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Note: Rocki is a music NFT project in deep cooperation with bounce. It will work with Bounce to develop a decentralized NFT music platform, which can obtain custom music from some DJs. The first version of the product has entered beta:https://rocki.app
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Introduce music NFT
The ravages of the new coronavirus have affected economies around the world. From mass unemployment to struggling businesses, most industries have been hit in the wake of Covid-19. Performance workers in the music industry are no different. The lockdown caused by the coronavirus means artists and DJs are fighting hard to keep their productions alive.
There is no doubt that they desperately need an alternative way to continue to release their passion. Now, Lost Found owner Guy J (also known as Guy Judah) is using blockchain to do just that with music-playing media platform ROCKI. He announced that he recently raised $24,000 for the latest edition of Cotton Eyes.
This latest track sold an ERC721 music NFT contract with 50% of ROCKIs future usage rights and was auctioned on Bounce.finance for 40 ETH or $24,200. After the issuance of two non-fungible tokens (NFT), namely ERC721 Music NFT and ERC1155 Music NFT, the music NFT of the first royalty income rights (ERC721 Music NFT): Sold at a price of 40 ETH, or about 24,200 Dollar.
Commenting on the startup’s recent success, ROCKI CEO and Co-Founder Bjorn Niclas said: “This is the first time one of our music NFTs has successfully traded on ROCKI, opening up new, more in-demand marketplaces for artists. Source of income, while enriching the participation and value of creating new fans.
Niclas detailed that the platform is not limited to artists with large followings. He added: Regardless of the initial audience size, artists can leverage their existing fanbase by introducing Music NFTs along with our unique user-centric hybrid payment model for online streaming, even in these uncertain times. ,” he added.
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ROCKIs mission is to help musicians
In addition to leveraging modern technologies such as blockchain, startups such as ROCKI aim to encourage independent artists. On the other hand, with mainstream media platforms such as Spotify, artists earn less than 2% of their work, as most of the royalties are distributed.
It is powered by ROCKS tokens and is the first platform to reward artists and their audiences. Essentially, the platform enables artists to raise funds in Fiat and cryptocurrencies, where fans can invest in their work and receive a royalty in return. When songs are played, the royalty portion of their subscription is distributed only to the artists they listen to.
