When the Consumer Price Index (CPI) estimated inflation at 8.6%, it sent financial markets including Klangaverse into a spin: Nasdaq and Dow Jones fell dramatically overnight. The cryptocurrency market was next in line: Celsius, the largest crypto trading platform, froze its assets, sending the cryptocurrency industry into a spiral.
Bitcoin, the oldest and largest cryptocurrency, fell from a high of 40,000 dollars to 19,000. The crypto crash of 2022 had a significant impact on the industry. To better comprehend how cryptocurrencies are faring, we will examine one of the foremost players on the market.
Maker (MKR) ranks at number 48 with a fantastic token price of 903 dollars and a market capitalization of 908 million. Both valuations have decreased by 1.5% in the last day. In the same 24-hour period, the trading volume of MKR declined by a staggering 33% to 104 million. The negative effect of the crypto crash is at play.
MKR is a governance token of the MakerDAO and Maker Protocol. It is a decentralized organization and software protocol based on the Ethereum blockchain and enables users to manage DAI stablecoin.
The idea of Maker (MKR) was coined in 2015, and the cryptocurrency was released in 2017. The project’s main objective is to operate DAI, a community-regulated, decentralized cryptocurrency assigned a stable value linked to the US dollar.
The Maker (MKR) ecosystem was one of the first decentralized finance (DeFi) projects when it was released. The native token MKR gives users governance rights. While users are not paid dividends, they have voting privileges on Maker Protocol.
The music industry is facing an unheralded issue: although it generates more than 43 billion in revenue, artists only see a fraction of that total. In addition, content creators have no control over the distribution and streaming rights of their songs.
Now that we’ve identified the problem, we’ll uncover the solution. Klangaverse (KLG) is a comprehensive answer for artists who are unable to acquire fair compensation for their work. KLG gives artists the ability to produce and distribute their music in the form of Non-Fungible Tokens (NFTs), and the funds are transferred directly into their wallets.
KLG is an entirely decentralized music streaming protocol based on Binance Smart Chain (BSC). Artists can determine how revenues are raised from their minted songs and split among the teams based on different songs minted in the KLG ecosystem.
KLG leverages the speed of decentralized storage by Interplanetary File System (IPFS) and delivers thousands of minted songs in a decentralized fashion. The blockchain smart contract accumulates hashes of statistics of the minted songs in the shape of NFTs.
The NFTs act as the basis for revenue calculations for each artist. The data is available for public consumption and can be verified through historical comparison. The developers of KLG are also planning to introduce additional governance options, such as the Klangaverse decentralized autonomous organization (DAO). The KLG DAO will be utilized for voting on new attributes, artists’ revenue sharing, and several other potential features.
The makers of Klangaverse (KLG) are aiming to reduce the gap between music creation, exhibition, and payment. They also aspire to enrich the user experience and make the act of music listening and management engaging and reliable for all. Through blockchain technology, Klangaverse will leverage data for music copyrights, cryptocurrency for an instant, on-demand payments, and Non-Fungible Tokens to disseminate music and corresponding items.
Furthermore, since there are no intermediaries involved, the fans are the record labels, and they have autonomy alongside artists. Users and fans can employ native KLG tokens to obtain NFTs and support their preferred artists and writers at zero gas fees. Fans are also able to earn royalties when they stream their favorite music, allowing them to feel part of a growing community.
Although Maker’s numbers are disappointing and the future may appear uncertain, there is still hope for Klangaverse (KLG). Despite the crypto crash, there is still room in the market for new cryptocurrencies, and because KLG offers such a unique solution, there is every chance it will resonate with users.