San Francisco, United States, 2nd November, 2022, Chainwire
Kena, the decentralized economy powered by AI, has shared details of how its utility token works to give creators a fair deal. The music marketplace, which redistributes wealth back to artists, utilizes a native token that operates on the Avalanche blockchain.
Kena helps artists retain all their earnings and additionally redistributes 10% of the collective earnings of the network to all artists. This business model stands in stark contrast to that of Spotify or Apple Music, where the most popular artists claim the bulk of all rewards. To earn a minimum wage on Spotify, for example, would require 10.5 million streams per year. 90% of Spotify’s $7 billion payout goes to just 0.7% or 77,000 top artists.
Given the difficulties of making a living from music royalties alone, artists are forced to take on additional jobs, such as teaching music. To support this endeavor, Kena has developed an AI-powered music neural engine. This
