HAVING SOLD MUSIC RIGHTS TO 125 PEOPLE VIA NFTS, THIS BLOCKCHAIN PLATFORM IS EVOLVING AGAIN

Source | Music Business Worldwide

Last month, Ditto Music‘s blockchain-powered Bluebox platform pulled off a pioneering feat: what the company describes as “the first ever split music copyright NFT sale”.

In the end, two artists – UK rapper Big Zuu and US act Taylor Bennett – each sold large stakes (50% and 75% respectively) in the recorded music rights to a yet-to-be-released track. These stakes were themselves divided up into 1% portions as NFTs, selling for $100 apiece.

Following overwhelming demand, this means 125 individual buyers now own 1% stakes in one or other of these recordings. Lee Parsons, founder of Bluebox, has clarified to MBW that the recipients of these NFTs contractually own a worldwide exclusive fractional license to these sound recordings, and will continue to own it in perpetuity.

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