The blockchain-based streaming service Audius recently said it’s amassed over four million monthly active users. Since Square, the payments-processing company led by CEO (and Twitter founder) Jack Dorsey, announced plans to buy a significant majority stake in Tidal, the music and entertainment. "The spirit of what NFTs represent, the spirit of just looking critically at how artists are compensated, and of proving that, is something that we want to spend a lot of time and a lot of our focus on going forward," said Dorsey in today's Twitter Space.Įxperiments around new models for owning music with crypto, like Songcamp, Catalog, and the Song That Owns Itself, have also been gaining traction. Jay-Z recently announced an NFT auction tied to the 25th anniversary of his debut album, Reasonable Doubt Roc-A-Fella Records, the label he co-founded, recently sued another co-founder to stop him from doing the same. Kings of Leon dabbled in the NFT market, as did Aphex Twin, Grimes, Yaeji, Azealia Banks, and Holly Herndon. Ĭrypto has been creeping slowly but surely into the music industry over the past few years-a process that’s been significantly expedited by NFTs, the crypto collectibles that generated huge profits for musicians earlier this year. The company also released a disputed report downplaying the environmental repercussions of crypto mining, and said it has no plans to slow its crypto investments. Square purchased $50 million in Bitcoin for its treasury last year. If it needed more help than Square or Twitter, I would leave them for Bitcoin.” “If I were not at Square or Twitter, I would be working on Bitcoin. “Whatever my companies can do to make accessible to everyone is how I’m going to spend the rest of my life,” Dorsey explained at the Bitcoin conference in Miami earlier this month. Jack Dorsey, who leads both Square and Twitter, has been a fervent advocate for blockchain technology. And it’s recorded there, so it’s very transparent, there’s no hiding behind any fancy words, and lawyers et cetera.” It’s so many creative ways you can participate, and let others participate. Or you can write it out: 50% on the first one, 40% on the next. Jay went on to talk about how smart contracts allow for revenue splits in perpetuity-something NFT artists are already using to divide up profits through code, as opposed to a trusted middleman: “With these blockchains and these smart contracts, you can write the contract today to say, any sale that happens, I want to receive 10% or 30%. Untitled, painted in 1982, was initially purchased for just $19,000 when the collectors’ family listed it in 2017, Untitled became the most expensive American artwork ever sold at auction.
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