Global Rockstar was founded in 2014, and in its latest incarnation is one of the companies exploring crowdfunding where fans own a share in artists’ tracks – and thus their royalties.
At our Sandbox Summit Web3 Special conference yesterday, CEO Christof Straub gave a presentation on NFTs, explaining what he thinks the model can bring to musicians.
His pitch was that NFTs can be a path “to monetise unreleased content; to revive catalogues; to build stronger fan engagement; and to make processes more efficient through technology.”
Straub also talked about “fairness through fractionalising”, claiming that selling a share of artists’ music rights as NFTs means “it’s possible to give higher artist royalties” in comparison to streaming.
“NFTs mustn’t [just] be JPEGs as we all know. They can contain real value,” he continued, citing an artist that Global Rockstar works with called Chris Steger, who was signed as a 16 year-old two years ago.
“Users who invested in him made 700% return on investment in just one year, and they continue to participate for 69 years [the life of his copyright],” said Straub.
“We have more than 250 projects that we funded in this way in the last two years, and we distribute the royalties to all rightsholders… it’s about building sustainable careers.”
“We believe 100% that music NFTs are here to stay: if they contain real value; if they are solving real problems; if they are trusted and legal; and if he models that stand behind the platforms are fair and sustainable,” he finished.
Music Ally’s Sandbox Summit Web3 Special was held in association with Cirkay, Fanaply and Global Rockstar, and supported by Tuned Global. You can read all our coverage of the sessions here.