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Younk, a new community-based music label on the Blockchain
Younk, a new community-based music label on the Blockchain
Blockchain

Younk, a new community-based music label on the Blockchain

By Ilaria Stirpe - 23 Oct 2018

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Younk.com has launched one month ago.

It is a new decentralized platform that connects artists, community, and music experts and aims to make the music industry more accessible and equitable for both artists and fans.

According to its founder, Andrey Dahkovskyy, Younk’s objective is to modernize the music
industry by facilitating direct artist access to the public. This ensures better compensation and
community involvement in the funding of up-and-coming artists. Music fans also benefit through
a unique opportunity to support their favourite artists and become co-producers of the artist’s
tracks and earn YNK Bucks – the internal currency of Younk ecosystem. YNK is an instrument that may be used to fund a Hit, get bonuses and purchase merchandise, services and goods on the Younk platform.

Don Grierson, the legendary music industry executive and Younk co-founder shared the
platform’s vision as an accessible global marketplace where artists and HitHunting music
enthusiasts can connect and support each other while mutually benefiting from the synergy and
compounded contribution of the community – whether from a creative point or business wise.

“We are entering a new era of making a Hit. The Younk platform is here to make it happen. In almost no time you will be able to listen to a tune that has been supported and directly funded by a community – by active listeners and those who want to make a change in the music industry.  Our platform is open to Artists from all over the world, even if they’re not
professional musicians. Everyone has a chance now to upload his or her original tune onto the
platform and compete with other artists for community support and, further down the road, for
their own place on some of the top music charts in the world.”

Unlike regular crowdfunding, Younk gives artists an opportunity to receive a guidance from professional music experts; also, it gives the music fan community with the option to be actively involved in creating music charts, to vote, and become co-producers of the tracks they fund.

The process looks like this: an artist uploads a track; the community listens and votes, three tracks go to Hit Funding (two most voted on by the community and one selected by the experts) where YNK Bucks are used to supporting the community’s favourite tracks.

The ones that reach a certain amount of YNK Bucks – soft cap – are then professionally produced by music industry experts. Once the final creative product is released it gets promoted on approximately 150 digital music platforms. When a track generates revenue, artists receive royalty share in real money equivalent and the track supporters in YNK Bucks equivalent.

By employing innovative technology, Younk provides advanced features and allows for the
transparent and decentralized distribution of royalty shares to artists through blockchain’s smart
Contracts.

“So far, Younk has 5 tracks in the production stage,” said Andrey Dakhovskyy, “ Every day we
receive positive feedback from people in the music industry and beyond. This means we’re on
the right track. Our platform opens up endless opportunities for both artists and fans – they can
create better music together and this is awesome! Welcome to the universe of Younk!”

Ilaria Stirpe
Ilaria Stirpe

Graduated with honors from Università La Sapienza in Rome, she obtained her master's degree in Visual Merchandising, specializing in Marketing and communication strategies for social networks. She previously worked as a Web Writer, SEO Specialist and reporter for online regional newspapers.

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