Guy J Capitalizes on Blockchain for Music with ROCKI’s Streaming Platform
In an innovative move that merges the world of music and blockchain technology, Guy J, the acclaimed label boss behind Lost & Found, has raised $24,000 for his latest music release, Cotton Eyes, through ROCKI’s blockchain-powered streaming platform. This marks a significant milestone in the intersection of music and blockchain, where artists are increasingly exploring the benefits of non-fungible tokens (NFTs) to monetize their music. The track was auctioned via an ERC721 Music NFT, which granted 50% of the track’s future royalty rights. The auction, which took place on Bounce.finance, sold for 40 ETH, equivalent to $24,200 at the time of sale.
What Are Music NFTs?
Non-fungible tokens (NFTs) have gained massive popularity across various industries, and the music world is no exception. An ERC721 Music NFT is a unique, verifiable token built on the Ethereum blockchain that allows the ownership of digital assets, in this case, music, to be recorded, transferred, and traded. For Guy J’s Cotton Eyes, the ERC721 Music NFT not only serves as proof of ownership but also includes a royalty right, giving the buyer 50% of the future earnings from the track. This novel approach allows fans and collectors to invest directly in the future success of the music, ensuring a new form of revenue generation for both artists and fans.
Alongside the ERC721 Music NFT, Guy J also launched an ERC1155 Music NFT, offering a broader range of digital ownership. This dual NFT approach marks a pivotal moment for music and NFTs, paving the way for future projects to explore the seamless integration of blockchain technology with the music industry.
ROCKI: Revolutionizing the Music Streaming Industry
ROCKI is the world’s first user-centric music streaming platform powered by blockchain. Launched out of stealth mode recently, the platform has already gained considerable traction, with over 30,000 tracks uploaded by independent artists. Despite not being officially in Beta yet, the ROCKI platform is setting itself apart by allowing artists to earn both fiat and cryptocurrencies for their streams.
In a stark contrast to conventional streaming platforms like Spotify, where artists receive a meager 2% of the revenue from streams, ROCKI aims to ensure that artists earn a more equitable share of the royalties generated by their music. This platform uses ROCKS tokens, its native cryptocurrency, to reward both artists and listeners for their contributions. Every time a song is streamed, the royalties are distributed directly between the artist and the listener, eliminating the middlemen that typically siphon off profits from the creators.
ROCKI’s hybrid subscription model allows users to choose whether they want to pay for content in fiat (traditional currencies) or cryptocurrencies, offering more flexibility than other platforms. The platform’s goal is to make streaming revenue more transparent and accessible to independent musicians who have historically been underpaid by traditional streaming services.
Deadmau5 Joins the NFT Craze
Guy J isn’t the only artist capitalizing on the intersection of blockchain and music. Renowned Canadian producer and musician Deadmau5 has also launched a series of limited-edition NFTs in collaboration with blockchain platform Worldwide Asset Exchange (WAX). The Deadmau5 NFT collection features two types of packs—Standard and Mega—which contain digital items tied to the artist’s work.
The Standard packs sold for $9.99 and contain 10 digital items, while the Mega packs were priced at $28.49 and offered 30 digital items. A total of 6,000 packs were sold, raising approximately $96,940 in total. This demonstrates the growing trend of artists monetizing their work via NFTs, allowing fans to purchase and trade unique digital collectibles.
How ROCKI Is Empowering Independent Artists
With the rise of blockchain technology, artists now have the opportunity to bypass the traditional music industry structures and gain direct access to their audiences. Platforms like ROCKI are designed with independent artists in mind, providing a fairer revenue-sharing model than traditional streaming services.
In traditional systems, artists often struggle to receive fair compensation for their work. Streaming services like Spotify generate massive revenue, but artists only receive a small fraction. The introduction of Music NFTs and crypto-based platforms like ROCKI gives artists more control over their income and creative freedom. Instead of relying on a platform that takes a percentage of their earnings, artists can issue their own NFTs, ensuring a larger portion of the proceeds goes directly to them.
ROCKI also allows artists to earn staking rewards through their ROCKS tokens, which can be used for additional content monetization or traded in the market. This decentralized approach creates a more sustainable ecosystem for both creators and fans.
The Future of NFTs in Music
NFTs are not just a passing trend in the music industry—they represent a fundamental shift in how artists interact with their fans. The ability to sell digital ownership of music, art, and experiences directly to fans is a game-changer. As blockchain technology continues to evolve, we can expect to see more innovative uses of NFTs and decentralized finance (DeFi) in the music industry.
The future of NFTs in music holds the potential to revolutionize how artists monetize their work, interact with their audience, and retain ownership over their creations. With blockchain platforms like ROCKI leading the way, the future looks bright for independent musicians seeking more control and transparency in the digital age.
Conclusion: A New Era for Artists and Fans
The integration of blockchain and NFTs into the music industry is reshaping the landscape for creators and fans alike. With platforms like ROCKI offering fairer compensation and more direct engagement, artists are gaining more autonomy over their work.
By leveraging NFTs, artists like Guy J and Deadmau5 are exploring new ways to connect with fans while opening up innovative revenue streams. As the adoption of blockchain in the music industry grows, we can expect to see even more groundbreaking projects emerge, further bridging the gap between technology and creativity.
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