I looked at this project for like one minute and think it's incredibly cheesy. It's super important to ask yourself whether something needs a blockchain, and I don't think this does at all. From their overview it just sounds like a networking platform to "connect fans, artists, and others involved in the music industry". Why?

Isn't this just Myspace on a blockchain?

As a crypto, I wouldn't invest in anything with a 40% bonus since it's pretty safe to assume this will be dumped when the coins are released. Plus with us being in a bear market I don't think a blockchain Myspace will really take off.