The NEWM token powers the NEWM platform and ecosystem, a pioneering initiative on the Cardano blockchain aimed at transforming the music industry by fostering direct connections between music creators and consumers within a decentralized marketplace. Leveraging blockchain technology, NEWM offers an alternative to traditional music platforms by ensuring artists receive fair compensation and retain ownership rights, ultimately democratizing music distribution and consumption. This article will delve into NEWM, exploring its tokenomics, liquidity, utility, and more, providing a comprehensive overview of its impact on the music industry and its participants.

NEWM Distribution & Tokenomics

NEWM Distribution Pro page on TapTools

NEWM has a maximum supply of 9.74 billion tokens. Currently 1.52 billion of these are in circulation, equivalent to 15.6% of the tokens supply. At 0.0129 ADA per token, this gives NEWM a market cap of $11,742,758, and a fully diluted market cap of $75,412,167, placing it at #21 in the Top 50 on TapTools.

Currently, there are 23,685 NEWM holders, down 0.94% over the last 30 days, holding steady and with not much of an increase or decline. NEWM has a Median Holder Balance of 11.67 NEWM equivalent to 0.15 ADA, and an Average Holder Age of 526.15 days, highlighting the strong community that has been supporting the project as it develops.

Liquidity

NEWM Liquidity Pro page on TapTools

NEWM currently has 374.15K ADA in liquidity across seven Decentralized Exchanges on the Cardano blockchain. The token appears to have a good distribution between the top 3 most liquid DEXs with Minswap holding 49.41% of the liquidity, VyFinance coming in second with 22.69%, and finally, WingRiders which holds 22.24% of the token’s total liquidity.

Volume

NEWM Volume Profiler Pro page on TapTools

There have been 40,048 NEWM trades amounting to a lifetime trading volume of 23.81 million ADA, equivalent to 1.43 billion NEWM. 11.88 million ADA of this was buy volume while 11.92 million ADA was sell volume. The leading wallet size in trading volume was the swordfish wallet size (25–100KA), followed by the fish wallet size (5–25K ADA). The wallet size that has contributed the least to trading volume is the whale wallet size (1M ADA+).

Utility

We will now delve into the various utilities that NEWM offers its holders.

Governance

Holders of the NEWM token have the ability to engage in decentralized governance to determine the future of the platform.

In-App Usage

All functions on the app can be paid in NEWM token. NEWM tokens can be locked to access different tiers that benefit users such as special content or early access to music IP right sales. Musicians and artists can gain access to additional platform features by locking their tokens.

Staking

The NEWM staking system will allow staking for different purposes such as an independent artist fund, to help artists launch their first projects. The NEWM community can also stake with the NEWM governance stake pool to earn further rewards.

Royalty Sharing

Platform users may have the opportunity to stake their tokens with different musicians to help them get a better playlist ranking. This would enable artists to share royalties with their stakes from the increased exposure.

Conclusion

This article has provided a comprehensive overview of the NEWM token and its integration within the NEWM platform. Through an examination of its distribution, liquidity, and the utility it offers, such as governance and staking, we’ve explored its foundational role in the platform’s ecosystem. It will be interesting to see how NEWM and the decentralized music industry evolve on Cardano as well as other blockchains in the coming weeks and months.

You can find out more about project NEWM at the following link: https://newm.io/