Muzika Decentralized Digital Music Blockchain Partners with Ontology (ONT)
Ontology (ONT) Secures A Partnership With Muzika
Muzika, a company with 2 million users in the blockchain market, has successfully made a partnership with Ontology (ONT). The main goal of this strategic partnership is to let Muzika use Ontology’s technical infrastructure to create a decentralized music ecosystem on the internet.
The blockchain platform is focused on offering and fostering synergy content the creators of the content and their fans as a way to sustain this blockchain-based economy. With the partnership with ONT, the company will be able to create a lasting relationship between the people on the ecosystem and create a structure that makes for a more fair and efficient system.
This new platform is supposed to use the MZK token as a way to create a token economy in which the community members can receive rewards equivalent to their participation in the content. How? For instance, they can receive money for sharing, making their own fan content and even consume it.
Muzika already has more than 17,000 music artists from more than 150 countries, which is in an incredible number and that will probably get bigger because of this partnership. Ontology is already a very big company and it uses the blockchain technology.
Ontology is a $700 million USD blockchain company with the objective of using the blockchain technology to basically replace intermediaries in all kinds of internet transactions. The company is known as “Asian’s Ethereum” in some circles and it has already forged some important partnerships along the way that have secured the future of the company.
The company will offer tech support to Muzika and will also cooperate closely on some other important aspects during the development of the blockchain project for Muzika. For instance, Ontology will be responsible for marketing, product development and even the community operations and relations of Muzika with this strategic partnership.
There Is Plenty of Space For Blockchain In The Music Industry
The global digital music industry has a value of more than $45 billion USD and it is a very big market that could be improved with the use of the blockchain technology, which is the main goal of these two companies. As Muzika is gaining more attention from the blockchain enthusiasts, it has the potential to effectively disrupt the music industry in Asia.
Muzika was created by three entrepreneurs that have featured on Forbes Asia’s 30 Under 30 List and it is a very important company. The CEO of Muzika, Inseo Chung, has talked about the partnership. He believes that deploying a successful blockchain infrastructure can be a good way to incentivize the growth of the company and will be a huge step in the right direction that will disrupt the industry.
Mapia-Company, a previous interaction of the Muzika project, received capital seed funding from Naver and Kakao, the version of Google and WhatApp in South Korea.
An advisor from Naver, Inkyu Choi, has affirmed that Muzika is a strong company with a deep understanding of how the music industry works. The company, according to him, will be in the top tier of the market soon and at the vanguard of the revolution.
Ontology, on the other hand, is focused on helping businesses that want to create fast and cheap transactions using distributed ledger technology and smart contracts to work. The company works with businesses from many industries.
Are blockchain and music a good match? We will have to wait and see, but it is probable that Muzika can have some level of success in the market if it plays its cards right because there are many important companies invested in this deal that could benefit from the use of this technology in the music industry.