NFT holders can now receive a part of song streaming revenue.
anotherblock, a blockchain-based music rights marketplace established in 2021, has collaborated with electronic dance music artist R3HAB and musician Laidback Luke to release a single with a goal to “democratize music rights”.
According to the press release shared on August 19th, the single “Weekend on a Tuesday” will be a unique project giving NFT holders a chance to receive a part of the song's streaming revenue.
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In total, anotherblock is set to sell 250 NFTs, retailing for $87, each. As a way to democratize music rights, the company will give non-fungible token (NFT) holders a 0,02% of streaming revenues. The NFT owners are able to view their revenue and the price of their NFT in real-time through anotherblock's tracking tool.
The August 19th release is the first time anotherblock is launching its services. When commenting on the idea to join music and NFTs, anotherblock co-founder and CEO Michel D. Traore said:
Music NFTs should combine the amazing worlds that artists create, the color, feeling, emotional connection, with a whole new approach to music purchases, royalties, and fan experiences.
Nevertheless, the co-founder notes that the idea to democratize music rights came from the realization that music gains value only when it is in the hands of the listener.
"Music rights’ value is created by people loving and listening to the music, and doing things with it. Why shouldn't [they] be able to own rights if they create the value by listening to it. They should be able to get some of the upside as well,” said Michel D. Traore.
According to the latest news, the NFTs have sold out within an hour after announcing a pre-sale.
In previous months, the music industry has been showered with NFT launches. At the beginning of August, Devon-based rock band Muse launched an NFT album called “Will of the People”. On the other hand, on July 26th, the green NFT marketplace OneOf launched an NFT collection to pay a tribute to American rapper The Notorious B.I.G.