PurpleThrone, a global music streaming platform and digital record label that is incorporating the use of Blockchain technology and tokenization, has launched its own initial coin offering to elevate its current operations and build a global entertainment service providing empire.
The crowd sale begins February 26, 2018 and offers the opportunity to the public to be a part of PurpleThrone history by attending any of its upcoming events, hosted in the New York Metropolitan area. These events will feature performances by independent musicians who are on the platform, a thorough discussion about how PurpleThrone is using blockchain technology to incorporate the largest demographics in the entertainment industry, and finally programs to actively educate its built in community of several thousand on the use of blockchain technology. The crowdsale period ends April 27, 2018 [visit https://purplethrone.com/token-sales/
for more information on the KYC process and token sales].
How it Works
PurpleThrone is an app (Alpha product available for free on the iOS AppStore) that aims to activate independent musicians through the use of PurpleCoin (PPC), an ERC20 token that gives users direct access to their favorite content and artists on the app. Musicians can use the app for free access to crypto-crowdsourcing and then exchange their tokens via the platform for discounted access to any number of career making services, such as tour booking, legal management, studio/equipment rentals, music/video production, and much more. Early adopters and PPC owners can use their tokens for influence over which artists receive more royalties and which content gets produced by PurpleThrone, as well as VIP access to all exclusive releases, artists, and live entertainment. PurpleCoin, the platform’s globally accessible digital currency, is largely self-contained in the PurpleThrone ecosystem, a cutting-edge business model, and will also be available for purchase and sale on participating exchanges.
This new strategy in the industry essentially eliminates the middle man – including record labels, banks, or any institution that can take a cut of an artist’s money – giving participating artists the fairest experience and fans direct content influencing power, all without draining their funds. PurpleCoin can be purchased now by transferring BTC and/or ETH directly to its public addresses, after KYC applications have been completed.
The PurpleThrone App
The Alpha version of the app is currently available for free on the app store, and although it allows users to support their favorite musicians by swiping right, it does not allow for users to directly contribute PurpleCoin – a crypto-token – yet. The funds raised in the ICO will be used to payroll existing personnel and incorporate blockchain technology into the app, and also heavily expand on international marketing efforts and original production capabilities. In preparation for Beta launch, the existing version has successfully implemented a unique “points” system whereby artists amass points through positive user voting, which they can use to redeem services provided by the platform. With the Beta launch, scheduled for September 2018, the “points” system will be replaced by a self-functioning and tokenized PurpleThrone eco-system, complete with tiered payment programs for ad-free access to content and all other features, and be available in localized portals on all internet devices (desktop, laptop, mobile devices, smart tvs, gaming consoles, etc.).
Erik Kops, COO/Head of A&R, said “It’s all about the passion and, honestly, that’s what makes good music, but for the initial investment and for everything that goes into it [independent artists] should be seeing something back for it, or at least something more than the other guys pay. We’re trying to give them a better way to monetize their content in a more direct and fair way than our competitors, Spotify, AppleMusic, Pandora, GooglePlay, and YouTube. Their streaming models discount the tens of millions of independent artists and content creators around the world. ‘The Power of Purple’ is the solution to their monetization problems allowing direct patronage with our very own cryptocurrency, PurpleCoin.”
Why is PurpleThrone Important?
Founded by Aziz Bey in 2017, PurpleThrone is an ethical music streaming platform and digital production company that cares not only that their listeners get access to the best and newest content, that the creators who make it possible can earn ethical wages, and that the PPC eco-system flourishes. He says “Listeners can give PurpleCoin directly to artists, in any amount of their choosing. Artists can use their PurpleCoin royalties to pay for studio sessions, venue access, and other ways to further their music career, all available through the platform. Without having to sign to a mainstream label, which are really just manipulative corporations that can cripple creativity and drain bank accounts, artists are free to earn royalties directly in our purely meritocratic system, what we’re calling ‘The Power of Purple.’ For us as a company, we will always be on the cutting-edge of technology, never stop improving practices and evolving, and always strive to push development in the entertainment and tech space.” Mr. Bey said “This is why PurpleThrone is the future of music streaming.”