Artists are mapping out new routes to success with the help of NFTs, including ways that do not rely on record agreements, year-round touring, or cosigns from the business. R3HAB, a musician in the genre of electronic dance music (EDM), and Anotherblock, a blockchain-based music community, collaborated on the release of a song on August 19 with the intention of democratizing music rights. Holders of the nonfungible token (NFT) that was distributed during the release will be eligible to receive royalties proportional to the popularity of the song on streaming services.
There will be a distribution of 250 NFTs, each of which grants the bearer a 0.02% stake in streaming profits, at a democratic price of around $87 per NFT. You may buy NFTs using a credit card or a decentralized wallet like Metamask, both of which are available to use for the purchase. Fans will be able to see what their NFT is worth on Anotherblock, and they will also be able to see what they can anticipate in terms of rewards and other useful information.
According to the CEO of Anotherblock, Michel D. Traore, this method of deploying NFTs enables individuals who build value around music to take part in getting some of it back. Traore made this statement in an interview with Cointelegraph:
“Music rights’ value is created by people loving and listening to the music, and doing things with it. Why shouldn’t [they] be able to own rights if they create the value by listening to it. They should be able to get some of the upside as well.”
He added:“The middle ground of more and more people owning rights is what’s missing today, and I think lead to positive effects.”
