AudioSwim will allow artists and fans to buy and sell NFTs and music royalties globally.
UAE music company AudioSwim, a blockchain-based digital music ecosystem, is changing the way artists and fans consume music and earn money with its latest release by selling royalty rights to fans via NFTs.
Fans and investors will now be able to buy royalties of music tracks at the early stages, creating a new revenue stream for artists and labels as the music world moves into the meta world.
The royalties are part of an NFT package that digitally tracks the success of the release by using blockchain technology. Audioswim is reportedly one of the first companies in the UAE to try this cutting-edge initiative.
One of the company’s aims, when it launched in 2020, was to change the way that artists are paid. Founder Albert M Carter, a serial music innovator and the founder of the Emirates Music Summit, said that their use of cutting-edge Web3 technology and out-of-the-box thinking is creating new ways for artists to monetise their music.
“Web3 is simply becoming an extension of our reality. What we aim to do with NFTs, is level the playing field and allow for artists and fans to work together to ensure that both have an opportunity to monetise as well as discover the next big song or talent.”
Carter is a huge supporter of music and technology in the Middle East, and he launched AudioSwim to solve some of the biggest problems in the industry, including how little artists get paid.
Despite the current crypto winter taking the heat out of the crypto and NFT market from its 2021 high, the NFT market is set to be worth $211.72bn by 2030. And market experts are predicting that “NFTs with more actual utility will survive the market volatility,” meaning blockchain-based digital music systems like AudioSwim are perfectly placed to capitalise on that growth.