The NFT boom is seeing a lot of artists entering the foray, with certain performers now selling partial rights to their music via NFTs. Taylor Bennett, the brother of Chancellor Bennett aka Chance the Rapper and UK artist Big Zuu are now joining the NFT boom through Bluebox, a platform started by their distribution and services company Ditto Music.
Bluebox uses NFT blockchains to record full or fractional ownership of recorded music and/or publishing copyrights and splits royalty payments accordingly. Ditto believes that this method will lead to higher collection rates and earnings, as the values of NFTs are based entirely on consumer demand. Big Zuu will be selling off 75 percent of their upcoming studio album, while Bennett will be selling off the same amount for an upcoming recording. Both artists will retain the remaining 25 percent.
“This year Bluebox is launching both a copyright exchange and an IRO ‘initial release offering’ platform,” Ditto Music co-founder and CEO Lee Parsons said in a statement to Music Business Worldwide. “Similar to sites like Polkastarter or Coinlist – where blockchain projects harness power of community to fund initial offerings – Bluebox 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.”
Other artists have utilized NFTs for different projects. Kings of Leon auctioned off their latest album When You See Yourself using NFTs, while Grimes made over $5 million from her NFT art collection. The estate of MF DOOM will also be auctioning off NFTs to support his family.
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