LONDON, UK: 7digital Group’s eMusic Live joint venture will become the first music livestream platform to offer artist NFTs (non-fungible tokens) alongside ticketed events running on the platform, a news release said.
The Aces, performing from Los Angeles’ legendary Conway Recording Studios as part of LA Pride on 15 June 2021, will become the first band to offer NFTs on the platform. Three hundred (300) tickets sold for the event will come with a free limited series NFT.
Additionally, the livestream will make use of the range of other commercial and engagement tools available through eMusic Live.
NFTs are digital collectibles that are created and sold using the security of blockchain, a publicly accessible ledger which tracks and records transactions. NFTs can be music, artwork, tickets or other assets that are created, licensed and authenticated by the artists. NFTs on the eMusic Live platform will be available on the Ethereum sidechain Polygon (formerly Matic), which will support the NFTs with minimal energy consumption making it environmentally friendly.
Typically, fans participate in auctions for NFTs and the highest bidders receive the content in a secure transaction. In these exchanges, artists can auction off content and keep all of the money raised as the transaction is conducted directly between the artists and their fans. Fans are able to get a unique piece of content (which can be authenticated through the security of blockchain) and the artist is able to receive all of the net proceeds of the sale post eMusic Live commission.
Paul Langworthy, CEO of 7digital, said: “We are pleased to see that eMusic Live, our joint venture with eMusic, continues to innovate and use cutting edge technology to support artists in directly engaging with their fans. We were already giving artists the only end-to-end monetisation platform offering engagement, sponsorship, merchandising and direct chat experiences.
By adding NFTs – an industry first – we are leading the way in the evolution of digital merchandising: allowing fans to own genuine content and substantially increase artists’ monetisation ability. We are happy to have The Aces as the first band to bring NFTs to market on our platform and we expect this new offer to attract other artists and bands who wish to do the same.”
In 2020, 7digital and eMusic launched their joint venture, eMusic Live, which has fast become the most advanced commercial livestream platform, offering end-to-end monetisation, engagement opportunities, and sponsorship experiences for artists, artist managers and venues around the world. Additionally, eMusic Live provides tremendous value for brands for whom music plays a key role in their engagement strategy or business model.
7digital is the global leader in B2B end-to-end digital music solutions, providing a scalable cloud-based platform that enables companies and brands to connect to its global music catalogue and rights management system to launch and manage unique and engaging music experiences.
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2 Jun, 3:29 pm GMT+1 · Disclaimer
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