Rapixo- A Revolutionary Web 3.0 Record Label | by Rapixo | Mar, 2022
To a music fan, a song is a song, but to the music business, every single song is an asset generating multiple sources of income with composition and song recording copyrights.
The entire process of producing a song goes through so many middlemen that the artist only receives about 10% of the total revenue generated from a song, that is if they’re lucky.
This sucks for everyone, even music fans, Rapixo aims to change that through NFTs.
Most artists in the music industry do not get a fair share of the revenue generated from their music. Revenue is diluted among an entire Production Team which can include Managers, Distributors, Promotors, Public Relation Companies, Producers, Songwriters, Sound engineers, Recording Studios, and the Record Label itself. The largest share is received by the Record Label and the actual Artists and Songwriters often receive the lowest share of them all with most artists receiving around 10% of the total revenue out of which they have to pay back their advance as well
Usually, emerging artists are lured in through an advance which is usually a grandiose amount received by the artist before the Album is even produced, what most artists forget is that this amount needs to be paid back to the Record Label. The Record Label on the other hand decides where that money will be spent, and it is usually spent on expensive recording studios, managers, and producers which are also owned by the Record Label essentially putting all of that money back into their pockets while the Artist is left in debt.
Terrestrial radio broadcasters don’t have to pay sound recording copyright owners, while the second group does. That difference, which the music industry largely considers an unfair loophole, means that whenever a song is played over the airwaves, it only makes money for its writers, not artists. So whenever Counting Crows’ “Big Yellow Taxi” is played over AM or FM radio, only Joni Mitchell gets paid and the band gets nothing.
The emerging popularity of 360 deals also means that the revenues generated for Sound Recording copyrights are also severely diluted as Record Labels, Distributors and Middle-Men eat up most of that revenue. Live-Action performances, merchandise, and advertising deals, which command millions of dollars per show are distributed among the artist’s label under these types of deals.
Remember how we told you that the advance has to be paid back by the artist to the label as well? Usually, the percentage they make from their music is so small they go under debt of their label, essentially creating a loop where the Label ends up “owning” the artist completely.
– Record Label companies are run by businessmen, not music enthusiasts who milk these artists till they’re drained of the joy that used to fuel their artistic creations.
– The amount of bureaucracy involved in the process of recording and publishing music, with tons of middlemen involved, all of which need to be paid.
– Opaque inner workings of the Record Labels that trick young and emerging artists into debt.
Well, all of this sucks, but how will Rapixo bring a change?
Rapixo’s NFT Project is a collection of 5,555 NFTs with over 300 Traits designed by the young artist Aryann Dhall, The team is Doxxed and the Discord is Locked. Everything about the project caters to the demographic of Music X NFT Enthusiasts!
Rapixo is what is known as a DAO, (Decentralized Autonomous Organization). Essentially think of it as an organization making decisions on collective opinions without a board of directors or a CEO, all NFT holders share the same equity in the revenue generated and have the same decision-making power as well.
Our launchpad model gives a lot of flexibility for artists & future music investors. Artists join us on an individual release basis. This means they can reap the benefits of working with a professional team but are not tied to keep working with Rapixo in the future.
Music investors can pick which releases they’re excited about & invest in them collectively through a voting system. Allowing them to diversify their music investment portfolio without being in a long-term partnership with any artist in particular.
After our community collectively decides on signing up an artist, the Rapixo Team will carefully vet the artist and their background, after ensuring everything is in order a deal will be made with the artist on an album basis. These deals will be different with each artist.
Through the Rapixo Community Fund, these artists will be given an Advance which will cover the master recording and living expenses of the artist, Rapixo will collaborate with existing Recording Studios for the same.
The Distribution and Marketing, on the other hand, will be completely handled by Rapixo.
To ensure a swift distribution on Web 2.0 streaming platforms like Spotify and Apple Music, Rapixo will collaborate with pre-existing Distribution Services. Deals with them will also be finalized by the holders.
For distribution on Web 3.0, Rapixo will create an NFT Music marketplace as well as sell the music on pre-existing NFT sites as unlockable content on OpenSea
The master recordings will be owned 100% by the Artists themselves, Rapixo will only take the revenue generated as per the finalized deal and the ownership will always remain with the artist.
Rapixo will also handle the merchandise production for the Artist by using their names and pictures on existing Rapixo merch. The artist will receive a royalty check from all of the sales of their collection
Events in the Metaverse and in real life involving the signed artists will also entitle them to royalties from the ticket sales.
The Rapixo Rolling Loud Event — Holders of Legendary Rapixo NFT holders will get a fully sponsored trip to Miami for Rolling Loud 2022, along with surprise backstage passes!
All initial minters of Rapixo NFTs will also be able to claim a physical plaque of their NFTs immediately post mint, along with free wearable Rapixo merchandise.
Rapixo I
1)Immediately after our mint 80% of the revenue will go towards creating our community fund. The community fund will be used for —
1) Buying virtual land for the development of Rapixo Concert Arena
2) Development of Staking, Tokenomics, music NFT marketplace, and Holder Voting Mechanism.
3) Onboarding and Signing upcoming and well-established music artists.
4) Marketing and hosting of Real Life Rapixo Events
PHASE II
1)Phase II will be initiated by our first concert in the Metaverse ~Holders will have voting rights in the Record Label
2)All profits generated will be equally given to the holders of Staked Rapixo NFTs.
3)Collaborations with well-established Record Studios will go underway.
PHASE III
1)Phase III will be kicked off by our first real-life Rapixo Music Festival
2) All Rapixo NFTs will serve as free passes for the event, further entries will be paid.
3)The future of the project and further utility will be decided by the community as a whole.
Where do the funds go?
Immediately post mint, 70% of all revenue generated will be added to the Rapixo Community Fund.
30% of the Revenue will go back to the team with a breakdown as follows –
10% Going to the Artist Himself
5% Going to the Project’s Advisors
10% Going to the Project’s Marketors
5% Going to the Project’s Founders
The Community Fund will be used to execute the Roadmap, whereas the royalties generated through Opensea Sales will be used to fund the Rapixo Team.
Would you like to join in on all the fun?
Unfortunately, our Discord is Locked at the moment because we don’t want to stuff our community we needless bots and flippers who aren’t passionate about the project. You’ll find entry points through Twitter though, so stay tuned 🙂
