Ripple Labs is one of the bigger companies in the crypto / blockchain space, with its payment protocol and XRP cryptocurrency. Now its director of product Craig DeWitt has revealed plans for a personal project focusing on music, called xSongs.
It’s a familiar (and thus far, unsuccessful) idea in blockchain music: a platform for artists to sell their music directly to fans, who’ll pay using cryptocurrency. “When you cut out the middlemen you get lower prices, more revenue to the artists, and more art,” being his quote in an interview with blockchain-industry site The Block. DeWitt added that Bandcamp was his inspiration for building xSongs.
“While Bandcamp charges 15% plus a 6% processing fee for a total of +21%, xSongs is a direct to artist model which means that platform fees and processing fees will always be 0%,” he said. “Once we have a following and are seeing some real scale, we’ll start adding the same kind of artist-centric marketing and content that Bandcamp offers today.”