DUBAI, United Arab Emirates, May 27 (Korea Bizwire) — The future of the music industry is non-fungible tokens (NFT), an innovative application of blockchain technology which makes digital assets available for trading on commercial terms, said Brian Rogers, Director of the ABEY Foundation, during his keynote address at the AIBC Summit Dubai yesterday.
MUSIC.NET, announced at the end of his keynote, will deliver the world’s most comprehensive music industry focused NFT trading platform, and is launching in partnership with classic hip-hop supergroup Naughty by Nature and a slate of fast-developing R&B and hip-hop artists including MJ Songstress, Niko Brim, Kev Rodgers, MVXMILLI and Julian King.
MUSIC.NET, powered by ABEYCHAIN 2.0 and neurothink AI and machine learning technology is in late beta testing and will launch publicly in Summer 2021, said Rogers. “MUSIC.NET, an initiative of VNATION!, is set to disrupt the music industry as its first decentralized music platform, and is designed for musicians, artists, performers, singers, songwriters, producers, music labels, music publishers and music fans of every musical style and genre.”
Naughty by Nature’s manager, James “Jimmy” Maynes said that the beloved classic hip-hop group is thrilled to be partnered with VNATION! and MUSIC.NET. “Naughty by Nature, creators of some of the world’s best known hip-hop tracks such as Hip Hop Hooray and O.P.P. has been disrupting music since 1986. 2021 will see further industry-changing disruption by the group, in NFT, VR and more.”
JoJo “Bangs” Brim, CEO of VNATION!, a music and entertainment company and owner of MUSIC.NET said, “It’s easy for musical artists around the world to create their own Smart Contracts on ABEYCHAIN, the blockchain that powers MUSIC.NET. They simply fill in the MUSIC.NET Smart Contract form and submit. Their next step is to click to upload their asset to MUSIC.NET’s staging area to create their master NFT. That is confirmed by our human review team, validation quickly follows and the NFT can then be forged.”
Brim continued, “The artist can also specify their “Valid Individual Prints” (VIP), with a minimum 100 copies, to 100,000 and more. Launch a platinum seller!”
A particularly disruptive feature of MUSIC.NET is the platform’s Digital Rights Contracts, or DRCs. The division and tracking of rights to music is a complex area to understand, or to implement. There are several pieces to the music rights puzzle, including songwriters, producers, musicians, and not least of all music publishers. Guaranteeing rights can be difficult and complex even for more experienced music industry experts. MUSIC.NET has disrupted and simplified music rights by assigning rights guaranteed by Smart Contracts on the ABEYCHAIN blockchain.
Brim said, “In an area that has traditionally been controlled by an exclusive group of record labels, private equity firms, and billionaire investors, music rights investing, trading and collecting will now be available to average individuals and small investors. DRC Fractional Rights tokens can be owned and traded by anyone and everyone, regardless of insider connections or access to massive capital.”
The aCASH Token (ACT) is the token of value in the MUSIC.NET ecosystem. NFT, VIP, DRC, MUSIC.NET’s low gas and transaction fees all require using ACT. ACT is a stable token issued on the ABEYCHAIN and has 1:1 value with USDT. ACT is minted when purchased, and burned when used or exchanged. ACT can be purchased using ABEY.
The MUSIC.NET Marketplace is a vibrant marketplace for the buying, selling, and trading of original NFT and VIP assets, and as a secondary market. Trading on the Marketplace is by “Bid” or “Buy It Now”. ACT is the currency of the Marketplace, and multiple cryptocurrencies and traditional “fiat” currencies can be exchanged on the spot. Payment services will be provided by APAY Systems.
MUSIC.NET is currently in beta testing and will launch on https://MUSIC.NET in Summer 2021.
MUSIC.NET is an artist and musician-friendly digital media platform that welcomes all for musicians, artists, performers, singers, songwriters, producers, music labels, music publishers and music fans of every musical style and genre to participate in a vibrant marketplace for the trading of valuable music and related assets using non-fungible tokens (NFT).
For more information about Naughty by Nature please visit https://naughtybynature.com
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Source: VNATION! via GLOBE NEWSWIRE