What is Derive?
Derive is a community platform designed to fund, curate and create audio work compilations. The project is based on web3 ideas and underpinned by the Ethereum public blockchain.
How does it work?
Each compilation consists of a chain of seven empty nodes. Upon initialization a contributor holding a chain token will have access to add an original work to the first node in the chain along with some artefacts of choice. They then pass the chain token to the next creator who creates a new work based to whatever degree they desire on the artefacts in the previous one. They then repeat the process of attaching the work and artefacts to the node and pass the token along. When the chain reaches the seventh and final node the process is complete.
How is it funded?
Each node in the chain is funded by the sale of editioned collectibles that grant holders community privileges like free downloads of relevant compilations, discord access and more.
Who owns the chain token?
The chain token is owned by the creators who contributed the works and artefacts it contains. It is a one of a kind token - an NFT - and its fate is controlled and governed entirely by the chain creators. They can decide to sell it, keep it or burn it at their discretion.
Who owns the works?
No rights associated with the original works are transferred by participating in a chain. However, upon submitting a work to a chain, the creators grant permission for the work to be streamed through the platform and downloaded by holders of collectors' tokens.