BitSong Announces Sinfonia: A Fan Token Platform Built for the Music Industry
BitSong is thrilled to formally announce the upcoming launch of our Fan Token Platform under the brand Sinfonia, along with an exquisite new web page and a sneak peek of the features and user interface!
After all the development and anticipation involved in bringing Fan Tokens to BitSong, we feel it is important that we launch this huge milestone with its own branding and identity. Therefore, we decided that it needs a more suitable name than the title “Fan Token platform” that we’ve been using as a placeholder name so far.
We wanted a name that evokes the spirit of music, and of BitSong and all its constituent parts coming together to create a single, harmonious ecosystem for the music industry. And so, a new name was born:
Sinfonia, therefore becomes the new name of the BitSong Fantoken App, and we will be marketing and building our audience and user base with the Sinfonia name and brand at the forefront.
But what are Fan Tokens?
Fan Tokens are the artist’s economy, used to create their own currency in the native ecosystem. Fan Tokens have become popular in sport, allowing clubs to mint their own cryptocurrencies to create a new economy based around fan loyalty. They’re created by anyone with a following and traded just like Bitcoin and other cryptocurrencies. However, fan tokens come with additional benefits, to be decided by the issuer. In BitSong’s case, the issuer is the artist and/or their label company.
For musicians, Fan Tokens offer truly transformative potential because they provide a means for artists to connect directly with fans.
It’s so early in the game that few musicians have yet to move into the space, but Portugal. The Man is one example. The band wanted to find a way to give its most loyal followers access to a complete audio archive of 1,600 live performances over the years and chose to do so via its own fan token, PTM. They likened it to the old-school idea of an artist’s fan club, which is pretty close to the mark, except the digital nature of fan tokens gives them significantly more scope and reach.
For example, taking a cue from the sports industry, artists could let fan token holders vote on topics like the next destination for a gig or the song line-up. Fans could use tokens to buy exclusive experiences like a behind-the-scenes meet-and-greet or limited-edition merchandise.
Even smaller aspiring artists can use fan tokens to their advantage. They can mint an allocation for sale and use the proceeds to crowdfund a music video, a studio album, or a tour.
Sinfonia will allow various artists or their label companies to create their own Fan Tokens each having a diverse scope and ability of customization depending on their particular needs. What will the users be able to find inside the platform and what will they be able to do with their Fan Tokens?
- Customized, branded Fan Tokens issued by your favorite artists and bands
- Users can hold, trade, or redeem their Fan Tokens for VIP rewards
- Artists decide on Fan Token benefits and experiences — so start browsing!
Sinfonia powered by BitSong on Osmosis!
Sinfonia is an UI App for Fan Tokens fully developed by BitSong that will be operating on the Osmosis Blockchain, thus becoming the first and potentially most significant use case of the platform after the Osmosis DEX itself.
Initially, we thought of building our own DEX and liquidity pool features inside BitSong. But thanks to the state-of-the-art of chains already operational in the Cosmos IBC-enabled ecosystem, we decided it would be a better fit to use already established and working solutions than build them independently from the ground up.
Since Osmosis is an advanced AMM (Automated Market Maker) protocol allowing developers to design, build, and deploy their own customized AMMs, we felt it was more appropriate to leverage its existing protocol. Osmosis has already been developed, tested, launched, and operational for months, it’s part of the IBC family, so it was an obvious choice for Sinfonia.
In this way, thanks to the IBC, we’ve been able to focus primarily on providing a new experience to our users without having to reinvent the wheel. In addition, by leveraging the concept of Bonded Liquidity Gauges, we can give liquidity providers the ability to get rewarded for simply locking their assets in an LP for a minimum amount of time.
So what can you expect when you log into Sinfonia?
Features of Sinfonia
The Sinfonia app interface will offer access to four different features of the platform. These are:
The Assets section is like the “homepage” of the Sinfonia platform. Here, you’ll find an overview of all the Fan Tokens in your Sinfonia wallet, showing how much is available, how much is bonded, and the BTSG price as a reference point.
You can also see all of your Sinfonia assets listed individually, with their tickers and amounts.
The Swap section is where you can trade your Sinfonia Fan Tokens for BTSG or other assets. It offers a familiar DEX-like interface, where you simply choose your from/to assets and amounts, and then click to swap, approving the transaction via your browser wallet. You’ll be able to see the estimated slippage and review fees before approval. In the Swap screen, you can also see a preview of the DEX, which shows a table of the top listed Fan Tokens on Sinfonia, together with their 24-hour price movement as a percentage, and the price itself in USD.
The DEX screen shows an enhanced view of the DEX, with the market cap and 24-hour trading volume also included. Visual charts next to each asset allow traders to quickly identify trending Fan Tokens.
Finally, the Pools feature is where liquidity providers can take advantage of the opportunity to earn yields on their Fan Token deposits on the Sinfonia platform. Artists set up their liquidity pools with their preferred token pairs, and providers can then bond tokens to the pool to earn a share of transaction fees, and perhaps even some additional Fan Tokens as rewards.
In the upcoming release of the bitsong.io website coming in the next few days we will launch a brand-new page for Sinfonia, from which users will be able to navigate to the Sinfonia app once it launches. It will help to ground our audiences and newcomers to BitSong in the new reality of Fan Tokens built for the music industry! We’ll tweet a link as soon as it’s live.
As you can see from the preview we linked above, Sinfonia is almost ready, and currently the development team is busy working on the testing and finishing touches needed to prepare for a full live launch. There’s not long to wait! Sinfonia will be ready for launch within the coming weeks.
So be patient, and in the meantime, make sure you’re following us on all our social channels so you don’t miss an update!
Getting Started with Fan Tokens
When we launch the BitSong Fan Token feature in the coming weeks, artists will have the unprecedented ability to create their own economy using fan tokens on a platform that’s purpose-built for the music industry.
The onboarding process of artists and record labels interested to mint their Fan Tokens on Sinfonia has been on-going for several months, and the Bitsong team is currently working on integrating them on the platform. Expect some exciting announcements on who those artists are in the upcoming weeks!
There will be no need to sign up for external token listings, as BitSong provides a decentralized marketplace where buyers and sellers will come together to trade native Fan Tokens. Minting and listing Fan Tokens is a straightforward, no-code exercise, allowing artists or other industry participants to get started quickly and easily.
Earn Exclusive Rewards
With Fan Tokens, you can experience exclusive rewards from your favorite artists that aren’t available anywhere else. Take a look at some of the benefits:
- Get VIP access to exclusive gigs and events
- Vote on matters like upcoming tour locations or stage outfits
- Purchase unique NFTs of album art or songs only available to Fan Token holders
Fan tokens currently represent a market worth around $350 million — but this is only the very beginning. So far, that market represents only a segment of the sports industry, mainly European soccer. Once other industries begin to wake up to the potential to create new channels of revenue by actively creating with and engaging loyal fans, the Fan Token market is set to go stratospheric.
The music industry alone can capture a market opportunity potentially worth many billions of dollars, but there’s also the long tail of influencers and entertainers who will also be able to join in.
In launching Sinfonia for the music industry, BitSong has a powerful first-mover advantage and is set to become a reference point for innovation in music. We are excited for this next stage of our journey and delighted to be able to share this preview of our hard work over recent months with our loyal community.
Watch this space for further news and updates coming very soon!
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