The music industry is looking to find new ways to add decentralized technology into new releases to benefit artists and their fans. Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock have released a single themed around democratizing music rights, as reported by Cointelegraph.
According to Cointelegraph, the non-fungible token (NFT) added in the drop will allow holders to earn royalties based on streaming popularity. Their single titled “Weekend on a Tuesday” debuted with an exclusive NFT. Each of the 250 NFTs in attendance should give the holder a 0.02% share of streaming revenue. Anotherblock provides the functionality of a value tracker allowing holders to estimate payouts and overall value. Artists have started exploring digital assets as a way to connect with their fan base through additional exclusives attached to their NFTs, which include artwork, additional music, or behind-the-scenes content.
Based on information from Cointelegraph, Michel D Traoré, CEO of Anotherblock, explained that this way of implementing NFT will allow users to create value around songs so that they receive a part of them in return. Their idea is supposed to spread the value of primary record labels and music catalogs to include more artists and fans for the democratization of the music industry. In an interview with Cointelegraph, R3HAB highlighted the importance of EDM fans in building technologies such as NFTs. R3HAB said its team is looking at fan interest and engagement with Web3.0-based platforms. According to Traore, anotherblock created a poll for his Discord group on the most secure music genres of interest for NFT and EDM, followed by HipHop and R&B. In line with a report by Ripple, it revealed that 55% of financial institutions have shown interest in music-oriented NFTs, which is expected to increase.
(With information from Cointelegraph)
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