The original name of our project was 'projectMUSE', but after receiving a Cease and Desist Letter from the band, MUSE, (which we laugh about now) we went through a rebranding phase and settled on 'NEWM' for many reasons, including the following.
The Music Nerd Side
NEWM is derived from the word neume, pronounced /njuːm/, which is the basic element of Western and Eastern systems of musical notation.
The Branding Side
Since we are introducing a NEW Music industry model to the world, spelling 'NEWM' this way gives us endless possibilities for wordplay and makes our copywriting team very happy.
NEWM is building on the Cardano blockchain. Cardano offers an eco-friendly solution where tokens operate as native assets, providing higher security and smaller transaction fees.
$ƝEWM is a utility token.
Token Name: ƝEWM
Total Supply: Ɲ 9,735,033,900 (+6 decimal places)
A stake pool is a reliable server node that holds and maintains the combined stake of various stakeholders in a single entity. Stake pools use the Cardano node to validate how the pool interacts with the network and are responsible for transaction processing and block production.
$ADA holders on the Cardano blockchain have a ‘stake’ in the network, meaning these users have a say in who should add the next block to the blockchain. If you are not or do not want to be a stakepool operator, staking with an existing stake pool allows you to ‘pool’ your resources (i.e., $ADA) together with others to receive rewards through the delegation process.
Pool ID: 926b65d00c21aa1fb19e44faa2293e342578ed6a80aca4a551191a70
When you initially stake with NEWM, after two epochs, you will be able to claim rewards.
projectNEWM utilizes DripDropz for $NEWM Rewards’ distribution. As a core DripDropz Pool, NEWM delegators have the option to receive $NEWM rewards in addition to other tokens offered on DripDropz. Learn more here.
Important: Delegators need to claim rewards every epoch (5 days) on DripDropz.
$ADA rewards will be automatically updated in your wallet when your stake is eligible.
- Active stake - When your stake becomes eligible for rewards.
- Delegator - The person who stakes $ADA in a stake pool.
- Rewards - Monetary benefits of staking for delegators.
- Epoch - How time is measured in the Cardano staking world - i.e., every 5 days.
- Saturation - A decentralization mechanism of staking shown in a percentage. Once pools receive 100% saturation, rewards are diminishing.
NEWM will be a whole world of everything music! Everything artists, fans, labels and investors need, will be available in the NEWM Ecosystem. Uploading, minting, distributing, streaming, buying, selling, trading, tipping, ticket sales and marketplace – you name it, and we’ve got it covered.
The objective of NEWM is to be governed by musicians and fans for musicians and fans - i.e., the community. We want the artists and fans to own the platform; and that’s what the Cardano blockchain gives us the power to do. We believe every participant in the music industry should get their fair share, regardless of whether they are a label, musician, songwriter or composer, fan or investor. The future of the music ecosystem will be in the hands of the community, we are removing all the gatekeepers and middlemen.
We are essentially creating a stock market for music. A way for consumers to move beyond the “consume” model to “true investment” in the success and career of the artist in which they choose to invest. Now, artists have a way to generate upfront operational cash via selling or auctioning a small part of their music IP rights to hungry music lovers or investors. The bottom line: everyone has equal opportunity to invest in the future of an artist (if the artist so chooses).
An NFT, or Non-Fungible Token, is a tradable digital asset that’s tagged with a proof of ownership and originality. To put it in literary terms; NFTs are first editions or originals that can’t be replicated and hold value. To take it a step further, even though you may see/buy copies or prints of the Mona Lisa, these do not hold the same value as the actual painting. On this note, the potential of NFTs to disrupt the music industry is exponential!
We’ve seen how NFT technology has benefited the digital art world, and projectNEWM is bringing it to music by using NFTs to fractionalize music IP rights. Because music is predominantly digital already on platforms like Spotify, Apple Music or Amazon Music, musicians will benefit by being able to take the terms of their IP rights into their own hands, making music a collector’s item again and establishing a NEW(M) asset class.