At the 2021 Dubai AIBC Summit, Brian Rogers (Brian Rogers), representative of the ABEY technical team, said: Non-homogeneous tokens (NFT) will affect the development of the music industry to a certain extent.
What are NFTs?
NFT is an innovative application of blockchain technology. Its innovation is that it provides a way to mark the ownership of native digital assets, and this ownership can exist outside of centralized services or centralized libraries.
At the same time, due to its non-homogeneous and indivisible characteristics, NFT can anchor the concept of commodities in the real world. To understand simply, issuing NFT works is to issue digital assets on the blockchain. This asset can be game props, digital artwork, tickets, etc., and is unique and non-replicable. Since NFT has natural collection attributes and is easy to trade, encrypted artists can use NFT to create unique digital artworks.
The NFT platform built on the ABEY public chain - MUSIC.NET will provide the world's most comprehensive music NFT trading and distribution platform. At present, the platform has confirmed that it will launch NFT works in cooperation with the master classic hip-hop band Naughty by Nature and a series of fast-growing R&B and hip-hop music singers, including heavyweight artists such as MJ Songstress, Niko Brim, Kev Rodgers, MVXMILLI and Julian King .
Rogers said the MUSIC.NET platform, powered by technology from ABEY and Neurothink AI, is in final beta testing and will be available in summer 2021.
"MUSIC.NET is a solution proposed by VNATION Entertainment to embrace blockchain technology. As the company's first decentralized music platform, MUSIC.NET will subvert the existing business model of the music industry. It is designed for musicians, Designed for artists, performers, singers, songwriters, producers, labels, music publishers and music fans. Its work will include every musical style and genre."
Naughty by Nature's agent, James Maines, said the beloved classic hip-hop group is delighted to be working with VNATION on the MUSIC.NET project. Naughty by Nature's classics include songs such as "Hip Hop Hooray" and "OPP", which are familiar to hip-hop fans around the world. Together with the MUSIC.NET platform in 2021, they will further disrupt the entire music industry in the NFT field. "
Mr. JoJo “Bangs” Brim, CEO of VNATION, said: “Music artists from all over the world can easily create their own smart contracts on the ABEY chain (the blockchain platform that drives MUSIC.NET). They only You need to fill in the smart contract form provided by MUSIC.NET and upload their works to the temporary storage area of MUSIC.NET to complete the creation of NFT works. When our manual review team verifies the work, it can be released as an NFT .”
Brim continued, "Artists can also use the 'Valid Individual Prints' (Valid Individual Prints) to record the sales share of NFT works, and works that sell more than 100,000 copies or more will receive the title of 'Platinum Records'!"
A highlight feature in MUSIC.NET is the platform's Digital Rights Contract (DRC). The division and tracking of music copyright is a complex process. There are several difficult parts in the confirmation process of copyright, including disputes between songwriters, producers, singers, and publishers. Even for experienced music industry professionals, the title process can be difficult and complicated. MUSIC.NET will clearly guarantee the rights of each link through the smart contract on the ABEY blockchain, which greatly simplifies the process of copyright confirmation.
Brim said: "Traditionally, the music industry is an exclusive field composed of record companies, private equity companies and billionaire investors, but now the development of NFT allows individuals and small investors to invest in and trade music copyrights. and Favorites."
ACASH token (ACT) will be the value token in the MUSIC.NET ecosystem. The gas and transaction fees of NFT, VIP, DRC, MUSIC.NET will all require the use of ACT. ACT is a stable token issued on ABEYCHAIN, its value is 1:1 with USDT, and ACT can be purchased with ABEY. At the same time, the aPay payment system will support the function of converting multiple cryptocurrencies into ACT.
MUSIC.NET is an NFT market full of potential. Transactions on the NFT market will be carried out through "bid" or "buy now" instructions issued by users, and ACT tokens will become the transaction currency in the platform.