Music NFT platform Songbits has announced a new marketplace backed by blockchain technology for artists, fans and collectors.
Backed by Eurythmics' Dave Stewart, Songbits allows music fans to buy parts of a song (bits) or entire songs from artists using blockchain and NFTs, allowing them to both share in the songs’ streaming revenues.
The platform offers artists a new financial model which allows artists to retain 50% of streaming revenues, whilst retaining their rights. Artists set the selling price for fans, with zero fees attached, and get paid directly.
Russell Sheffield, CEO of Songbits, said: "Through Songbits, music fans can engage with their favorite artists in entirely new ways. We use the latest in blockchain technology to allow artists to share the financial success of their music with their fans. We are working with artist innovators and producers such as Dave Stewart who are the frontrunners of a changing global music scene. Songbits mission is to democratise music ownership and bring music NFTs to mass market."
Dave Stewart, from Eurythmics and Songbits Strategic Advisor, said: “The world is awash with NFT announcements. I’m always thinking about independent artists and their futures. Songbits is yet another step towards the freedoms for the many-as-yet-undiscovered brilliant creators out there, as well as established artists who believe in sharing their genius.”
Songbits was launched on March 13 at SXSW, and will roll out globally in March 2022.
