vMMT — more than just a virtual currency
When we first introduced Stations Launch back in June, we introduced a new concept:virtual MeMusic Token (abbreviated as vMMT). The concept propelling this implementation was to enable users to stake their MeMusic token for a virtual currency that can be used within our ecosystem. Within Stations Launch, the token was to be used to express commitment into a specific sale on Stations Launch. (to learn more about how vMMT works in preserving allocation, click here)
Before we share our exciting vision about the various use cases of vMMT. We’d like to dig deeper into Stations Launch. As some of you may wonder about the utilities, services, and importance of Stations Launch in building AudioFi.
Stations Spotlight
Spotlight is an exciting service that will begin to provide spotlight to emerging or popular artists and projects. We aim for users to have the opportunity to interact with hidden gems and/or well-known artists / projects. With Spotlight, we are to upload recorded podcasts for users to learn more. Through this approach, we are expecting to build a better catalog on Stations. Starting with our native podcasts, we plan to invite more creators to upload their podcast onto Stations.
NFTs by MeMusic
As we implement Spotlight into Stations, our next step is enabling native NFT trading on Stations. In our beta version, users are able to mint their recordings onto OpenSea. Now we are to implement and embed our native marketplace for users to trade NFTs. However, we do not believe in the current format of music NFTs that have been showcased by other companies in the web3 music industry. We intend to showcase different use cases of the technology to better enhance the fan experience with music. We believe that our approach will be more favorable not only to the retail web3 traders and investors but also to the traditional music artists and creators.
As we are expanding Stations and its functions, we are eager to introduce our vision and various use cases of vMMT. Not only will vMMT be used for securing allocations, but also as a virtual currency to redeem rewards. When projects are showcased in Stations Spotlight, various rewards will be only claimable using vMMT. Users then can redeem the vMMT for tokens or NFTs depending on the reward selected for Spotlight.
How to earn vMMT?
Now in addition to $MMT mining, Station Node holders will soon be earning vMMT as a daily reward. If you do not have a Station Node, you can purchase a Station Node by clicking here.
Since there is a scarce limit of Station Nodes, users can also stake MMT for vMMT. We believe that this implementation will allow to build organic demand for the MMT token as it enables the token to be used as a ticket to redeem for rewards within the platform.
Join MeMusic’s Discord | Stake $MMT for vMMT | Purchase Station Node
