A new non-fungible token (NFT) platform, MusicArt, is combining blockchain, NFT technology and digital art trading for music artwork fans, the company announced Tuesday (Jan. 25).
The project was launched by three music industry executives, with support from independent artist portals Jamma Music and Aurovine.
MusicArt will run on the BSV blockchain, which uses “10,000 times less” energy than ethereum, per the release. Additionally, it will work “on-chain,” which means all the NFTs and other materials will be minted as STAS tokens and stored on the blockchain.
The release notes that the service will also pay royalties out immediately to creators and artists — a change from how other such services work, as they often manage royalties manually and pay them out sporadically.
MusicArt will also let users trade directly with their own wallets, cutting out intermediaries.
“MusicArt is a unique new NFT platform focused solely on celebrating music-based art and imagery, making it the perfect environment for musicians to trade their visual art without fear of it being lost in a sea of NFTs in unrelated genres on other platforms,” said Peter Ruppert, CEO of MusicArt.
According to the release, the service will let creators earn income from the initial NFT sales, along with instant royalties for 10% or 20% on the resales of the service. It will also take several kinds of cryptocurrencies and take care of Gas fees for the user, which the release says will help make NFT dealing more accessible.
The platform will reportedly feature works from both older and newer artists, and will come with pieces from art rock icons like Mike Dubois, Ioannis and Karl Ferris on launch.
PYMNTS wrote recently that the NFT craze has been expanding, with YouTube now looking to get in on the action.
See also: YouTube Could Add NFTs For Creators
The popular video site said it might add NFT features for video creators, which would be its first such venture — though as of Jan. 25, there are no current plans for it.
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” CEO Susan Wojcicki wrote in her yearly letter to creators.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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