A new wave is coming to the music industry and it has nothing to do with hair bands or punk rock riffs. Blockchain solutions are ready to rattle a sector that has underserved the vast majority of artists and their fans. Among the young companies to watch is Soundoshi — a playful name on Satoshi, the pseudonymous inventor of Bitcoin and blockchain.
Scheduled to launch this fall, Soundoshi has already surpassed significant milestones in its home country, Poland. CEO and co-founder Michał Scisłowski says the company has reached agreements with the some of Poland’s largest music companies, including its biggest music distributor and notable indie music publisher.
“Everyone loves how fast and cheap this solution is,” Scisłowski says of the reaction he receives from music industry professionals. “When we get to the point in our presentation where we show them the MVP [minimal-viable product] and how tokens are flowing between the wallets and how fast and inexpensive it is, basically it’s sold then. For them, it is shocking that the Soundoshi interface works so smoothly. It’s even surprising to us, to be honest. We’re already far ahead of our sales goals. We wanted to help one publisher and we have so many more on board already.”
Soundoshi relies on the BSV blockchain and its scalable technology to provide the potential for streaming tens of millions of songs. Through its initial deals with Poland’s music publishing companies, Soundoshi already has 1.2 million songs in its catalogue. It also connects fans to musicians through NFTs, which can contain access to multiple tunes, merchandise and even concert tickets. Music publishers and independent artists have the autonomy to decide how many songs are included in an NFT.
Soundoshi uses Relysia for its digital wallet management and also integrates with HandCash to allow users to top up their wallets when their funds run low. The Soundoshi interface gives music lovers the flexibility to directly pay for their purchases without the need of a bank or credit card company acting as an intermediary. BSV’s peer-to-peer networking solution drastically reduces transaction fees and removes custodial steps that slowdown the flow of trade.
“NFTs are the perfect product to be delivered into games, as many people know. With what we are doing it’s possible to integrate music with a service like Twitch, for example. With the BSV infrastructure we can create a royalty opportunity for musicians, whose work is streamed on Twitch by users or influencers. These are very small amounts but it’s a revenue stream for artists that isn’t currently there,”
An independent artist can register easily for a Soundoshi account. Plus, during its introductory phase, the company is waiving all blockchain and transaction fees for its customers. In addition, Soundoshi gives musicians the chance to take advantage of new technologies such as Web3.
“We think music is one of the best products for Web3 because it’s invisible and we can start delivering it to many environments. We are partnering with Kinguin, which is based in Poland and is one of the biggest game distributors in the world. They will be selling the music in our catalogue through their e-commerce platform and will onboard them to Web3 realities and how they can benefit from BSV blockchain,”
“Kinguin has 12 million monthly active users on their website, which is a perfect place for us to start.”
TAAL will play a role in Soundoshi’s goal of being streamable, playable, and accessible on the blockchain. With the number of transactions that is demanded by a streaming service of the size of Soundoshi, the data capacity needed is immense. As the largest transaction processor in the BSV ecosystem, TAAL has the capability to ensure the music and digital assets reach the fans without delay. TAAL’s token solution, STAS, also plays a crucial role for Soundoshi as it expands its offerings.
For example, concert tickets can be linked to the NFTs in users’ wallets. STAS will be the token solution that delivers the tickets and completes the exchange of cryptocurrency that transfers ticket ownership to the individual fans. Once each ticket is authenticated at the concert venue (likely through a QR code scanner), Soundoshi plans to replace it with exclusive content from the event. STAS can instantly exchange cryptocurrencies for fiat, or vice-versa, which provides valuable utility to Soundoshi and other blockchain companies.
“STAS was the natural choice because we want to create the next music carrier on chain. We are storing all of the music data on chain and referring to this data for NFTs and we want it to be as robust as possible and that’s why we’re choosing STAS. It has the native tokenization capability that’s ideal,”