NFTs democratize music industry and redistribute song rights
TeknolohiyaAng mga NFT ay nagpapademokrasiya sa industriya ng musika at muling namamahagi ng mga karapatan sa kanta08 / 19 / 2022Balita ng Ethereum ng Bitcoin 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 Friday with the idea of “democratizing music rights.” The nonfungible token (NFT) included in the drop allows holders to earn royalties based on streaming popularity. The single, “Weekend on a Tuesday,” debuted bundled with an exclusive NFT. Each of the 250 NFTs available entitles the holder to a 0.02% share in the streaming revenue. Anotherblocks platform provides a value tracking tool so holders can estimate payouts and overall value. Many artists have been using digital assets as a way to conect with their fan base through extra exclusives tied to the NFT. Typically, extras 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 take part in receiving some of it back. “Music rights‘ value is created by people loving and listening to the music, and