Cryptocurrency exchange CCEDK announced today that its Bitshares 2.0-based platform OpenLedger and a music streaming company PeerTracks have partnered with a new blockchain-based platform called MUSE to offer unique opportunities for monetising music.
“The MUSE platform is a brand-new third-generation blockchain based on the Graphene Toolkit and specifically tailored to meet the music industry’s needs. It can be viewed as a membership organisation in the cloud that acts as a global database for copyright-related information.”
Monetising music to fiat and crypto
MUSE suites for variety of music-related payments such as royalties, music sales, merchandise and concert ticket sales. Moreover, it is easy to use not just for cryptocurrency users but for anyone as OpenLedger offers a fiat gateway that allows consumers to buy music and artists to sell it for USD, or to be correct for crypto-USD. MUSE thereby permits global B2B, C2B and P2P transfers of value, bypassing the legacy banking system entirely if need be.
Licensing music with smart contracts on the Blockchain
MUSE allows the use of smart contracts capabilities to ensure music licensing using a distributed ledger. Thus, an artist can store basic copyright data about a song in the Blockchain. Moreover, they can input licensing conditions enforcing different fees for using a song as a soundtrack, in movies, TV commercials, etc.
According to the official press release, users can also use the Automatic Royalty Payment Splitter to set down transparent rules to divide payments when they are received. It allows setting the way received payments will be divided between various individuals and labels depending on in which country the song was streamed.
VIP-pass or fan club membership privileges trade
Artists can sell or give-away specially designed Tokens as a VIP-pass or fan club membership to their fans. These, limited in number, Tokens may work as discounts on merchandise, concert tickets or as backstage passes. The value of each Token can also vary and change depending on that artist’s popularity on PeerTracks.
Cédric Cobban, President and Founder of PeerTracks explained this unique feature of the Tokens:
“Everyone is excited about an instant and transparent royalty payment system coming into existence. They can all imagine it quite clearly with little to no explanation. The Token system on the other hand, although more difficult to grasp, allows for things that have never been done before. It translates to Crowdfunding, fan engagement, talent discovery and community building on scales we’ve never seen before.”
Debit cards via OpenLedger
Another upcoming feature is a CCEDK/OpenLedger/PeerTracks debit card that will allow any MUSE user to spend received crypto-USD anywhere a debit card is accepted.
Ronny Boesing, CEO at CCEDK and OpenLedger said to Cointelegraph:
“The idea for future use is to have one card supporting numerous crypto coins like BTS, NuBits, DASH, DOGE and more including assets like MUSE and OBITS as well. It will then be possible choose a prepaid card or instant conversion to fiat card.”
Ronny Boesing has also spent 25 years travelling the world to sell music before starting his cryptocurrency exchange CCEDK, that has released a new currency called OBITS at the end of 2015.
He commented:
“I’m thrilled to get back into this world after my years of experience in the business. There’s always been this urge to relive the excitement and thrill of being involved in this kind of work, and this is a fantastic way to combine my interests. The highlight of every year was the annual meet-up at the music festival in Cannes, and I see some great potential in taking active part of promoting all Muse-related activities at future events like this in Cannes and elsewhere.”
Nevertheless, the new partnership and project bring another revenue stream to OBITS as well. Thus, this is not only a new opportunity for artists and music-lovers but also a support for the ongoing development of each of the projects.