Latest News

Back to Latest News back

 

MODA DAO raises $5 million as it prepares for public token launch within music industry

MODA DAO raises $5 million as it prepares for public token launch within music industry
October 20, 2021

MODA DAO, the first Decentralised Autonomous Organisation (DAO) - created to bridge the legacy music industry into the emerging Web3 entertainment world - has announced it has raised $5 million in a private sale of its MODA token, with world renowned musicians Joel Zimmerman (deadmau5) and Richie Hawtin joining the DAO with notable VCs Outlier Ventures, Blocksync, FBG Capital, Double Peak and more.

MODA is bringing DAOs to the music industry by launching a framework through which artists can harness Web3 technology such as NFTs, micro-licensing, DAO governance and DeFi to evolve their music business. With the completion of the $5 million private sale, MODA is releasing the governance token on 10th November  via SushiSwap’s MISO platform.

Created by the newly-established MODA Foundation, MODA DAO is an open and inclusive music industry DAO designed to connect independent artists, leaders in the music industry, and technology innovators to define the future of Web3 music ownership —- something they call Music3. Members of the DAO will collaborate on new ventures, share music catalogues, and leverage their collective influence to introduce new practices around music distribution and licensing. MODA aims to remove the middlemen of traditional streaming services and allow artists to connect more meaningfully with their fans, unlocking new means for value creation shared between creators and community.

DAOs, decentralised autonomous organisations, are the latest innovation out of Web3 to gain traction. DAOs are an alternative to LLCs or corporations, allowing members to pool together resources and make decisions based on smart contract agreements. DAOs create new models for collective ownership and investing and are most prominent in the NFT and DeFi spaces. MODA is also leveraging smart-contract and legal frameworks and expertise previously used by Australian DeFi project Synthetix.

The DAO already has a long list of launch partners, from labels and management companies like ONErpm, mau5trap, AYITA and UNIFIED Music Group, to Web3 start-ups like PIXELYNX, Emanate and CreateSafe. Music hardware company SubPac and Rising Agency also show the breadth and depth of industry involvement at MODA’s early stage. Currently, the MODA DAO partners manage catalogues of music that generate over 10 billion streams per month and a pilot group of these artists are expected to release songs later this year via the new ‘Music3’ blueprint.

Global electronic musician Joel Zimmerman, otherwise known as deadmau5 notes “I look to partner with places where the future is being built with technology as equally as exciting as the music. MODA is mission-driven – buying back power to the hands of musicians.

“The decision to join MODA on their journey to decentralise the future of music was an easy one. I’m excited to contribute and begin working with this group of individuals.”

MODA is set to release over $1 million worth of creative and technical grants over the next two years to individuals and teams who put proposals into the DAO. Applications are already open on the website.

The globally distributed DAO is using their treasury across a research and innovation lab, new Music3 tools and services and by providing creative and technical grants to complimentary projects. Already in development is a unique on-chain audio fingerprinting tool and a cross-chain Audio NFT aggregator that will allow NFTs to replace MP3-downloads and the default way to directly support independent artists.

Sean Gardner, MODA DAO project lead explains “MODA is ready to tackle the bottlenecks and middlemen of the Web2 music space. The big streaming platforms have unintentionally killed the collectability of music, and after years of distraction we are bringing it back. The creative Web3 world has a passion for the power of NFTs and decentralized governance, and we see the focus starting to spread from visual art and profile pictures, to assets like music.”

Want to learn more about MODA DAO? Register at MODA DAO and join the DAO Discord.

Related Articles

18th October 2021 - COVID impact sees Australian Government fund live music sector and leading arts organisations

18th October 2021 - Rolling Stone Australia Awards to return in 2022 with live music event series

15th October 2021 - Live music sector continues call for national event insurance scheme

11th October 2021 - Victoria Government announces reopening plan with crowds to attend Melbourne Cup and concerts at the Sidney Myer Music bowl

21st September 2021 - Grass roots music industry development initiative launched in Mount Gambier

7th September 2021 - Port Macquarie-Hastings Council encourages musicians and venues to support local live music program

7th September 2021 - The Sydney Fringe announces digital program of music and theatre events

6th September 2021 - City of Port Phillip proposes new 3,000 capacity music venue for St Kilda

2nd September 2021 - 22 live music venues across Queensland receive Government funding

13th August 2021 - 2021 Sonus3 Tour to deliver intercultural celebration of music and dance across the Kimberley

10th August 2021 - National Live Music Awards moved to 2022

27th July 2021 - Melbourne Music Week to return in December 2021

24th May 2021 - Live music venues in Sydney and NSW to receive government financial boost

7th May 2021 - Bassinthegrass 2021 prepares to welcome 14,000 music fans

6th May 2021 - 21 live music venues across Queensland receive government funding


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

PRIAVA

About Priava's Technology -  Priava is a cloud-based and centralised venue and event management system aimed at venues of all sizes. With its familiar and easy-to-use web interface, the…

read more

Attractions / Billing / Entertainment / Events / Technology

 
 

@leisure Planners

@leisure is a team of experienced leisure, aquatic and sports facility managers and planners, with market modelling, sports management, recreation planning, business and GIS qualifications. We have…

read more

Consultants

 
 

Hadley/Series Australia Pty Ltd

Hadley Australia and Series Australia Pty Ltd are the leading quality theatre chair manufacturers in the southern hemisphere. The businesses work closely with architects, interior designers and…

read more

Arts / Culture / Design / Entertainment / Venues

 
 
 

iDwala Pty Ltd

iDwala is the Community Sports Facility Specialist offering the highest quality designs and technical expertise to Councils, Schools and Sporting Clubs looking to create sporting…

read more

Consultants / Design / Recreation / Sport / Surfaces

 
 

GLADSTONE MRM

Gladstone Health & Leisure (Gladstone MRM Pty Ltd Australia) is a leading supplier of leisure management and fitness software and is endorsed by leading health and fitness professionals and…

read more

Access / Billing / Fitness / Technology / Venues

 
 

SWIMPLEX AQUATICS

Swimplex Aquatics are a world-class company dedicated to the commercial pool, waterslide industry. We are Australian market leaders servicing all states Australia wide. Swimplex provide a full…

read more

Aquatics / Attractions / Design / Play / Waterparks

 
 

Myzone

Email for trade enquiries: Enquiriesapac@myzone.org  Customer support desk - Click Myzone support or go to ‘help’ on myzone app to access live support. Myzone® is the leading…

read more

Fitness / Sport / Technology / Wellness

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business