The Russian musician Oleg Kenzov has transferred the digital rights to one of his songs via a state blockchain platform.
For the first time, Russian pop singer Oleg Kenzov digitally transferred the rights to a song he wrote. He was able to do that with the help of a government-backed blockchain platform
According to VC.ru, the Soyuz studio has signed a licensing agreement with the music service FONMIX to sell the Kenzov song „Po Kaifu“ to shops, restaurants and gyms who want to use it for marketing purposes.
This historic transfer of blockchain rights took place in the presence of representatives of major record companies and labels such as Warner Music Russia, Sony Music, Universal Music, Zhara Music Label and others.
Music companies hope the technology will streamline the distribution of music by local artists by making it easier for everyone to transfer digital rights.
Artists who use the platform receive payments instantly. The entire process of transferring the digital rights took less than ten minutes
The blockchain platform IPChain offers tools for managing the creations of musicians, which are distributed worldwide. The laws of the respective countries are observed and record companies can impose geographical restrictions.
„What we have done has never been done before,“ said Andrej Kritschewski, President of the IPChain Association. „But the music industry is extremely pragmatic in this regard. Therefore, the blockchain has long been an interesting, but not very clear instrument. Now we are finally ready to give our colleagues a concrete answer to the frequently asked ‚Why?‘ can give.
„IPChain wants to create a comfortable environment for labels and artists to work together and increase the overall volume of the music market.“
A survey by the digital music business eMusic in July found that most users are willing to pay with crypto if it would bring artists a greater income.
According to the study, 65 percent of eMusic customers would use cryptocurrency for the reasons listed above. Only 8 percent of those surveyed had used Bitcoin ( BTC ) or another cryptocurrency in the past .