• Solana-based music marketplace launches with hopes of tokenizing royalties

  • Nashville-based Solo Music is launching the Solana network’s first music marketplace for artists to monetize their work as non-fungible tokens (NFTs) and will incorporate tokenized royalties in the coming months.

    The announcement comes on the heels of recent stories involving the launch of DJ “3LAU” Blau’s “Royalty” platform, which will make song royalties available as tokens for anyone to purchase and trade.

    Solo Music founder and CEO Barron Solomon wants to compete on this front, lowering the barrier to entry for users without cryptocurrency or blockchain knowledge or experience.

    For example, while Solo will support Solana wallets Sollet and Phantom, it does not require fans to already own a cryptocurrency wallet to use the platform.NFT can be purchased in US dollars using a credit card as an option.

    “We can charge someone $10-$20 in NFT to get them into the space, and then maybe when they first discover the blockchain, they’re more interested in investing in tokenized royalties or getting into something more speculative,” Solomon told us in the interview.

    The tokenization of royalties represents the “third phase” of Solo’s launch, following NFTs and concert tickets. Solomon told us that while there aren’t any particular complications with the tokenization of royalties from a technical standpoint, there are legal challenges.

    “A lot of the issues have more to do with the contracts entered into by all the major publishers and the individuals who control those royalty streams,” he told us, adding.

    “We have a lot of work to do – all of us, including the Royal Platform – in order to set a standard for what this looks like on the blockchain, and that’s what we’re working on right now.”

    The platform will launch with country songwriter Eric Paslay and producer Tommy Cecil, both of whom will release several NFTs starting next month.

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