The blockchain buzz has been building in the music industry for several years now.
But a new deal could represent a breakthrough for the technology and NFT (Non-Fungible Token) digital collectibles/assets, which have seen growing media coverage (‘The future is non-fungible,’ said a recent FT headline). The cryptographic information embedded in NFTs guarantees a digital asset as being unique.
The label’s Montreal-based electronic artist Jacques Greene uploaded a six-second snippet of a new song, Promise, to the emerging digital art marketplace Foundation. The platform enables artists of various disciplines to sell AV works direct to sellers, who pay in the blockchain currency Ethereum.
Jacques Greene set a further precedent by offering a publishing contract empowering the buyer in possession of the AV clip to hold the publishing rights to the song.
Greene posted on Twitter: “As we explore the possibilities of art on the chain and the promise of web3, we can maybe begin to let go of old systems. This NFT represents the AV clip – but also the publishing rights to the eventual song release… I got out of a long, pretty bad publishing deal with a big company last year – a big personal and professional victory! Didn’t feel they brought much value to my work.
“I’m excited (and scared) of what possibilities and promise lie in this field and for the arts and culture in general. I have a lot of hopes and fears tied to it. (Would) much rather think and talk about what might happen than sitting around feeling dread. The platform is a promise. You can buy the copyright here. In purchase you will own the publishing to the song, but I reserve the right to approval. That’s the promise.”
Breaking new ground with @jacquesgreene. ????— Foundation (@withFND) February 23, 2021
An experiment with NFTs + music publishing, "Promise" was collected by @whatdotcd for 13 $ETH (~$23,000).
Shout-out to @jessewldn, @DavFields, @mikemckain_, @adamludwin, and @JordanLzG for bidding.
???? → https://t.co/MMR1Vz2QgC pic.twitter.com/wQ9bDogEAE
The auction was conducted via Foundation and sold for 13ETH ($23,096).
Last week, LuckyMe minted a unique Jpg for their first ever release, Hudson Mohawke’s Oops! (2007). The piece sold for 0.69ETH ($1,300) 24 hours later.
Warner Music recently worked with Dapper Labs on Muse crypto-collectibles.
Ditto Music is using blockchain to power finance solutions for streaming artists.
Click here to read Music Week columnist Sammy Andrews on the potential for blockchain and music.