Digital Asset Monetary Network Inc., also called DigitalAMN, announced on July 28, 2020, that it had finalized its agreement with Vezt, the music royalty-sharing app. The announcement signifies DigitalAMN’s completion of the onboarding of the intellectual property right ecosystem as a client company.
What the DigitalAMN CEO Had to Say
According to the CEO of DigitalAMN, Ajene Watson, there were over 300 million users streaming over 60 million songs. He added that the agreement would allow fans from around the world to share in the royalties of their favorite songs. The CEO said that it would be a disservice to their shareholders if they failed to be a part of this revolutionary platform.
According to the CEO, the Vezt project is on-brand for them. He noted that by helping Vezt grow their platform, it would help them continue their mission of improving the financial literacy of the 99%. They were doing so by giving the masses another opportunity for them to grow their revenue opportunities via fractional ownership of music royalties. Essentially, these ordinary people were becoming min-publishers within the huge music industry. He noted that the global music industry is estimated at over $50 billion, and Vezt presented an opportunity for ordinary people to become more than just consumers.
The History of Vezt
Vezt was created in 2017. It operates as a blockchain-powered marketplace. Today, its value is estimated to be around $20 million. There are currently over 300 songs on the platform with over 200K downloads. Thus far, over 25K transactions valued at around $1 million in sales have been completed. The Vezt platform has thus far managed to get over $5 million from investors such as BDMI, Gaw Capital, Pangea Blockchain Fund, and Tan Tan Ventures.
The Vezt app can be downloaded via the Apple and Android app stores. It features royalties of songs recorded by artists such as Lil Wayne, Maroon 5, Dr. Dre, Jessie J, Ariana Grande, Beyonce, Maluma, Jay Z, Missy Elliot, and many others.
How Vezt Works
Vezt is an intellectual property rights marketplace and the first of its kind. Fans of music can participate in the royalties of the music they love. Steve Stewart, the former Stone Temple Pilots manager, created the platform in partnership with Robert Menendez, a trading expert.
The marketplace is powered by the blockchain and fans can earn from the royalties of their favorites songs alongside their favorites artists. Vezt allows artists to monetize as little as 1% of their rights directly to the public. The platform is open to both established and independent artists, producers, writers, and content creators. It is also open to music publishers and record labels.
The DigitalAMN management team aims to leverage the Public Accelerator Incubator ecosystem to help Vezt achieve its goals. The management believes that helping Vezt grow will support their ability to sell over 10 million in royalties from their music catalogs.
The Vezt project was the first participant in DigitalAMN’s Angels+ program. The talks for the agreement were first announced on February 7, 2020. DigitalAMN’s management believes that engagement with Vezt has had a positive impact on the size and potential of its equity portfolio.
Digital Asset Monetary Network, Inc. is the first company to use the Public Accelerator-Incubator (PAI) model that follows the success of incubators and accelerators globally. The company focuses on developing and acquiring innovative startups that solve real-world problems.
Image Source: Pixabay