SEOUL, South Korea, Jan. 20, 2022 (GLOBE NEWSWIRE) — Recently, Rhoonart has announced the launch of the NFT project of unreleased albums on Tumblbug, the crowdfunding platform.
Currently, digital arts are published as NFT(Non-Fungible Token) worldwide, and NFT is used for trading ownership. In addition, it brings attention to see whether this project can be an opportunity for the NFT industry to expand from digital arts to digital albums.
Clarian, who is a famous producer, DJ, and musician in Canada, put up the album Whale Shark for auction as NFT. The day after, Kings of Leon released its whole album of Yellowheart as NFT to open the time of NFT music.
But, purchasing the NFT of these albums did not mean the purchase of their copyrights. In the case of the Kings of Leon’s album, its copyright was not included, but preferential elements like goods were added for sales.
As such, most music NFTs do not include copyright or ownership, so it tends to be purchased by fans who want to buy the musicians’ goods, instead of collectors who purchase for the purpose of ownership and investment like they do for previous digital arts or artworks.
However, this crowdfunding project by the musician, Kamoo provides the property rights of the piano album to be produced to sponsors who will support and back this the project. In other words, now albums can be possessed in the type of NFT like artworks. Also, the price is cheap enough beyond compare. The condition is to exclusively own 1 album, and the purchaser can buy it at the lowest price of 9,900 won.
In addition, the profit of the digital albums will be paid to the owner of the album’s NFT while possessing it meanwhile, artworks, or digital arts are expected to create profit only by their value rise.
For example, all those albums that will be produced through this project will be officially released as digital albums on the platforms for digital music files such as Spotify, Apple Music, Youtube Music, Melon (music streaming app in Korea). After the official release, when users of the digital music file stream the album, profit is generated according to the number of streaming. This profit is paid monthly to the sponsor who owns the album’s NFT.
The ownership of NFT is delivered through Opensea (opensea.io), and sponsors can join the sponsorship without a digital wallet. NFT can be applied separately after creating a digital wallet.
This project is planned and produced by Rhoonart hosted the composition contest for the official cheering song in the 2018 PyeongChang Winter Paralympics. Kamoo, who joins the project, is a musician from Laeebly, the online label platform operated by Rhoonart, and he produces the songs in new-age genre and has released about 300 digital albums so far. The digital albums supported by sponsors will be released to the world market by Rhoonart, and it will be responsible for releasing albums globally and profit settlement.
CEO Jaeeui Kwon of Rhoonart said, “I’m glad to have a chance to release the NFT of hidden musicians. Through trading the music album’s NFT and general listeners’ possessing the ownership of music, I hope this can be an opportunity to grow the value of music.”
Brand: Rhoonart Inc.
Contact: Jaeeui Kwon
Phone: +82 2-2138-2874
SOURCE: Rhoonart Inc.