Blockchain Technology Used To Disrupt Music Industry
Blockchain technology is being used to disrupt the music industry, with Tune.FM launching the JAM Token by utilizing distributed ledger technology to ensure that artists are paid well for their work using these tokens.
BEQUANT, the Malta-based digital asset prime brokerage and exchange, also listed the first music token, the JAM token from Tune.FM, on the BEQUANT Exchange. The token will also be available to be traded by institutional clients as well as retail investors on the BEQUANT Pro prime brokerage platform.
Tune.FM is a thriving music marketplace, which embarked on the mission to create a global independent music marketplace for artists to collaborate, share their music, and connect directly to their fans.
The disrupting technology comes at a time when independent musicians are suffering in the post COVID times and big music streaming services like Spotify and Apple Music are reportedly not paying them fairly. The music industry has shifted from buying to streaming in the last decade.
Tune.FM’s Web 3.0 offering now democratizes this principle and puts the money back into the hands of the independent artists.
The Tune.FM JAM Token is a Hedera Hashgraph-powered music token that enables a global decentralized music streaming marketplace platform for artists and fans. Each JAM token is paid almost instantly with minimal fees. This means the artist keeps around 90 percent of revenue made through each stream.
The JAM token cryptocurrency is utilized in the system of micropayments to create a fully tokenized music economy that allows for seamless micropayments directly between artists and fans for streaming and curating music. It connects artists and fans in ways not seen in the industry before.
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