The next stop in the NFT realm – Music Assets
New York, New York – (Newsfile Corp. – Jan. 23, 2022) – On January 13, 2022, at 7:00 p.m. Singapore time (UTC+8), Voice Street hosted a live panel discussion on YouTube on “How Blockchain Will Change the Music Industry” with the panel discussion moderated by James Tylee Voice Street CMO Pedro Fernandez, blockchain expert and lead investor Yuen Wong, CEO and founder of Corite Mattias, Korean-American singer and music producer Kevin Shin were the participants to explain and discuss music NFT and related issues.At the meeting, Voice Street announced that it will soon launch the first music song copyright asset offering model (Initial Copyright Offering on music, called IMO).
The rapid emergence of NFTs has given musicians struggling with COVID-19 a new way to earn a living, and it has also given independent musicians the opportunity to sustain their lives around the concept of digital ownership. In the age of streaming, where most musicians are struggling to survive, original music creators are only paid pennies per click, and most creators simply cannot find a large audience and therefore earn meager income . Albums by well-known artists will only receive a few hundred dollars in 2020 after millions of hits, while artists pay high costs for expensive recording equipment. Additionally, the COVID-19 pandemic has brought musicians’ live commercial performance activities to a near halt. However, the emergence of NFT seems to change this situation. The emergence of NFTs has also given independent musicians a glimpse of a new way out. Musical NFTs are considered the most illuminating touchstone of blockchain technology to facilitate intellectual property co-creation and co-ownership.
IMO restores musicians’ rights
So how does Voice Street help musicians get their rights back? Recently, Voice Street’s Twitter live forum, “How blockchain will change the music industry”, said that Voice Street will launch a song copyright asset offering model for the first time. (Initial Music Copyright Offering, referred to as IMO) to form a full song copyright in the form of NFTs, and its fragmented copyright into song tokens. While creators receive sales revenue, fans who hold the music token can benefit from the sales and operating revenue generated by the music. Sales channels can include streaming media, TV partners, adaptations and covers. In this way, a benign interactive ecosystem will be formed centered around music creators, and loyal fans will benefit. Users can buy KVS song copyright token on Voice Street platform, earn income from offline exploitation of song copyright through staking, and decide on future exploitation of songs. songs by voting in the DAO community.
According to the general trend of NFT, although the NFT music market is small, the music market is huge, and the growth space is worth waiting for. In the world of Web2, the music market is more important than the image market. In the world of Web3, the size of the market for music NFTs will be comparable to that of image NFTs. As an entrepreneurial project in the NFT music segment, Voice Street will surely attract more attention and also bring greater cash benefits to many original music artists. With a more advanced business model allowing fans to share revenue, NFT music is very likely to explode in 2022.
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