On Friday, Kings of Leon will release their new album, titled When A quick rundown: NFTs are a type of cryptocurrency, but instead of. Interesting use cases have been artists crowdfunding for an album with royalties distributed to funders as well as personalized recordings. Sold for $11,, by Sotheby's. $, $, CryptoPunk #, , March 11, , Unknown, Unknown, Ethereum. BANKS IN THE CRYPTO SPACE
Save my name, email, and website in this browser for the next time I comment. Connect with us. Read the best crypto stories of the day in less than 5 minutes. The Daily Digest. The Weekly Digest. Alisha Roy. You may like. After making fresh ATH, Ethereum to take this direction going forward. Historical data spells out what November may have in store for Ethereum. Supply dynamics post ATH indicate this for Ethereum in the near future. The ISO includes the date and time in which the royalty rights will be made available to the public, bringing awareness, demand and opportunity to the artist as well as each individual ISO.
Real-life use case: Vezt has acquired the rights to songs recorded by Jay-Z, Drake, Kanye West and John Legend, along with many others, with more partnerships expected to be announced over time. What they do: MediaChain is a peer-to-peer, blockchain database for sharing information across different applications and organizations. Music application: In addition to organizing open-source information by issuing unique identifiers for each piece of information, MediaChain also works with artists to ensure they are paid fairly.
The company issues smart contracts with musicians that directly state their royalty stipulations without the hassle of confusing third parties or contingencies. Real-life use case: Music giant Spotify acquired MediaChain in to help solve royalty payment and rights holders issues within the music industry.
What they do: Comprised of members, the Open Music Initiative OMI is a nonprofit calling for open source protocol in the music industry. Music application: The Open Music Initiative is exploring the use of blockchain to help identify the rightful music rights holders and originators so they can receive fair royalty payments. The Initiative believes that blockchain can bring transparency and deeper data insights, which can help artists get fairly paid.
What they do: OPUS seeks to take on the issue of unfair royalty distribution in music streaming head on, operating a decentralized music hosting, discovery and listening platform that allows users to support artists more directly. Real-life use case: The platform incentives music discovery even further by allowing users to receive a share of royalties for creating playlists that help spread music throughout the platform.
What they do: Musicoin is a music streaming platform that supports the creation, consumption and distribution of music in a shared economy. Their coin, MUSIC, is a global currency that supports all trade surrounding music and music-related purchases. Real-life use case: Volareo smart speakers has integrated Musicoin into its speaker technology, so artists can be compensated instantly.
What they do: Mycelia is a collective of artists, musicians and music lovers looking to empower creatives in the music industry. Music Application: The music ecosystem is looking into blockchain for several applications. Mycelia primarily wants to run an entire database on blockchain to ensure that artists are paid fairly and acknowledged quickly. Music application: Want to know which artist, event or venue is trending?
Viberate uses blockchain to manage millions of crowdsourced data points, with real-time rankings and profiles. It rewards community participants with VIB tokens, which the company views as a go-to digital currency in the music industry.
Real-life use case: The Chainsmokers and Showtek are just a couple of the artists that have already claimed their Viberate profiles in order to better engage with fans. What they do: Blokur is a source for global publishing data for management and monetization of music. Music application: Blokur uses both AI and blockchain to combine different sources of rights data in one database.
The blockchain then allows music publishers to catalogue their work for the community to see and unanimously approve. What they do: eMusic is a blockchain-based music distribution and royalty management platform that rewards both artists and fans.
EMusic also rewards fans by offering exclusive artist content, promotional incentives and cheaper prices relative to other streaming sites. VOISE artists are also able to set their own prices, offer free sample tracks and even seek support from the music community.
What they do: BitSong is the first decentralized music streaming platform dedicated to artists, listeners and advertisers. The blockchain-based system lets artists upload songs and attach advertisements to them. What they do: Blockpool is a blockchain firm that creates custom code, offers consulting services and helps integrate ledger technology into a business's current systems. Music application: In addition to its work in other industries, Blockpool creates digital tokens, formulates smart music contracts and tracks licensing and intellectual property rights for the music industry.
The company helps musicians implement blockchain throughout the whole production, distribution and management process. Blockpool implemented blockchain to provide digital currency incentives and to manage and distribute royalties.
What they do: Audius is a fully decentralized streaming platform with a community of artists, listeners and developers who collaborate and share music. Music application: Audius is basically a blockchain alternative to Spotify or SoundCloud. After artists upload their content onto the company's platform, it will then generate timestamped records to ensure that all work is correctly recorded. Audius eliminates the need for third-party platforms by connecting artists directly with consumers.
Additionally, Audius uses blockchain to ensure that artists get paid fairly and immediately via smart contracts. The company is advised by wide range of big names in the music and tech industry, including 3Lau and executives from Robinhood, Pandora and Twitch. What they do: OnChain Music exists to help its roster of artists, bands, singer-songwriters, DJs and musicians of all kinds earn more money from their royalties through blockchain and the sale of NFTs.
Sam Daley. August 11, Updated: February 18,
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Music NFTs are changing the way that artists interact with their fans.
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