The music industry continues to find innovative ways to integrate decentralized technology into new releases for the benefit of artists and their fans.
Electronic dance Music (EDM) artist R3HAB and blockchain-based music community Anotherblock announced a single on August 19 with the concept of ”democratizing music rights.” The NFT involved in the drop enables holders to earn royalties based on streaming popularity.
The single, “Weekend on a Tuesday” released bundled along with an exclusive NFT. Each of the 250 NFTs available gives the right holder a 0.02% share in the revenue stream. Anotherblock’s platform provides a value tracking tools so that holders can estimate payouts and overall value.
Countless artists use digital assets as a way to communicate with their fans via additional unique tied to the NFT. Extras usually contain artwork, extra music, or behind-the-scenes content.
Anotherblock CEO Michel D. Traore reported that this way of implementing NFTs lets those who create value around songs get a piece of it.
“The value of music rights is created by people who love and listen to the music and do things with it. Why shouldn’t they be able to have rights if they create the value by listening to it. They should be able to achieve some positive points as well.”
The concept behind this vision of expanding the value primarily record labels and music catalogs to contain more artists themselves as well as fans can be seen as “democratization” of the music industry.
“The middle ground of more and more people owning rights missing nowadays, and I believe that leads to positive effects”.
As it’s easiest to present these ideas with bigger artists such as R3HAB and Steve Aoki.