Today marks a new chapter for Coop Records as we debut our platform for onchain music.
Over the past year - we’ve brought more than 100 artists onchain across nearly 350 releases.
Now all of that music can easily be discovered, collected and shared on our new platform at cooprecords.xyz
The mission is simple - collect great music and earn rewards.
We’re proud to be showcasing the power of composability by integrating Sound, Boost and Stack as the foundation for a community-owned record label.
And we’re stoked to be doing it with a stacked schedule of new releases from artists like Disco Lines, NOTION, Shallou, Laszewo, Daniel Allan, Kasbo, ATRIP and nimino - to name a few.
Here’s what you need to know.
What is Coop Records?
Coop Records is a community-owned record label that generates 100% of its business from onchain sales.
We’re a proud curator of what we believe to be the best up and coming music across the world.
We started by releasing our music exclusively on Sound, and have since expanded to platforms like Audius, Drip Haus, Phosphor and Rodeo in our attempt to meet collectors where they are at across multiple chains.
Our goal is to make it extremely easy for artists to have their first onchain experience.
This is done by setting up their first wallet, handling the uploads and running onchain incentives to drive mints.
Artists do not need to have any crypto knowledge or experience to start seeing the benefits from having their music onchain.
Collectors get exposed to artists that our team is passionate about and create a space for music curators to build social status around their favorite songs.
If you’re interested in releasing music on Coop Records - drop us a note at demos@cooprecords.xyz
What’s New?
The platform features three key elements:
Mints
Rewards
Points
Here’s a quick overview of each.
Mints
Mints are the canonical unit used to measure success on the platform.
In the same way that platforms like Soundcloud and Spotify measured plays - Coop Records measures mints.
A mint today costs 0.000777 ETH (or ~$2.50) - but we are actively looking to bring this price down in an attempt to make collecting more social and accessible without breaking the bank.
All mints on Coop Records use Sound under the hood - so you can also see all the activity on Sound.xyz too.
For every 1000 mints on Coop Records - a song generates ~$2500.
Our platform lets you easily track the total number of mints a song has - along with the number of new mints over a given time period (24h, 7d, 30d).
Rewards
Rewards are earned by collecting songs on Coop Records.
Simply collect a song, and as long as rewards last, claim a fixed amount of tokens (i.e. a rebate) for collecting.
These rewards are powered by Boost Protocol and distributed in various tokens that we are bullish on - namely emerging tokens on Base.
Our goal is to put our collectors onto new tokens and to allow projects to reach a new audience by distributing their tokens as rewards to Coop Records collectors.
We’ve already partnered with HIGHER, ENJOY and LOUDER on a number of campaigns - along with distributing rewards in OP and DEGEN.
Using this model - we’ve been able to reach 93,500 unique collectors across more than 300k editions to date.
Coop Records will continue to source new tokens for our collectors - and are actively looking to work with token projects in search of novel ways to distribute their tokens to onchain enthusiasts.
Points
On top of Rewards - all songs come with COOP points.
At inception, these points are merely a sign of status within the Coop Records community - however we are quickly working towards a system where points can be redeemed for editions of songs.
These points will unlock different perks and streaks the more you collect - along with exclusive tracks only available to top collectors.
Points are the first step towards making Coop Records a community-owned label and we will continue to evolve their role on the platform over time.
COOP points are powered by Stack and allow us to enforce referral rewards.
Any mint on Coop Records captures the referral reward on Sound (0.000222 ETH) and is therefore eligible for points.
Songs collected outside of the Coop Records site are not eligible for points.
Our Business Model
Coop Records takes 50% of onchain royalties from any song we release.
This model has allowed us to generate ~50 ETH on Sound so far to date - and we believe this platform can take that to the next level.
This comes on top of 24.5 ETH worth of Curator Rewards which are earned for referring mints on platforms like Layer3 or Boost - along with third–party social platforms like Warpcast.
Thanks to our new platform - we can confidently capture 100% of referrals from mints generated through the site.
To date - we have used these earnings to run rewards and incentives for our releases.
We are the top spender on Boost with $88k spent across more than 65k participants to date.
The goal is to expand this model across all of our releases - ultimately creating a system where every song comes with some level of reward at varying scales depending on how early you are to collect and how many editions are collected.
In the future - we want to push referrals down to the individual collectors, allowing you to earn when you collect a song that prompts someone else to collect it too.
We’re very inspired by platforms like Rodeo and Zora that have really been pioneering this model and hope to follow in their footsteps in the weeks to come.
What’s the Point?
This platform creates the foundation for a truly community-owned record label.
We are not there yet - but we are big believers in sufficiently decentralized platforms and communities.
That’s why we’ve been so vocal about building our core audience on Warpcast - and leveraging the latest platforms and tools to showcase our catalog to crypto-natives.
Our goal is to expand beyond crypto-natives - and we’re very stoked to be working with Privy and Smart Wallet to easily allow anyone to spin up a new wallet in a matter of seconds.
We want to build a system where collecting music is not only fun - but rewarding.
One in which artists and collectors share in the success of every mint that happens on the platform - and one in which they have a say in what gets released on the label.
The launch of the Coop Records platform marks a huge step in this direction - and one we’re excited to keep building out over time.
We’re actively looking for feedback on the first iteration of this product - and encourage anyone reading this to reach out to michael@cooprecords.xyz to schedule an interview on your experience.
We’ll see you out there!
