The Eurovision Song Contest 2022 becomes the first edition in its history in which an artist launches his song as an NFT
Musical NFTs are a new chapter, paradigm shift. We are now witnessing the emergence of artists and platforms on the Web3 that reverse the power structures inherited from the art economy. Central decisions about what time and results are worth no longer have value in these new communities. If you’ve paid close attention to the musical NFT space, entities such as catalog.works, sound.xyz and Arpeggio Labs can be seen establishing the building blocks of a world materializing before our eyes. It’s time to start using these platforms to take back what was already ours to begin with. Communities are the new labels, listeners are qualified investors. The baseline of one of the platforms: “Sound is what music should be: guided by the relationship between listeners and performers. We are creating a platform for a more collaborative musical movement, based on web3 technology and values.”
Blockchain technology is starting to have an influence by removing established foundations in such important industries as music. Soundpickr is a music data and NFT market analysis platform born in late 2020 and focused on the music industry. Since then, many artists have seen in NFT technology the expected springboard to be able to make themselves known and go further in their art. The Eurovision Song Contest 2022 is the biggest and most popular music competition in the world. This edition will mark the beginning of this change in the music industry. Soundpickr has announced a partnership with Swiss representative, Marius Bear, who will perform his song “Boys Do Cry” in Turin between May 10-14. Fans of the artist or supporters of the song can buy the song as a non-fungible token or NFT. Holders will benefit from 20% mechanical royalties (streaming platforms) as well as 20% creator royalties on secondary sales.
The release of “Boys Do Cry” NFT marks the beginning of a new era in the music industry and the first time that a Eurovision song will be on the Blockchain at the same time. Both experienced users in the crypto world and non-experts will be able to support the artist in a way that has never been done before. Additionally, passive revenue generated from the song will be split between the artist and the NFT holders of the song.
The future of the music market
Soundpickr strongly believes in the future of a decentralized music industry where lesser-known artists can have one more chance to make themselves known. In addition to the collaboration with Marius Bear, the company will soon be releasing a medley of NFT albums alongside other artists and record labels and licensing companies. Soundpickr is a music data analysis platform. Born in late 2020, its mission is to solve the lack of data tools available for music-related investments. In the process, the development team created Soundpickr’s proprietary NFT marketplace based on the Solana network and with one of the largest music artist databases available.
In the words of Alex López, CEO of Soundpickr, “IBlockchain technology and the release of songs as NFTs represent a new opportunity for hugely talented independent artists who lack the expected investment opportunities. With Soundpickr, we know we are at the start of a very important change for the music industry.“
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Eurovision 2022 artist releases song as NFT with soundpickr
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