An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
The RESPECT token is the native token of the Respect Metaverse ecosystem. It will play an active role as a benefit medium for the above functions.
Respect Metaverse has unveiled a new blockchain-based project. The project will change how benefits are distributed to artists and how streaming media content is disseminated to audiences.
Previously, music distribution lacked efficiency given the required long chain of benefit distribution. Now, Respect Metaverse hopes to create an efficient peer-to-peer system. It will do this by making audio copyrights, game props, video copyrights, etc into NFTs.
Already, the project started with music NFT trading. The plan is to continue to expand from audio to video, games, and e-commerce, optimizing the relationship between creators and users by NFTing the virtual assets.
The project fully exploits blockchain’s potentials by reducing work copyright transaction costs, facilitating integration into the NFT secondary market, and increasing collection value. It also reconstructs the original benefit distribution relationship and maximizes artistic innovation incentives. Thus, the product will help content creators monetize their fan bases while the fans also derive benefits.
Respect Metaverse Project Specifications
The developers of Respect Metaverse have divided the system into two core sections. One is the Respect Marketplace. The marketplace is a trading platform for NFT assets throughout the project. Trading of copyrights for NFT products such as audio, video, and games, and the recording of subsequent royalty shares will be taken through it.
Likewise, another key sector of the project is Respect Live. Respect Live is a music community entirely dedicated to musicians and users. So far, the community has established a very engaged music community of about 142k members globally, including a lot of followers, content creators, and music producers.
Using this sector, musicians can launch crowdfunding drives for their community. Also, fans can initiate virtual concerts and reward their favorite artists. Similarly, the community will be equipped with a music community fund for the incubation of artists’ creations.
The RESPECT token is the native token of the Respect Metaverse ecosystem. It will play an active role as a benefit medium for the above functions. Once issued, the token can be used to eliminate payment barriers between products. It will also serve as a governance token allowing holders to vote regarding community direction.