The music industry continues to find innovative ways to incorporate decentralized technology into new releases to benefit artists and their fans.
Electronic dance music (EDM) artist R3HAB and the blockchain-based music community released another block single on Friday with the idea of “democratizing music rights.” The non-fungible token (NFT) included in the dropdown allows holders to earn royalties based on broadcast popularity.
The single “Weekend on a Tuesday” debuted with the NFT exclusive. Each of the 250 NFTs available gives its owner a 0.02% share of the streaming revenue. Anotherblock platform provides a value tracking tool so that owners can estimate the payments and the total value.
Many artists use digital assets as a way to connect with their fan base through additional exclusives associated with NFT. Extras usually include additional artwork, music, or behind-the-scenes materials.
Another Block CEO, Michel de Traore, told Cointelegraph that this way of implementing NFTs allows those who create value around songs to participate in reclaiming some of it.
“Music rights value is created by people who love and listen to music and do things with it. Why not [they] be able to own the rights if they are creating value by listening to it. They should be able to get some height as well.”
The idea behind this vision of essentially spreading value from record labels and music catalogs to more artists themselves and also fans can be seen as “democratizing” the music industry.
“The compromise of more and more people owning rights is what’s lacking today, and I think it’s having positive effects.”
While it’s easier to pitch these ideas with bigger artists like R3HAB and Steve Aoki, this only sets the stage for up-and-coming artists to get into the industry with these ideas before committing to a restrictive contract.
Related: Musician Grimes’ debut NFT auction grossed $5.8 million in 20 minutes
In an interview with Cointelegraph R3HAB he highlighted the eligibility of EDM enthusiasts towards new “high-end” technology such as NFTs. R3HAB said his team has been researching fan interest and interaction with Web3-based platforms.
This is where I received confirmation to dive into the NFT space and give my fans this opportunity.”
According to Traore, anotherblock polled its Discord community about the music genres of interest to NFTs, with EDM receiving the highest scores, followed by HipHop and R&B. Moreover, a recent report from Ripple revealed that 55% of major financial institutions are interested in related NFTs. with music.
As the cryptocurrency industry improves itself in light of the market crash, projects that have no real value and benefit are being dumped. Traores sees the connection to real-world value with music rights NFTs as a sign of something lasting.