Hypery, a European NFT start-up in the music industry and Concordium, a public, proof-of-stake blockchain with a built-in identification layer to meet the regulatory requirements, announce today a cooperation set to revolutionize the future of distribution in the music industry by offering artists the opportunity to offer their music as NFT (non-fungible tokens).
The music industry has been traditionally one sided in terms of distribution. In return for promoting, distributing and advertising music, the labels could enjoy major returns on investment, while the artists themselves received limited payment in the form of royalties. In the transition to the digital world with various streaming services, the underlying distribution issues remain the same with many middlemen operating and benefitting from the artists. In fact, it is estimated that musicians enjoy only 12% of the music industry’s revenues.
Hypery is building the world’s first music NFT ‘store’, open to artists across Europe and the globe. With the help of Hypery, artists will be able to sell direct-to-consumer whether it be a general release, an acoustic track, a concert recording, or a backstage experience. This is set to create a fair ecosystem for music creators that will enjoy a more transparent and democratic share of income, without middlemen and ‘corporate-centric for-profit’ approach. Moreover, with Hypery tokens, the fan base can also benefit from the growth of their favorite artist. Hypery’s creators become self-sovereign by joining the ecosystem.
This offers completely new opportunities to express oneself artistically, and also new commercial opportunities and greater engagement with fans and followers. Hypery offers an additional earnings channel for the benefit of both artists, fans and record companies.
Lone Fønss Schrøder, CEO, Concordium, commented: “Music distribution has traditionally been a touchy subject for many artists. With the help of blockchain technology, we can ensure that artists will have greater control in the distribution and of the proceeds of their passion. Concordium has set its sights on bringing blockchain to the masses. This is just one of the many use cases we have lined up for our ecosystem.”
Karl Oliver Goedicke, CEO, Hypery, commented: "We are delighted to be working with Concordium. In Concordium we have found a business partner, and a platform for turning our dream into reality. Concordium’s unique identity protocol ensures compliance, accountability and trust."
Concordium, based in Switzerland, is defining a new category of compliance facilitating blockchains. Concordium is a Web 3.0 based, sustainable and science-proven blockchain. It is the first decentralized blockchain with identification at the protocol level which helps facilitate regulatory compliance. This identity layer offers transactional privacy while supporting regulatory accountability, and, as such, is a great match with use cases of this nature.
Concordium and Hypery share a common vision of a legitimate and secure ecosystem in which every right holder (or artist) receives their fair share of proceeds. The first exciting artists have already joined the Hypery platform including: Ida Corr who has been streamed 2.5B+ times to date on TikTok, and DJ's Boilers and DJ Thoby and many more.
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