TuneGO Launches Custom Platform For Music Artists To Enter NFT Market
Creators are flocking to the NFT market, and musicians are clearly no exception. While they share some industry attributes and considerations with the larger art community on the blockchain, they also have unique challenges and considerations – managing rights and royalties and dividing projects between them.
This is the path that TuneGO, which already operates a technology platform that creates a digital footprint for metadata associated with individual songs and tracks, is heading towards its expansion into NFTs. The company is launching an NFT Marketplace that provides musicians with a unified platform to secure their content, protect their creative rights, create NFTs, distribute them on streaming platforms, and monetize them through social media, video games and movies.
TuneGONFT operates on the Flow blockchain in collaboration with Dapper Labs, the company behind NBA Top Shot whose partner studios include the NBA, NBPA, WNBA, WNBPA, Warner Music Group, Ubisoft, Genies and UFC. Investors include Andreessen Horowitz, Coatue and Union Square Ventures.
The inaugural drop of the new platform is an NFT from Method Man’s Tical World Comic Universe, which is part of a comic book series by the artist that will also include previously unreleased music. TuneGO is also partnering with Hidden Beach Recordings as part of a long-term NFT initiative. John Kohl, co-founder and CEO, said an announcement with a major label is coming up and several top artists have NFT content in the TuneGO pipeline.
âOur mission is to become the default market for the music industry,â says Kohl.
Speaking about NFT’s general opportunity for musicians, Lesley Silverman, who heads the digital assets division of United Talent Agency at United Talent Agency, said: âSince Napster, artists haven’t really been able to directly monetize what they create on the music side. Overall, this technology has the ability to allow creators to interact with their fans in a more meaningful way. “
The still nascent conversation around NFTs requires genuine interest in blockchain and crypto spaces by artists and their fan communities, notes Silverman. âThere are many tools. Anyone who can help you speak this language will be a very important co-pilot right now, âshe notes.
âBlockchain is reshaping the way people use and interact with our digital world,â says Mickey Maher, head of flow partnerships at Dapper Labs. âOur partnership with TuneGO enables the creative community to leverage blockchain to transform the way they and their audiences create and consume content, while protecting what they own and market.
Already entrenched in the recorded music and distribution marketplace, TuneGO’s NFT foray promises musicians a direct line to connect directly with fans and monetize their art both within and outside the music industry. traditional.
âWe can work with labels, but our door is open to the independent community,â says Kohl, who says when TuneGo launched in 2013, independent music accounted for 35% of all industry revenue. âToday it’s around 42%, and I see it increasing every year. I like the fact that artists are more and more educated with more tools to distribute their own music, the possibility of becoming popular on social networks. They don’t always have to give up all their rights anymore, and if a label wants to come later, they have a little more control.
From a label perspective, Kohl says his current conversations tend to focus on, âWe don’t have the expertise, the bandwidth, or the technology to do it. We need to partner with someone who does, and we need help with the execution and the creative side. “
Perhaps most importantly for artists, the TuneGO platform is home to the tools the music community explicitly needs to ensure that every stakeholder, from writer and artist, to session musician and artist. engineer, be paid for his work.
The heart of its NFT platform is the TuneGOVault, which thousands of musicians already use for sound recordings. Among its key attributes is complete transparency regarding the divisions of creators. The platform tracks NFT sales revenue allocations, as well as recording and publishing allocations of music associated with NFTs, and requires all copyright owners, songwriters and publishers to review and approve the creation rights before the minting of the NFT. This is a big selling point of the platform, given that today the average song has more than six stakeholders, sometimes as many as 10 or more.
âThe foundation of musical rights is still archaic,â says Kohl. âEvery year, billions of dollars in music royalties are still collected by collecting societies and not redistributed to the creative world. Sound Exchange is literally based on $ 500 million a year. They collected the money and they say they don’t even know where to send it.