Blockchain platform Band Royalty Aims to Unlock Music Industry Transparency with Tokenization
NEW YORK – A new platform,Band royalty,is leveraging blockchain technology to address longstanding issues of opacity and delayed payments within the music industry. The platform utilizes tokenization and nfts to offer artists new funding models, streamline royalty distribution, and empower fans to participate in an artist’s success.
For decades, the music industry has been plagued by a “black box” of complex royalty structures, often leaving artists waiting months for payouts and lacking clear insight into how their music generates revenue. Band Royalty proposes a solution centered around its RYLT token, which serves as the core of its ecosystem, facilitating staking, rewards, platform governance, and integration with decentralized finance (DeFi) applications like lending and borrowing.
“With RYLT, those future earnings can be tokenized immediatly via smart contracts to fund tours or new projects, while fans can participate in the artist’s success,” the company explains. This allows for immediate access to funds that would traditionally be tied up in lengthy payment cycles.
Beyond royalty payments, Band Royalty has introduced a novel “multi-track NFT“ – allowing collectors to own and interact with individual stems (vocals, drums, bassline) of a song.This layered approach enables legal remixing with automatic royalty splits for original artists and allows producers to license individual stems for new projects, creating autonomous monetization opportunities for rights holders.
The platform outlines several real-world applications:
* Artist Funding: artists can tokenize a portion of future royalties (e.g.,25%) to fund projects like music videos or tours,with fans purchasing RYLT to contribute.
* Catalog Investment: investors can gain fractional ownership of legacy music catalogs, receiving quarterly RYLT payouts.
* Instant Sync Payments: Smart contracts can instantly distribute licensing fees to all rights holders when a track is used in a commercial setting.
The broader music tokenization market is projected to reach $32.1 trillion by 2034, according to BlockchainX.
Band Royalty aims to shift the power dynamic within the music industry, ensuring that value generated by music flows back to creators, communities, and investors. The platform’s approach combines a transparent onchain ledger with a tokenized economic model and new creative tools, offering a potential new template for the industry.
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