According to John Kohl, co-founder and CEO of TuneGO, NFT technology has the potential to help musicians reach their full potential, get rewarded, and build stronger bonds with their fans.
According to TuneGO’s co-founder, he intends to break up the music industry’s legacy-based structure, which he considers “extremely antiquated in contrast to other industries.”
John believes in a “creator-first economy He likes developing technology that connects bright people who create beautiful things, which is why we established TuneGO, and he says NFTs represent the next frontier of this journey.
TuneGONFT is a division of TuneGO, a unified platform that aims to reshape the music industry.
A Stagnant Industry
One of the key issues with music royalties, according to John, is that “this section of the business has yet to embrace technology – there is no cohesive system that goes from the inception of the production of the art all the way through to commercialization.”
“It’s so fractured,” he continues that the information is all over the place.
Every year, billions of dollars in royalties are collected but never distributed.”
Is there anything that can be done about it? What can be done about it because it seems to be a disaster?
“A single system that encompasses the whole creative process from conception to commercialization,” John envisions.
According to John, NFT technology might serve as a “lightning rod” for raising awareness, as well as a tool for artists to build a stronger connection with their followers.
To begin, John and the TuneGO team have developed a first-of-its-kind technology that enables musicians to maintain total control over the whole creative process while also creating a chain of custody for a tune, according to John.
The artist’s prized work is then kept in the TuneGO Vault, a cloud-based platform for safely storing and distributing digital music, including all associated data.
When songs are posted to the Vault, they are time-stamped, and the original artist receives ownership of the song, which he or she may subsequently distribute to collaborators, contributors, and listeners through digital access keys.
John, significantly, continues to operate in the same manner. All contributions, collaborations, splits, and metadata tagging activities in the cloud are described and tracked, resulting in an unmistakable ‘digital record’ of music ownership.
What is TuneGONFT, exactly?
TuneGONFT, the TuneGO platform’s latest cutting-edge update, now supports NFTs.
TuneGONFT is powered by FLOW, an ecologically friendly and scalable blockchain that John claims is suited for real-world NFT trading.
“What’s great about NFTs”, says John, “is that they add that extra layer of protection as they create an immutable record on the blockchain and lay the foundation for distributing revenue instantly through smart contracts.”
“They’re also great for generating revenue and royalties for the creative community.”
“If you generate revenue related to that song via the smart contracts and blockchain, you can instantly and transparently distribute that revenue to each creators’ wallet.”
Is there a better method to keep track of divides between songs and creators?
“Prior to the minting of any NFT, all content is preserved via the TuneGO Vault,” John explains, “and author shares are agreed upon by all stakeholders.” “Royalties will be paid in this manner in the future.”