Web3 developers continue to use .xyz domains to launch innovative NFT-based projects. Publishing platform Mirror.xyz helps writers distribute and monetize their minted work. Decentralized Autonomous Organization project FlamingoDAO.xyz created a platform for members to pool funds for NFT investments. Ethereum-based exploration game Sipher.xyz is centered around customizable NFT characters within a fantastical new community. In this week’s #WebsiteWednesday, we’ll introduce you to an NFT platform that aims to fast-track the transformation of the music industry: Relics.xyz.
Relics.xyz is the online home of record label Monstercat’s debut NFT platform. The electronic dance music-focused label designed the platform for fans to collect and display music collectibles, also called Relics, which include a unique visual and full-length song from Monstercat’s roster of Electronic musicians. With Relics.xyz, fans have access to the music of their favorite artists as digital collectibles, which can be traded or used as utilities in the Metaverse. Each Relic has the ability to integrate music in the Metaverse. Once you own a Relic, it has the potential to become your theme song as you travel between worlds, games, and play-to-earn ecosystems. In March 2022, Relics.xyz participated in NFT LA, a Web3-focused conference featuring over 250 metaverse pioneers including fellow .xyz community member DJ Steve Aoki (a0k1verse.xyz).
The Canada-based platform aims to disrupt the music industry by providing a unique artist-focused revenue opportunity as part of their commitment to artists. Relics.xyz shares this commitment on their homepage. “The musician and visual artist on every Relic are paid from the primary and secondary sales of their editions. Relics provide an additional revenue stream for creatives, with the sale of one Relic roughly equating to the income that would be earned by a song being streamed one million times on traditional streaming services.”
Relics are full-length songs with an audio and visual feature that is rated based on their performance in traditional media spaces, connecting Web2 with Web3. This evolving trait, known as Gemstone Rarity, changes based on how well the Relic’s original song is performing in the traditional music ecosystem. The Gemstone Rarity ratings use the names Quartz, Emerald, Sapphire, Ruby, and Onyx. As the song’s performance increases in real-time, so does its rarity. This is a benefit for both the fan and the artist. As a song does well on traditional platforms, the Gemstone Rarity will also increase on its corresponding Relic. Each Relic also includes the license to play the song in Metaverse spaces, like 3D virtual world browser-based platform Decentraland. Future Metaverse partners will be added as the project continues to grow.
Monstercat’s artists are enjoying the benefits of the new platform’s innovation. For the debut of their Beyond the Roadmap series1, which will cover the stories and talents behind the music and designs in the Relics ecosystem, Relics.xyz spoke with Michael from Half an Orange to discuss their song Mark Twain2 from the Season 1 collection. As Michael shared, “Seeing a technology and community like NFTs help musicians find life changing sustainable income streams has been incredible. We think it’s going to bring in a new ‘golden era’ of music.”
Relics.xyz was developed by Monstercat co-founder and CEO Mike Darlington. With a goal to help make Earth a better place, Monstercat and Relics.xyz are committing to a 25x carbon sequestering of each Relic sold. They intend to double this amount and invest into a fund dedicated to the environment. We are inspired by Mike’s forward thinking, which makes him a great fit in the .xyz community. You can learn more by following along on Twitter and joining their Discord, or by visiting Relics.xyz.
XYZ is proud to share about the many incredible members that make up the XYZ community! We encourage you to do your own research before using the products and services of the websites we feature. The information about products and services contained in this blog post does not constitute endorsement or recommendation by XYZ.