The Euterpe music platform uses non-fungible tokens (NFTs) to represent ownership of digital music assets. By now we have all heard about the potential of NFTs – unique digital assets that are stored on a blockchain, a decentralized and secure digital ledger.
NFTs can be used to represent ownership of a wide range of digital assets, including music, artwork, and videos. Euterpe allows artists to mint their own NFTs and sell them to fans, providing a new way for them to monetize their music, and for fans to own a piece of their favorite artist’s work.
Euterpe has built a professional B2C marketplace of high-quality IP NFTs, claimed to be immune from infringements and scams prevalent on other NFT platforms. The Euterpe marketplace features an inherent SocialFi ecosystem, turning passive fans into proactive stakeholders who can earn mining rewards through their contributions to the community. Creators upload their copyrighted works, entering relevant metadata and ownership information.
Euterpe then mints NFTs and automatically distributes ongoing royalty income according to copyright ownership through smart contracts. Creators can auction either a portion or the entirety of a copyrighted work. They set a reserve price and duration for each auction.
Euterpe believes music must be distributed and safeguarded by copyright law so artists can control and earn royalties from their music. Traditionally record companies and DSPs obtain copyright royalties and rights to an artist’s work. Music copyright NFTs can be used as effective proof of digital asset rights. Music creators can mint the music copyright shares into NFTs, which allows the fans to share the royalties with the music creators by holding copyright NFTs.
Music copyrighting done this way can not only be streamed among music lovers but can also be traded on the NFT exchanges, which can further increase its value, potentially making them valuable assets. When fans purchase NFTs of songs or other creative works, they become copyright holders and Euterpe will automatically distribute royalty income to them through smart contracts. Fans can also resell the NFTs on Euterpe’s secondary market or other NFT marketplaces.
Euterpe has launched its first music IP-NFT Mystery Box, attracting immediate attention from the music and Web3 industries. According to the data on Opensea, a total of 1180 Mystery Boxes were sold out within a few minutes. An impressive 92% of customers who purchased the Mystery Boxes were unique holders. The conversion rate demonstrates the success of the music copyright NFT ‘cross-border’ trial.
This represents a technological breakthrough in the music industry. As the music industry continually reshapes itself with the help of technological advancements, having more control over IP and the ability to distribute music gives power to the individual artist over record labels and DSPs.
Euterpe auctioned off 3 copyrighted songs: The song ‘Stay Together’ by Zhou Shen, ‘Hello’ by Shan Yichun, ‘Dance Underwater’ (feat. TITIAN) by Pet Conspiracy. Euterpe IP-NFT holders will earn the royalties generated when songs increase in popularity, which will revolutionize the income distribution system of the music industry. Mass adoption of this kind of technology still seems years away but as musicians and artists continue to fight for rights to their IP, NFTs are continuing to show promise as a platform to control royalties and ownership.
