Press release -
anotherblock Sells Out Genesis Drop in Minutes, Readies Regular Rhythm of Music Royalty NFTs
anotherblock has taken another step toward democratizing music rights via web3, selling out its genesis drop in 40 minutes. Worth a total of approximately $22,000, the edition of 250 NFTs gives holders the right to collect a portion of the streaming revenues (5% total, 0.02% per NFT) from the first collaboration between two dance music legends, “Weekend on a Tuesday” by R3HAB and Laidback Luke.
This warm reception contrasts with the overall wintry atmosphere plaguing crypto and NFT initiatives, signaling genuine interest in web3 offerings with real value behind them. “We’re thrilled that the community response was so swift and enthusiastic to this first offering,” enthuses Michel D. Traore, anotherblock co-founder and CEO. “To us, it reflects the real demand among fans for a more artist-forward and participatory music economy, as well as validation of our model.”
The next phase of anotherblock will bring regular drops of music royalty NFTs for hit songs, approximately one a month for the rest of 2022. Drops will include shares in favorite tracks from big-name artists and GRAMMY-winning producers. Future holders can sign up via anotherblock.io or join the Discord community to find out what’s coming. anotherblock will also be rolling out helpful tools that let NFT holders understand the value of their wallet in a transparent way.
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Stockholm-headquartered anotherblock is launching a blockchain-based marketplace for music rights in 2022 to empower creators and add value to their art. Founded in 2021 by Michel D. Traore, Sebastian Ljungberg and Filip Strömsten, anotherblock was built upon the idea that accessing music rights should be easy, accessible and democratic. By connecting music rights to NFTs, anotherblock creates a smooth and easy way to both buy and sell music rights – a community of music lovers building rights catalogs together with artists.
