The music industry continues to find inventive ways to integrate decentralized technology into new releases to benefit both artists and their fans.
Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock released a single on August 19 with the idea of “democratizing music rights”. The non-fungible tokens (NFT) included in the delivery allow holders to earn rights based on the popularity of the stream.
The single, “Weekend on a Tuesday”, debuted with an NFT exclusive. Each of the 250 available NFTs entitles you to a 0.02% share of streaming revenue. Anotherblock’s platform offers a value tracking tool for holders to estimate payments and total value.
Many artists have used digital assets like ç through extra exclusives linked to the NFT. Extras often include artwork, additional music, or behind-the-scenes material.
Anotherblock CEO Michel D. Traore told Cointelegraph that this way of implementing NFTs allows those who create value around songs to participate in receiving a portion of it.
“The value of music rights is created by people who love and listen to music, and do things with it. Why shouldn’t they be able to own the rights if they create the value by listening to it? They should also be able to get a share of the profits.” “.
The idea behind this vision of extending value from record labels and music catalogues, primarily to include more of the artists themselves, but also fans, can be considered a “democratization” of the music industry.
“The middle ground of more and more people having rights is what is missing today, and I think it leads to positive effects.”
Although it is easiest to introduce these ideas with bigger artists like R3HAB and Steve Aoki, this only paves the way for emerging artists to enter the industry with these ideas before committing to a restrictive contract.
In an interview with Cointelegraph, R3HAB highlighted the aptitude of EDM fans towards new “cutting edge” technologies like NFTs. R3HAB said his team had seen fan interest and engagement in Web3-based platforms.
This is where I got confirmation to dive into the NFT space and offer my fans this opportunity.”
According to Traore, anotherblock surveyed their Discord community on music genres of interest to NFTs, with EDM scoring the highest, followed by HipHop and R&B. Additionally, a recent Ripple report revealed that 55% of major financial institutions are interested in music-related NFTs.
As the cryptocurrency industry perfects itself in light of the market crash, projects with no real value and utility are being purged. Traders see the connection to real-world value with music rights NFTs as a sign of something lasting.
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