Digital Assets & Ownership profit sharing for Music artists

The rise in popularity of NFTs has given a new dimension to the cryptocurrency space. It has people not only thinking about ownership of digital assets but how to leverage their investments

Typically an NFT is represented by a unique image. However, this image is public, not particularly high quality, and often not remarkable from an artistic point of view. So what gives an NFT its value?

To some extent, it is about exclusivity and cultural relevance. This is especially true for early NFT collections like CryptoPunks. But this doesn’t hold up for more recently issued collections.

For those, the value comes from secondary perks that come with the NFT. This can be in the form of in-game items, unlock-able content, or access to events.

While NFTs are a step in the right direction concerning decentralized ownership, at the moment their value comes from centralized, off-chain efforts. This is where Concept is taking the next step by creating a platform to incentivizes public funding and profit sharing based on smart contracts for musical artists.

To understand Concepts’ vision, you need to understand the issues with music ownership and copyright around the world. Just because a venue bought a CD and may own that album or stream that song, doesn’t mean it gives the venue a legal right to play that piece of music to the public. The intent is to work with music bodies such as APRA / AMCOS to ensure royalty payments are collected and distributed across not just the artist but all parties that may have invested (Record Labels).

The Concept platform would provide the smart contracts for an artist to sell a portion of their ownership to that song (similar to a record company) to their fans where that percentage owned by the fans would collect those royalties which are distributed by the governing bodies.

The artist in theory would create an NFT which has an attached musical asset on the Concept Platform. This would provide the artist the ability to set a portion of that asset to be sold at a certain price. Example. 10% (10,000) units would be minted at $10 each. This would 1. Create a base price for that musical asset but also provide immediate funding for the artist. An unset % of each transaction would be consumed by Concept for additional revenue to continue the project.

Concept Platform would work with APRA AMCOS to ensure that when the royalties would get paid, that each owner of the potential 10,000 units would receive % of the royalties earned. This would provide passive income and profit sharing for all involved.

The future of Concept will actively seek development or partnership with a music streaming company to provide a platform where musicians can be directly involved with building the direction of Concept. This will provide a greater profit sharing initiative with streaming revenue able to be directed to the NFT owners immediately after the song is played. This also provides an opportunity as the song grows in popularity, it will have a higher gross profit to be shared - Demand for the part ownership in the public space will increase.

Imagine the return on investment if “Living on a pray” by Bon Jovi was in this model. This could be game changing to how record labels and predatory contracts are created.

Using Smart contracts on web3, Concept will provide a platform for popular and upcoming artists to create a funding model that rivals predatory record labels. This gives an incredible opportunity to all artists to create, share and get paid for their musical efforts going into the future.

Digital Assets & Ownership profit sharing for Music artists

The rise in popularity of NFTs has given a new dimension to the cryptocurrency space. It has people not only thinking about ownership of digital assets but how to leverage their investments

Typically an NFT is represented by a unique image. However, this image is public, not particularly high quality, and often not remarkable from an artistic point of view. So what gives an NFT its value?

To some extent, it is about exclusivity and cultural relevance. This is especially true for early NFT collections like CryptoPunks. But this doesn’t hold up for more recently issued collections.

For those, the value comes from secondary perks that come with the NFT. This can be in the form of in-game items, unlock-able content, or access to events.

While NFTs are a step in the right direction concerning decentralized ownership, at the moment their value comes from centralized, off-chain efforts. This is where Concept is taking the next step by creating a platform to incentivizes public funding and profit sharing based on smart contracts for musical artists.

To understand Concepts’ vision, you need to understand the issues with music ownership and copyright around the world. Just because a venue bought a CD and may own that album or stream that song, doesn’t mean it gives the venue a legal right to play that piece of music to the public. The intent is to work with music bodies such as APRA / AMCOS to ensure royalty payments are collected and distributed across not just the artist but all parties that may have invested (Record Labels).

The Concept platform would provide the smart contracts for an artist to sell a portion of their ownership to that song (similar to a record company) to their fans where that percentage owned by the fans would collect those royalties which are distributed by the governing bodies.

The artist in theory would create an NFT which has an attached musical asset on the Concept Platform. This would provide the artist the ability to set a portion of that asset to be sold at a certain price. Example. 10% (10,000) units would be minted at $10 each. This would 1. Create a base price for that musical asset but also provide immediate funding for the artist. An unset % of each transaction would be consumed by Concept for additional revenue to continue the project.

Concept Platform would work with APRA AMCOS to ensure that when the royalties would get paid, that each owner of the potential 10,000 units would receive % of the royalties earned. This would provide passive income and profit sharing for all involved.

The future of Concept will actively seek development or partnership with a music streaming company to provide a platform where musicians can be directly involved with building the direction of Concept. This will provide a greater profit sharing initiative with streaming revenue able to be directed to the NFT owners immediately after the song is played. This also provides an opportunity as the song grows in popularity, it will have a higher gross profit to be shared - Demand for the part ownership in the public space will increase.

Imagine the return on investment if “Living on a pray” by Bon Jovi was in this model. This could be game changing to how record labels and predatory contracts are created.

Using Smart contracts on web3, Concept will provide a platform for popular and upcoming artists to create a funding model that rivals predatory record labels. This gives an incredible opportunity to all artists to create, share and get paid for their musical efforts going into the future.