Fireverse has announced a strategic collaboration with KiloEX.
Fireverse is a decentralized music creation platform combining blockchain and AI technologies. On the other hand, KiloEX is a decentralized derivatives trading platform running on top of the BNB protocol.
The core of this collaboration involves connecting Fireverse’s AI-driven music production with KiloEX’s DeFi. Fireverse will utilize KiloEX’s DEX proficiencies to improve its financial operations and song monetization.
Fireverse Goes for KiloEX’s DEX Expertise
Based on this partnership, Fireverse’s AI-produced songs and other artistic assets minted as NFTs and other collectible assets will be listed on KiloEx for trading. This arrangement offers greater liquidity on the Fireverse platform and makes the marketplace more transparent for aspects like royalties, music copyrights, and fractional ownership for music.
Creators on Fireverse will utilize their tokenized songs as collateral for various DeFi offerings, including borrowings, lending, and other investment products provided via KiloEX. Through this arrangement, artists will be able to access funding to enable their new projects and facilitate their financial activities.
Also through this alliance, the two firms will launch advanced investment offerings connected to song performance and exclusive fan interest. This means that derivatives and various perpetual contract products will be integrated on music popularity, impressions, and AI-produced metrics, enabling music investors and enthusiasts to hedge against or speculate on trending songs and the wider music trends.
Furthermore, Fireverse will leverage KiloEX’s vast presence in numerous protocol networks (including Base, BSC, Mantra, and opBNB) to broaden its accessibility and asset adoption across such prominent distributed ecosystems.
How DeFi is Shaping New Opportunities for Music
The alliance between the two networks is significant for the wider Web3 landscape, especially in the growing creative industry sector.
In the traditional music landscape, musicians normally get rewards (popularly known as royalties) from the profits that their songs generate.
By Fireverse incorporating KiloEX’s DeFi networks into its music platform, this integration is set to provide creators on the platform with complete control of their monetized assets.
This approach provides artists with greater revenues and more transparency on their royalties via transparent crypto trading and tokenized assets.
Lastly, this alliance is in line with the decentralization ideals of enabling artisan empowerment and a move away from centralized, expensive, and monopolistic platforms.
