Acquire shares in hits, share in the success of your favorite artists and secure your rights in the blockchain – a long anticipated vision has just become reality with the launch of Music NFTs (Non-Fungible Tokens) by Viennese pioneer Global Rockstar. The startup is hence one step ahead of the competition and takes off with more than 150,000 Music NFTs on Day One.
On 18th November 2021, Global Rockstar hosted a presentation at the Global Peter Drucker Forum, a management conference that annually gathers the most renowned minds from business research and practice in Vienna, where Global Rockstar founder Christof Straub explained the revolutionary potential of its Music NFTs – a breakthrough that cyber guru Don Tapscott had envisioned back in 2016.
Music NFTs enable the most direct fan engagement ever: Anyone can invest in songs by their favorite artists and share in the success and revenue from streams, downloads, radio airplay, TV, CDs, live performances, and advertising deals over the 70-year duration of the recording’s copyright. Both investment and a limited-edition cover artwork animation are secured in the form of Music NFTs in the blockchain. NFTs cannot be replaced or copied, which means that if they are traded in the future, all transactions are fully traceable, and it is always clear who owns what.
One notable effect of NFTs’ disruptive power will be to raise artists’ income compared with levels in the traditional music business. For Tapscott, this serves as confirmation for his 2016 prediction that the blockchain would enable “transformation towards a prosperous future” by:
- Protecting rights through immutable records
- Creating a true sharing economy
- Ensuring compensation for the creators of value
As a special opportunity for the launch, Eurovision Song Contest fans can now own a true share of an ESC final song including a cover artwork animation from a limited edition: “Anyone who goes to globalrockstar.com today, can purchase Music NFTs of ZOË’s “Loin d’ici” from the 2016 Eurovision Song Contest. This is not only an exclusive collector’s item, but the recording has also proven to generate stable revenues over the years and will continue to do so as long as the ESC and its fans exist,” says Christof Straub. “In addition, we will re-record the hit to give it a new push. So, fans who participate will see the benefits multiply, as they will participate in the revenues of all previous (including acoustic versions and remixes) and new versions.”
In addition to newcomers and up-and-coming musicians, the company is signing further deals with rights holders of major song catalogs and will soon offer regular Music NFTs of world hits on globalrockstar.com.
Finally, in Spring 2022, another coveted category of Music NFTs will go on sale in the shape of Collectibles, unreleased recordings, and special limited-edition versions – such as the first demo of a world hit.
At the end of November, Global Rockstar will present its Music NFTs in the blockchain track of Amazon (NASDAQ:AMZN) Web Services’ (AWS) re:invent conference in the USA. Together with Global Rockstar, AWS Professional Services built the blockchain infrastructure on Amazon Managed Blockchain and implemented the smart contracts.
Information provided by FinancialNewsMedia.
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