Chuck Inglish Receives Payment From Blockchain Music Marketplace
The world’s first blockchain-enabled music marketplace has paid Chuck Inglish for two songs he listed on the platform, thus highlighting the effectiveness of blockchain in decentralizing the music industry.
American rapper, songwriter and producer Chuck Inglish (Evan Ingersoll) received his first payment, amounting to $8,272, from the world’s first blockchain-powered music marketplace Vezt, the company said in a statement.
The completion of the payment underscores the effectiveness of the platform for songwriters and artists to offer their fans a royalty interest for their songs using blockchain technology. In particular, Inglish was paid for the rights for "Wear My Hat," and "Gees," which were recorded by artist Mac Miller.
Inglish made the earnings after more than 100 of his fans contributed the money in exchange for sharing a part of the royalty stream to be generated from the songs.
The company said in the statement:
“Vezt is a blockchain-based music app that allows fans the opportunity to acquire fractions of the royalty income from their favorite songs. Artists can now monetize the master, publisher or songwriter rights of any existing title within 30 days. These royalty rights include income from digital downloads, radio plays, digital streaming platforms, public performances, film and TV placements among other revenue sources, on a global basis.”
Recently, Vezt released its app on Google’s Android and Apple’s iOS platform, which received a positive response from fans with the organic adoption of the app recording a more than 10% conversion rate, and more than 50% of the users purchasing the multiple Initial Song Offerings (ISOs).
Inglish picked the two songs to list on the app after meeting with Vezt representatives to monetize his titles and to cover part of his monthly expenses. The deal generated $8,272 in less than 30 days after the listing of the titles.
The songwriter/producer is interested in listing additional song rights on the app to raise more money. Under the arrangement, Vezt collects fees from publishers, Performing Rights Organizations, record labels and digital platforms in over 135 countries.
Inglish hails from Mount Clemens, Michigan and is the other half of the hip-hop duo The Cool Kids with Sir Michael Rocks. His debut album Convertibles was released on April 8, 2014.
A similar blockchain music service was launched in August called Audius a San Francisco-based music-sharing blockchain platform after raising $5.5 million in a Series A round from several investors led by US venture capital firms General Catalyst and Lightspeed. Audius aims to decentralize music streaming and remove intermediaries to allow music artists and their audience freely engage with each other.