Around the world, millions of people enjoy music from their favourite artists, whether streamed online or performed live. But with NFTs, fans have the chance to profit from their favourite tracks as well as listen to them. This comes as anotherblock, a web3 company that offers music rights as NFTs, launched its latest drop featuring DJ and electronic producer Alan Walker.
This new drop is part of a partnership with The Very Good, a Scandanavian music management and publishing company. Those who bought one of the 500 NFTs to be offered will be entitled to 0.001% of the streaming revenue of Walker’s upcoming single “Alone, Pt. II”.
This drop was released earlier this week, and is one of the platform’s biggest releases thus far. It also represents a unique opportunity for fans as they are typically not included in the profit-sharing side of the music industry. But with the kinds of NFTs that anotherblock offers, this can be changed.
“One of the most widely discussed benefits of web3 is for artists, who can do more things with their rights, and for fans, and the direct relationship that results from these interactions. For the right tracks, publishers can also take an entirely new and potentially valuable approach, one that reaches fans and turns them into financial supporters,” says anotherblock co-founder and CEO Michel D. Traore.
Given how popular Walker is and the impressive roster of producers and songwriters under The Very Good umbrella, we can expect even more moving forward.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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