The integration means that investors can now buy tokenised music assets, as well as collectible music NFTs minted on Algorand
Luxembourg-based marketplace for investing in music royalties, ANote Music, announced yesterday that it had integrated its platform with the Algorand blockchain. The marketplace will leverage Algorand’s technical capabilities to deliver blockchain-based solutions to its users.
Founded in 2018, ANote Music creates a bridge between the music industry and capital markets by enabling artists, record labels and publishers to sell music rights to investors.
The integration introduces the possibility of tokenising music assets. Investors will now receive tokens from new music catalogues listed on the platform, with said tokens entitling their holders to a share of future revenue streams. This will also provide artists with greater opportunities, such as improved access to rights and enhanced listings.
ANote Music Co-founder and CTO, Gregoire Mathonet, explained, “Algorand provides the resilience, security, speed and low fees that we were looking for. The ease of traceability of registered claims is certainly another added value for our platform’s users. The different integrations made possible by ‘logic transaction signatures’ are a huge step forward towards using blockchain in real business solutions and we expect this just to be the start of a huge evolution within the music industry.”
The platform will also feature a non-fungible token (NFT) area where music fans can pick up collectible NFTs directly from their favourite artists. These will be minted on the Algorand blockchain and investors can store and manage them within their Algorand wallet.
Not only does Algorand’s blockchain architecture facilitate fast and cheap transactions, but minting NFTs on Algorand requires far less power than on Ethereum, which still operates on the more energy-intensive proof of work consensus mechanism. In fact, last month, Algorand pledged to be the greenest blockchain by becoming carbon negative.
COO of Algorand, W. Sean Ford, added, “We are excited to see ANote leverage Algorand’s core Layer-1 functionality as they embrace blockchain-based solutions and reinvent its business model to one that is more transparent, accessible and inclusive. Algorand has seen growing traction with NFTs as creators and the organizations that support them come to understand the critical success factors and advanced technology required for a sustainable and enduring future.”
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Author: Alice Leetham