SYDNEY, Australia, Dec. 16, 2021 (GLOBE NEWSWIRE) — Following a successful private investment and public token generation event, today MODA DAO announces a partnership with Filecoin, the industry’s leading decentralized public storage network, as part of their Audio NFT aggregation system.
Brought together by Filecoin notary Holon Investment Group, the partnership represents a key piece of infrastructure for the future of the music industry, something MODA DAO calls ‘Music3’. The partnership kicks off with the provisioning of a dedicated IPFS gateway and a petabyte of decentralised cold storage back-up; enough storage to stream MP3 quality music for more than 2000 years non-stop.
Unlike centralised storage, which is data stored in one central location or in multiple locations but under the same umbrella company, decentralised storage is a peer-to-peer network of user-operators who hold a portion of overall data. Decentralised storage is critical because it prevents an overarching organisation from having complete control over a creator’s data. This partnership is incredibly important for MODA DAO because it will provide an artist the freedom necessary to release their music and content without a central power having complete or partial ownership over their creative ideas.
The partnership between MODA DAO and Filecoin will distribute a wealth of opportunities for all parties involved. MODA DAO is dividing the storage up amongst artists who have chosen to endeavour into the Music3 universe and is giving them a portion of the storage as part of their ongoing work with the DAO. This approach will give artists the ability to store their data (music, NFTs, tour plans, exclusive content) natively on the blockchain, without a conglomerate having control over it.
“As someone who has been working in the blockchain/music intersection for over four years, we have been looking at IPFS and decentralised storage for a long time,” said Sean Gardner, Co-Founder of MODA DAO. “The Filecoin network now, alongside the boom in creator economy NFTs means the storage network is not just a nice-to-have, but an essential component of the ecosystem. We may see the end of centralised distribution services within a decade or so.”
Filecoin has recently partnered with Holon Investments, IPFS and MODA DAO for the Innovate 2021 Hackathon. The main theme is for developers to build beautiful UX and integrate it natively with IPFS/Filecoin storage using Web3 networks such as NEAR, Polygon, Flow smart contracts and/or Chainlink oracles. This is part of Filecoin’s outreach to a global community of developers, entrepreneurs, storage providers, storage clients and business leaders in an effort to raise awareness around the product and their drive towards a decentralised future. MODA DAO is putting up an additional $5000 prize for the best music industry submission. You can read more about the Holon Hackathon here.
Filecoin will be the key to unlocking the power of NFTs – something that is quickly becoming a large part of creators’ careers. Music artist ‘3LAU’ earned around $11.7 million during his first NFT sale in early 2021 and Beeple, a digital artist with over 13 years of experience, managed to sell off a single NFT for $69 million, launching him into the top three most valuable living artists. With this in mind, MODA is building a cross-chain, NFT aggregator that will integrate natively with MODA DAO and launch partner Emanate. The technology will allow an artist to mint NFTs for their fans or superfans. The NFT aggregator will be chain agnostic, so a fan can connect any wallet from their favourite blockchain to the Emanate app and stream their music NFTs seamlessly.
About MODA DAO
MODA DAO is a decentralised technology network and community. Designed for the metaverse and the play-to-earn era, MODA is dedicated to the adoption of Web3 in the music industry via NFTs, micro-licensing, DAO governance and DeFi.
About Sean Gardner
Sean is an award winning creative technologist and entrepreneur. Working between media, art and technology for over a decade, he has spent four years at the intersection of blockchain and music. Sean’s passion for music was handed down by his mother; revered Scottish-born New Zealand-based folk singer and song-writer, Isabella Miller Bell.