catalog that MetaBoom users can choose from. Meanwhile, MetaMusic is the underlying protocol that connects all components of the new audio streaming ecosystem that is Web 3.0 focused.
MeaBoom plans to make a splash by creating and building MetaBooms for the top PFP Projects. So fans can look forward to themed-MetaBooms for NFT Communities like CryptoPunks, Cool Cats and Cyber Kongz. Just like all Web 3 projects, the assets featured on the site are all owned by the team or they received authorization to build on top of it.
According to the team, they are pursuing this route because an “equipment-type of NFT adds another level of coolness to a PFP project. Moreover, this is a gap in the market because currently, NFT communities have no way of showcasing their music NFT Collections. In addition, all MetaBooms will be interoperable with other Metaverses in the NFT Space.
The team has confirmed that their first offering would be MetaBooms for Bored Apes. This means that we’ll soon see MetaBooms that reflect the aesthetics and style of this blue-chip NFT Collectible. The NFTs can even merge with Bored Ape NFTs to form a new PFP. Although the team designed the NFTs with Bored Apes and Mutant Apes in mind, everyone can still buy one without losing any of the fun.
The project is attracting both NFT Collectors and NFT trailblazers. Junkyard Dogs Founder Chef Dizzy is very vocal in expressing his fondness for the project. He said, “I love MetaBoom because it is an amazing, innovative project with a high-quality art style tailored to crypto culture. The ability to curate music NFTs into playlists that can be monetized by the DJ is exactly the type of utility this space needs to keep expanding. Very Bullish on MetaBoom!”
More about the MetaBoom NFTs
At its core, the MetaBooms are Collectible so it was also a top priority for the team to beef up the rarity of the NFTs. Rarity, in this case, is not just connected to scarcity. Every rarity level comes with different music-playing capabilities, which would directly affect how users will earn from the system. On top of that, they can also increase the rarity scores of their MetaBooms by customizing them with accessories.
The project is planning to roll out MetaBoon NFTs in batches with 3000-5000 NFTs per Drop. Then, to ensure rarity and lock-in the value of the NFTs, they will only design MetaBooms once for each NFT Community. So the 5000 BAYC/MAYC MetaBooms coming your way are rare in every sense of the word!
Just like other Collectibles, the project is also programmatically putting together the MetaBoom NFTs using various components of a speaker. So expect to see some graphics inspired by handles, controls, panels, switches and many more! Every part comes with a rarity of scores of 1-10. The goal is to improve this number which will be between 10 – 100. So a higher rarity score will unlock certain benefits like more songs or memory for your Metaverse music player. Moreover, more songs translate to higher profitability.
DJ-to-Earn Model vs Play-toEarn Model
The project also aims to introduce music-backed innovations to the NFT World. MetaBooms plans to stand out by launching the DJ-to-Earn Model (DJ2E) which is the music industry’s version of the play-to-earn gaming model. DJ2E will empower NFT holders to promote great music, earn $MMU Tokens and become MetaDJs.
In essence, MetaBoom NFT holders become MetaDJs. They put music NFTs into MetaBoom to showcase their music collection to the world. So the tokenomics revolves around rewarding MetaDJs with $MMU tokens based on the percentage of streams they’ve acquired over a specified period of time. The platform will reward them every time other users play, share or collect their MetaBooms. This creates a ripple effect wherein MetaDjs are pushed to be tastemakers in the NFT space while users get access to new music not coming from a music label.
$MMU tokens have a fixed supply of 100 Million tokens. 60% of the supply is for the community rewards while the rest is split between the public sale, team and reserve pool. Once the MetaMusic protocol goes live, the tokenomics will kick in. Then, the team will stack the revenue from the MetaBoom NFT Sale and the secondary market into a revenue pool.
Making a Mark in the Music Industry
In essence, the project aims to use NFTs as an equalizer. Currently, streaming platforms have full autonomy on which songs to feature. Sometimes, their interests do not align with that of artists and fans. MetaBoom is directly solving this gap in the market by empowering the NFT holders. Anyone who holds a MetaBoom can be a DJ to promote the music they like and receive rewards by doing so. This will give musicians a platform to showcase their music and compete with centralized corporations.
The parallel between the play-to-earn model and the DJ-to-earn is salient. This is a good move for the platform because there’s no need to reinvent the wheel. In fact, they stand to benefit more from adopting the best practice of other successful NFT Projects. We’ve all seen how the play-to-earn model revolutionized not just the gaming scene but the entire NFT industry. It would be great if MetaBoom can do the same for the billion-dollar music industry!