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Friday, December 2, 2022

Playing it louder: Companies bring music licensing to the blockchain

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While critics use the bear market as a chance to pounce on crypto and belittle its worth, some initiatives take this opportunity to develop and launch industry-disrupting platforms on the blockchain. 

In July, companies launched or revealed their intentions to assemble blockchain-based music licensing platforms that goal to change the method songs are licensed by decreasing prices, eradicating intermediaries and bringing all of blockchain’s inherent advantages to the music scene.

Commenting on the subject, Mehmet Eryılmaz, the CEO of Web3 leisure agency Faro Company, stated that blockchain supplies new frameworks for conventional industries. He defined that: 

“Blockchain offers an opportunity to rethink a new economic model for all of the entertainment including the music industry.”

According to Eryılmaz, the most essential and first benefit of blockchain platforms is the incontrovertible fact that it permits full viewers possession. “This model holds the secret sauce for full-pledged economic autonomy,” he stated.

While blockchain-based music platforms have solely began to pop up, the occasion provides a preview of what the know-how can do for music. Without additional ado, let’s have a peek at some initiatives that goals to bring music possession rights to the blockchain.

Dequency creates a blockchain-based music rights portal

Web3 mission Dequency has launched its music licensing platform after finishing its beta part. The crew has created a decentralized licensing portal for music rights holders and creators and permit them to carry out their licensing transactions straight.

In an announcement despatched to Cointelegraph, Keatly Haldeman, the CEO of Dequency, stated that the platform makes use of Web3 instruments like good contracts and crypto to facilitate extra environment friendly licensing transactions and funds. Haldeman defined that the platform permits simple licensing for audio-visual content material creators who want a various music catalog.

According to the crew, the mission is constructed on the Algorand blockchain and also will present on-chain licensing for blockchain-native content material.

Sound composer reveals plans to launch music licensing platform on Bitcoin SV

SphereTrax, a mission led by Sefi Carmel, a outstanding composer who is also designing sounds for upcoming crypto films, has introduced that it will launch a music licensing platform based mostly on Bitcoin SV (BSV) later in 2022.

In a press launch, the crew instructed Cointelegraph that the platform will curate a gallery of tracks and songs that can be utilized in movies, tv and commercials. Apart from these, the crew stated that the soundtracks curated by SphereTrax may also be carried out in gaming, digital actuality (VR) and augmented actuality (AR).

According to Sefi Carmel, the mission will likely be an enhanced music library that gives accessible and well timed tracks for the artistic {industry}. Carmel additionally famous that this transfer is in preparation for the wider adoption of VR, AR and metaverse applied sciences.

Royal permits followers to co-own music with favourite artists

Last 12 months, music producer Justin Blau, also known as 3LAU, launched a music licensing platform called Royal. The platform was created to support music projects by permitting followers to make investments and co-own songs with them.

In January, the platform collaborated with the popular rapper Nas, permitting followers to purchase nonfungible tokens (NFTs) that give them possession rights over a few of the artist’s songs. This permits NFT holders to earn with Nas on the songs titled “Ultra Black” and “Rare.”

Related: Experts explain how music NFTs will enhance the connection between creators and fans

As the adoption of blockchain-based licensing platforms continues, these initiatives may face their fair proportion of challenges. According to Eryılmaz, two potential roadblocks for these initiatives embody misrepresentation and legality. To fight this, he defined that: 

“In order to get past this, be transparent and accountable. It will be a better practice to explain further to a buyer with a separate document after music NFT purchase what rights they are exactly buying and what rights they are entitled to as the NFT holder.”

Additionally, Eryılmaz highlighted that it’s essential for initiatives to be detailed concerning info associated to the length of the rights, territories and rights by way of revenues generated.