A new non-fungible token (NFT) platform, MusicArt, combines blockchain, NFT technology and digital art trading for music artwork fans, the company announced on Tuesday (January 25th).
The project was launched by three music industry executives, with support from independent artist portals jamma music and Aurora.
MusicArt will run on the BSV blockchain, which uses “10,000 times less” energy than Ethereum, according to the release. Additionally, it will work “on-chain,” meaning all NFTs and other materials will be minted as STAS tokens and stored on the blockchain.
The release notes that the service will also pay out royalties immediately to creators and artists — a change from how other such services operate, as they often handle royalties manually and pay them out sporadically.
MusicArt will also allow users to trade directly with their own wallets, cutting out the middleman.
“MusicArt is a unique new NFT platform focused solely on celebrating music-based art and imagery, making it the perfect environment for musicians to exchange their visual art without fear that it will doesn’t get lost in a sea of NFTs in unrelated genres on other platforms,” said Peter Ruppert, CEO of MusicArt.
According to the release, the service will allow creators to earn revenue on initial NFT sales, as well as instant 10% or 20% royalties on resales of the service. It will also take multiple types of cryptocurrencies and support gas fees for the user, which the statement says will help make NFT transactions more accessible.
The platform will feature works by older and newer artists, and will come with pieces from art rock icons like Mike Dubois, Ioannis and Karl Ferris at launch.
PYMNTS wrote recently that the NFT craze has spread, with YouTube now looking to get in on the action.
See also: YouTube could add NFTs for creators
The popular video site said it may add NFT functionality for video creators, which would be its first such endeavor – although as of January 25 there are no current plans for this.
“We’re still focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFTs, while continuing to strengthen and improve creator and fan experiences on YouTube. YouTube,” CEO Susan Wojcicki wrote in her annual letter to creators. .