ROCKI Music NFT’s:
How Does it Work?
NTF’s (Non-Fungible Tokens) are an exciting technology that allows you to purchase and own Music through the blockchain. ROCKI has built its own blockchain technology for you to own your Music using NFTs issued on the ROCKI platform. Music lovers can own pieces of Music on the ROCKI platform, and their NFTs provide deep rewards for both artists and listeners alike.
The ROCKI team is working hard on developing the underlying blockchain technology for our very own Music NFT’s on the ROCKI platform. On the ROCKI platform, every piece of Music can be NFT’d in the near future, and the NFT system becomes a new incentive mechanism for both artists and listeners alike.
How can a Music NFT be of benefit for Artists on ROCKI, or a fan?
Simply speaking, Music NFT’s on ROCKI will open up brand new ways for artists to receive upfront revenue for either selling Royalty income NFT’s (details below) or issuing exclusive listening rights NFT’s (details below). This also becomes a fun new and rewarding way for fans and listeners to become financially vested in the future royalty payments of the NFT music on ROCKI, or have exclusive listening rights of exclusive Music that the general public can’t listen to. What’s really interesting is that both types of NFT’s are tradeable, meaning ownership of the different Music NFT’s can be sold/bought or traded with other fans/listeners on ROCKI — hopefully for a profit!
There will be two types of NFT’s on ROCKI:
NFT-ERC721: Marking ownership and the right for Royalty income of Music.
— Transferrable & tradeable.
Demo video of the Royalty income Music NFT can be view here.
An artist can issue this type of Music NFT for a set percentage of future Royalty income for the track on ROCKI. This brings new upfront revenue to the artist, and fans can become financially vested (stakeholders) in the earnings of that track, which they, later on, can sell/trade with others on ROCKI.
NFT-ERC1155: Marking the rights for exclusive Music listening for a track.
— 1 NFT has limited copies set at initial issuance. — Transferrable & tradeable.
Demo video of the Listening right Music NFT can be viewed here.
An artist can issue as few or as many of this type of NFT listening rights to fans, enabling that track’s exclusive listening privileges. This also brings new upfront revenue to artists, and fans can later on sell/buy or trade it with others on ROCKI. Think of this as owning an old vintage record that was only pressed into limited copies. If you’re lucky enough to own one, you can enjoy the record and play it as much as you want; however, nobody else can as it’s exclusive and limited in copies and distribution. Start building your own collection of exclusive music listening rights to build up your own library. Artists will release exclusive tracks, only available to stream and listen to on ROCKI with this type of NFT-ERC1155 listening rights. These listening rights can then be sold, bought or traded with other fans/listeners on ROCKI, which will make owning and trading them a new fun and rewarding way of engaging with Music and artists on the ROCKI platform.
For more details regarding our NFT technology coming to ROCKI, we invite you to explore our Whitepaper here.
ROCKI artist Guy J — COTTON EYE, first Music NFT on ROCKI
The Israeli born, Malta-based Progressive house music aficionado, Lost & Found label boss, and ROCKI artist Guy J recently released a new exclusive track on ROCKI, COTTON EYES. This new exclusive track had a new music NFT-ERC721 contract for 50% of future Royalty rights auctioned off.
This NFT auction on bounce.finance sold for 40 Ethereum, and was covered by leading Cointelegraph. Read more about it here: https://cointelegraph.com/news/dance-producer-guy-j-sells-token-representing-new-track-s-royalties-for-40-eth
The auction winner is now part of all Royalty earnings for this exclusive track on ROCKI forever, or until the NFT owner decides to sell it or trade it with others. This is a great new way for artists to earn new, much-needed upfront revenue, especially now during these challenging times the pandemic has brought to our beloved music scene.
See the track live on ROCKI here: https://rocki.app/track/157309210
