Over the past couple of years, Music Ally has reported on a number of startups using NFTs and web3 technologies for the purposes of artist funding, including fans investing in those musicians and taking a share of their royalties.
Now entrepreneur Jason Meinzer has won what he describes as the first web3 music patent for capital distribution, which he hopes will be a building block for further experimentation.
His blog post announcing the patent’s approval in April offered a summary of the process involved.
“NFTs are used to crowdfund for a group of artists. The capital is used to generate a net-new revenue stream apportioned to artists based on their success relative to the group. Artists share this revenue with their fans.”
Meinzer also stressed that his patent was “NOT for trolling. NOT for stymying progression or innovation… NOT for monopolizing or for exploitation to get money”.
He tells Music Ally that since April he has been talking to companies with the necessary technology to implement the patent, as well as to “indie label and/or web3 artist DAOs” that could get involved with proof-of-concept trials.
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