Distributor Ditto Music is moving into NFTs, but its plans will enable fans to acquire shares in songs, rather than just digital artwork.
The company has launched an ‘NFT exchange’ as part of its Bluebox royalties platform, and is working with artists Big Zuu and Taylor Bennett on its first sales. Both will be auctioning off ten shares of 7.5% in their new releases. Whoever wins the auctions will receive monthly royalty payments via Bluebox.
It’s an answer, in part, to criticisms of current NFT sales, where what the buyer *actually* owns is somewhat in question. This is also part of Ditto Music’s ambitious expansion into the crypto space, having announced its Opulous ‘de-fi’ (decentralised finance) platform for artists in February.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!