Adam B. Levine’s Tokenly will launch a trial version of its token.FM Blockchain music service in May, and has announced a series A funding round.
Tokenly, which has built various Blockchain platforms for sectors ranging from marijuana supply to eCommerce, announced the latest plans in a press release Tuesday.
token.FM aims to give artists considerably more control over how their content is distributed, along with deeper involvement in revenue sharing.
“token.FM is all about deepening the relationship between artists and fans while restoring the sense of music ownership that has been largely missing from the digital music experience,” Levine commented.
The release continues that the Blockchain service could produce “more than 20 times the earning potential of today’s ‘major’ streaming platforms.”
“In the end, it’s all thanks to the power of the Blockchain, which we are thrilled to take beyond the stage of conception and concretely apply to direct-to-fan music sales for the very first time,” Levine added.
Blockchain’s increasing entry into the music entertainment business has accelerated this year, with rival projects leveraging Ethereum smart contracts coming to the fore.
This month, a trio of international rights distributors announced they were working with IBM Blockchain to develop a new method of “tackling a long-standing issue with music industry metadata.”
It follows a similar meta project from London-based JAAK, which partnered with Swarm to use Ethereum’s blockchain for similar purposes.