The music industry is looking to find new ways to add decentralised 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 with the theme of democratising music rights, as stated by Cointelegraph.
According to Cointelegraph, the non-fungible token (NFT) added in the drop will allow holders to earn royalties on the basis of streaming popularity. Their single called “Weekend on a Tuesday” made its debut with an exclusive NFT. Each of the 250 NFTs present is expected to give the holder a 0.02% share in the streaming revenue. Anotherblock provides the feature of a value tracking tool for holders to estimate payouts and overall value. Artists have started to explore digital assets as a way to establish connection with their fanbase through extra exclusives attached to their NFT, which include artwork, additional music or behind-the-scenes content.
On the basis of information by Cointelegraph, Michel D Traore, CEO, Anotherblock, explained that this way of NFT implementation will allow users to create value around songs for them to receive some of it back. Their idea is deemed to spread value from primary record labels and music catalogs to include more of the artists and fans for democratisation of the music industry. In an interview with Cointelegraph, R3HAB emphasised the importance of EDM fans in building technology such as NFTs. R3HAB stated about his team looking at fans’ interest and engagement with Web3.0 based platforms. According to Traore, anotherblock created a poll for its Discord group on music genres of interest for NFTs and EDM secured highest followed by HipHop and R&B. In accordance 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 insights from Cointelegraph)
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