Singapore, March 15, 2022 — Melos,Studio, a music nonfungible token (NFT) creation platform, plans to launch a Web3 content discovery mechanism this year. The platform is designing this discovery mechanism based on the Web3 content recommendation algorithm and applying it to its music NFT model.
The Web3 content discovery mechanism can add value to the community by assisting creators in creating high-quality music content and helping fans access works they choose, benefitting music creators, users and future bands on Melos.
Melos Studios has more than 800,000 registered users and 116,000 Twitter followers due to its active participation in various activities. One of Melos’s distinguishing features is its user interface that streamlines users’ ability to enjoy music content.
According to a global NFT market study, the total market value of NFTs in 2021 was around $31.4 billion, while Melos had a monthly trading volume of more than $2.7 million for music NFTs in January 2022. The Melos marketplace is ranked among the top ten NFT trading platforms on BNB Smart Chain and the top five in the DappRadar BSC marketplace. The growing Web3 industry’s primary channel for content creation is NFTs, and Melos intends to use NFTs to deliver high-quality music content.
Melos’ core team has conducted extensive research on Web3 content and discovered NFTs could carry various forms of content — supporting GameFi characters, metaverse tools, land assets, and more. A core feature of Melos’ content creation is NFTs, though the platform intends to evolve and add more features in the future centered around music NFTs.
Melos strives to be a community-centric platform in response to suggestions from its community that helped the team understand how a content-recommendation algorithm to help users easily find their favorite music genres is required. Melos is improving its content creation to make it more comprehensive and easier to find. As a result, Melos’ proposed Web3 content recommendation mechanism is a comprehensive algorithm combining traditional streaming media operations with NFT-asset data analysis statistics and Melos eco-development.
The Melos content discovery mechanism comprises two algorithms: the NFT content and wave points recommendation algorithms. Aside from these components, Melos provides music libraries and audition features to make it easier to find creators’ NFTs in the marketplace.
Users can subscribe, like, tip using Melos tokens and Wave points, tweet and more. Except for tipping, all of this is supported by Melos user traffic. For high-quality music NFT content, Melos will provide additional traffic support to reach more potential users before all NFTs are sold.
Creators can use the traffic generated by their first NFT sales as initial traffic support for subsequent sales. When these sold music NFTs hit the shelves again, they can again be used as traffic for the initial launch, allowing Melos creators to earn more money while increasing their market influence. It also ensures market liquidity for music NFTs acquired by users.
Melos’ content recommendation algorithm uses the market effect of music NFTs as a base metric, which include the sales period, price, turnover rate and the number of music NFTs. The algorithm helps the platform prevent the infiltration of substandard content — e.g., subpar NFTs.
Other mechanisms would let creators mint music NFTs for free on Melos’ marketplace. The project believes this is unfair to other creators and hopes that, rather than focusing on opportunism, each creator can grow with the platform, increase their income, gain influence and progress in their music-making.
Melos believes the Web3 content discovery mechanism will spur a lucrative revenue stream for the average creator.
With the Web3 content discovery mechanism, Melos is well-positioned to help creators thrive. It launched its initial exchange offering on KuCoin on March 14 with an active community.
- Melos Studio