This article originally appeared on CryptoMode.
Ditto Music, the award-winning global music distribution and record label services company, has launched an NFT exchange on its pioneering Bluebox platform. Artists, including rappers Big Zuu and Taylor Bennett, the brother of Chance the Rapper, are already lined up to auction shares of upcoming releases to the public.Launched in 2020, Bluebox simplifies record ownership and streamlines split royalty payments, leading to higher collection rates and massively reducing the loss of earnings currently experienced by artists.
Built on the on R3/Corda blockchain, trusted by the world’s biggest banks and companies including Microsoft and HSBC, the newly announced NFT exchange hosted on Bluebox will enable members of the public to bid for shares in artists’ copyright and reap the rewards of their investment when the artist succeeds.British rapper and TV personality Big Zuu has minted shares in a song from his upcoming album.
Meanwhile, US rapper and brother of Chance the Rapper, Taylor Bennett, is auctioning shares for a forthcoming release. Both artists are offering ten shares of 7.5% for their works with sales closing on Thursday March 18th.
The successful owners will receive monthly royalty payments to their Bluebox wallet.Speaking to Music Business Worldwide, Ditto Music CEO, Lee Parsons, said:
‘This year Bluebox is launching both a copyright exchange and an IRO ‘initial release offering’ platform. Similar to sites like Polkastarter or Coinlist where blockchain projects harness power of community to fund initial offerings, Bluebook IRO will let artists pre-sell music to a community who will then be able to own a piece of their art, as an NFT.’Lee Parsons, Ditto Music CEO
The news follows February’s announcement of Opulous, a de-fi platform that will connect artists with cash loans, guaranteed against past streaming revenues. Bluebox users will be able to stake revenues from their Bluebox wallet within Opulous, earning interest on any deposits they make.