Blockchain and Music Industry module Quiz

Tokenization refers to:

• The process of converting an asset into a token that can be stored on a blockchain

• Putting the records of physical tokens (like coins) onto the blockchain

• Requiring fans to pay in bitcoin to attend concerts

• None of the above

What percentage, on average, do musicians receive from their music sales?

• 2%

• 12%

• 55%

• 62%

When a musician signs with a record label, who then owns the music that that musician creates?

• The record label, as long as they don’t sell the rights

• The musician still owns the music, but the record label receives the money

• The musician’s agent

• The royalty

Piracy in music:

• Does not impact anyone as long as the pirated music is not sold

• Affects musicians negatively by not allowing them to earn money from their work

• Is an appropriate way to “get back” and the record labels for not sharing enough with musicians

• Is the norm with over 75% of all music listeners are pirating their music illegally

What are the ways in which blockchain technology could help the music industry (select all that apply)?

• Musicians could keep complete control over their music

• Only record labels would benefit from blockchain technology with smart contracts

• Musicians could benefit directly financially from their music, and wouldn’t have to wait for long periods for royalty payments

• Streaming services are the only ones who would benefit because they have an online platform

Which of the following are the stated goals of the project Tune.fm?

• To have their token, the JAM token, grow larger than the bitcoin network

• Allowing fans to discover and stream music from artists all over the world

• To compete directly with the Mycelia project

• Payments system for artists to get compensated quickly, fairly, and transparently

Which of the following is NOT a concern with using blockchain technology for the music industry?

• Blockchains may lack the scale needed to support millions of active steamers

• Risk of hacking into blockchains of music projects

• Lack of familiarity by most people regarding cryptocurrencies

• All of the above are concerns

A smart contract in the music industry could be set up a between a musician and a streaming service to achieve greater transparency between parties.

• True

• False

Mycelia’s ‘Creative Passport’:

• Adds more layers of complexity and intermediaries that slow down musicians from getting paid on time

• Is a new token that doesn’t have any monetary value, but that can be traded by fans

• Creates a digital identity for musicians that utilized smart contracts and is secured on the blockchain

• Is a unique idea, but not feasible given current technologies

Crowdfunding is a way to raise money on the internet, but it is primarily for startup companies, and would probably not work with musicians or utilizing blockchain technology.

• True

• False