Following the successful completion of its first Melos token public sale on March 1 which led to the fundraising of $500,000, Melos studio is entering phase 2 expansion with a Melos token IEO on a yet-to-be-named top exchange.
The IEO which is to come up soon will lead to the release of more Melos tokens on the top exchange. It promises to be a great opportunity for users who love Melos Studio and Music NFT segment.
Melos token is the governance token of the Melos Studio ecosystem built on Ethereum. The token has a total supply of 1 billion and will be the basis of Melos Web3 content creation in the future. Being a web3-based platform itself, Melos Studio supports online music creation, intelligent generation, multi-party collaboration (e.g., simultaneous off-site and off-time NFT creation) as well as trading.
The company has received institutional investments from Dapper Labs, Binance Labs, NGC Ventures, Multichain Capital, Innovation, and CryptoPhd. So far, the focus has been on developing the project and keeping a low profile even though it’s been on Twitter since 2020.
Melos Studio, just like other music NFT projects, uses blockchain as the underlying technology to confirm asset rights. At the same time, it allows NFT to complete value realization through the trading market. A major goal of Melos Studio is to build a music utopia for worldwide music lovers. This will open the door to all music creators to create, share and profit freely from their music on the new music utopia.
Among other things, Melos Studio’s official website will go live on 16 July 2022. Since its appearance on Twitter, the project has become the fastest growing music NFT project, with over 110,000 Twitter followers. This is second only to Audius which boasts 132,000 followers after two years of its existence.
After only half a year’s existence, Melos Studio in cooperation with other projects now has the highest number of artist fans among all the music NFT projects, having exposure to tens of millions of fans. This signifies that there is more value to be derived from the project.
The creation of CryptoVoxels has enabled Melos Studio to host several online events on its metaverse base, including a memorial concert for David Bowie. As a result, the project saw the traffic in the month the event was completed and still ranks fourth today.
Melos Studio also sponsored and provided technical support for UCA’s 2022 “Concert in the Cloud” North American Talent Show Contest and “Bukaopu” Lunar New Year Online Gala. During the event, music from original music creators who won prizes was minted into NFTs by Melos Studio.
There is also a current ongoing collaboration between Melos Studio and Gamefi, Project Galaxy, crypto soft wallet, exchanges, traditional media, and blockchain media channel to enrich the depth and width of Melos Studio ecology.
Melos token’s potential growth
Melos token has a lot of room to appreciate in value, much more than its number one rival Audrius. This is because of limited use cases of the Audrius token and the circulating supply. If Melos tokens are sold at $0.05 a unit in the public sale, it will result in a full market cap of $50 million compared to $900 million for Audrius. This means that Melos has 16x more room to grow in value than its number one rival.
The token also has a very low initial market cap of $500,000 compared to Audius and the public sale will release only 1% of the total supply. The token also has use cases such as tipping favorite artists by fans to get music NFT or other privileges in Melos Studio ecosystem, fundraising to start a new studio, and sharing of revenue generated from NFT releases. Melos Studio web3 content creation economy will revolve around Melos Tokens in the future, including filling the market niche of UGCfi. They will also be used to launch projects through only NFTs.
All this in addition to Melos Studio’s efforts to help the music industry to integrate, communicate and cooperate with other industries through NFT and other technologies will make the token very relevant in the industry, thus giving it a greater chance of increasing in value.