GLENDALE, Calif., Aug. 25, 2021 /PRNewswire/ — Crowd Records is working to redefine how songs are made by combining the power of the crowd and blockchain technology. The company’s vision is a decentralized song rights economy where songs are created through market forces.
According to Crowd Records, musicians will be able to upload a musical idea to the platform and let the crowd finish the song. The musician does not have to worry about financing, outsourcing, or managing the project.
Musicians can also upload their musical contributions to other people’s ideas and get paid with money or song tokens (equity). Owners of song tokens will benefit from future song royalties and token appreciation.
The new music economy will also allow fans and record labels to invest in songs. More efficient capital allocation means better music for fans, who will also have more opportunities to participate.
While rewriting the rules for music financing and music collaboration, Crowd Records is also creating a novel model for rights ownership. Whoever owns song tokens owns the equitable percentage of that song. Therefore, ownership is highly liquid and fractional and can also be anonymous.
Crowd Records has received a grant from DFINITY to take the first step towards implementing the platform on the Internet Computer Protocol (ICP). ICP will ensure that the full application stack is decentralized, and song copyright records remain unforgeable.
“The problem with making crowd-sourced music has always been trust,” says Ioannis Tsiokos, Lead Developer at Crowd Records. “Now, the blockchain allows us to solve this by creating a trustless market for making songs.”
Although the team’s claims are ambitious, it remains to be seen whether musicians will trust a decentralized market with their creations.
G. Balios, lead singer of Violent Definition, comments:
“I would not upload an original song idea to a website run by some company. The blockchain approach sounds promising, but I need to see proof that my ideas are safe.”
Crowd Records claims that blockchain-based copyright proofs will be legally enforceable.
“A lot of good song ideas are locked up in drawers all over the world,” says Ioannis. “We want to get those ideas out of the drawers and on to people’s keyboards. Crowd Records is our revolution for their freedom.”