ROCKI, a music streaming service, and NFT platform is becoming the first of its kind to launch on the Binance Smart Chain. The application is creating a next-gen environment where artists and listeners are rewarded for their contributions.
Solving Issues Facing The Music Industry
During the pandemic, most concerts and live events were canceled. Consequently, the primary revenue source for most music artists has been streaming platforms. However, these platforms were not designed to benefit artists. Instead of artists benefitting from their work, a high percentage of platform revenues go directly to corporations. Public data shows that major streaming platforms are only paying artists about $200 a year.
After spending several weeks researching better blockchain alternatives for our music NFT’s and music NFT marketplace, it’s with great excitement to announce that @RockiApp is officially moving to Binance Smart Chain (BSC). @BinanceChain @binance @cz_binance pic.twitter.com/4DRd63j6zp
— ROCKI (@RockiApp) March 12, 2021
The ROCKI NFT marketplace is designed to effectively deal with these issues. Creators of ROCKI believe that the current state of the industry is unsustainable. ROCKI has continually worked to offer equitable compensation to artists who place their work on the platform.
The creators of ROCKI have, like most people in the music industry, become aware of how unfair the current online infrastructure is. Only the top superstars stand a chance to make money through compensation from online streaming services. As a result, the creators of ROCKI decided they could either do nothing, or they could penetrate the barriers between fans and artists.
Why They Introduced Music NFTs
Creators of the ROCKI platform believe that music NFTs are going to play a major role in the revolution of the current system. Many people have dismissed NFTs as nothing more than a fad. However, the ROCKI project disagrees with this opinion. The platform has demonstrated that music NFTs can be an important weapon in the fight for equity on streaming platforms for fans and music creators.
Fans of an artist’s work are not impressed by the algorithms and numbers. These fans only care about the music and their relationship with an artist. Since they are true fans, they value scarcity, which turns an artist’s work into a collectible.
Royal fans also value access. They love the accessibility to an artist while also valuing scarcity. Such fans will collect limited edition t-shirts, posters, memorabilia, and much more. They will even willingly pay a small fortune to see an artist perform at a small club.
NFTs offer fans a new option to support their favorite artists. They also offer artists the ability to invest in their career when they purchase royalty rights as NFTs. These fans become promoters and ambassadors of an artist’s work on social media. In return, as the artist grows, the value of their investment grows.
It makes NFTs a major improvement for fan engagement. The NFTs are offered in limited quantities and at set prices via an auction. Since they can be traded on the blockchain and via the ROCKI platform, they create new revenue streams for artists. While being traded like stocks, fans can now financially benefit from the artist’s success.
According to Bjorn Niclas, the ROCKI CEO and co-founder, the music NFT marketplace will revolutionize the music industry. He noted that the marketplace would be accessible to all music lovers, no matter their budget. Bjorn expects thousands of music NFTs to be held and enjoyed by music lovers. The music NFTs holders can trade their NFTs on a secondary marketplace that ROCKI is currently developing. Niclas added that:
“Our uncomplicated do-it-yourself function lets any artist, regardless of the size of his fan base, issue and mint their own music NFT’s, set their own price and issuance of music NFT’s, and offer them to fans for purchase, collecting, and investing, all on our platform.”
ROCKI Proves That The System Works
There has been widespread skepticism regarding the ROCKI system. However, the platform has already been able to prove that the system works via Bounce.finance, their technology partner. Bounce.finance is a decentralized auction protocol, which powers the ROCKI NFT integration on BSC. Thus far, over 300 Music NFT offerings have been minted. According to ROCKI, some of the artists have already earned more from the NFTs in just a few days than their entire annual paycheck from leading streaming platforms.
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