NFTs are being used to explore a new business model that puts music makers back in control of sales and copyright issues. Grammy winning producer Illmind released what he calls the “first ever NFT-backed sample loop/melody pack” on Feb. 25, putting a collection of 10 “melody compositions” up for auction on the Mintable NFT market app.
Based on Ethereum, the NFT is titled “ALORIUM” and contains an exclusive link to a file containing individual audio tracks of the compositions. It also comes with a “royalty-free guarantee” and a contract that gives the NFT owner rights to use the audio files for their own purpose.
— !llmindPutTheLoopOn (@illmindPRODUCER) February 25, 2021
Ramon Ibanga, better known as Illmind, has a successful career as a music producer which spans three decades. He has produced tracks for several best-selling hip hop artists, including Kanye West, Dr. Dre, and 50 Cent. He is also behind tracks on #1 albums by Drake and J Cole. In 2018, he won a Grammy award for his production of “Everything Is Love” by Beyoncé and Jay-Z.
Ibanga’s creation sparked a passionate conversation on Reddit regarding what ownership ofTitle: Grammy-winning producer Illmind auctions rights to new samples as NFT
Sourced From: cointelegraph.com/news/grammy-winning-producer-illmind-auctions-rights-to-new-samples-as-nft
Published Date: Fri, 26 Feb 2021 02:03:30 +0000