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Music synchronization licensing marketplace, Dequency has issued the first-ever sync license on a public blockchain called Algorand. "Late Night People" by Goldfish ft. Soweto Kinch was licensed through Dequency's SmartSync contract in Algorand's Decipher conference, held on November 29 and 30 in Miami, Florida.
Blockchain's First-Ever Music Synchronization License
In a first of a kind, blockchain-based music platform Dequency executes the first-ever sync license on a public blockchain. The platform showcases recording artists offering their music to license and facilitates communication between the parties to foster community.
Built on top of Algorand, Dequency connects visual creators directly with recording artists and other music rightsholders and provides a simple, transparent interface for a seamless licensing experience. The goal is to create a fully-decentralized, trustless music licensing marketplace and provide creators with income-generating opportunities with minimum fees and instant payment.
Keatly Haldeman, CEO of Dequency, said:
"Our vision for Dequency is to cut out the middle man in music licensing transactions so that creators maximize earned income and get paid immediately. By executing the first-ever on-chain sync license transaction, we're one step closer. We made history today."
The song "Late Night People" by Goldfish ft. Soweto Kinch was licensed through Dequency's SmartSync contract in Algorand's public blockchain.
"From the start we have always been about disruption and this is the best kind bringing musicians and producers closer to being able to earn income directly from their creations. Being part of the very first sync is a real honor and we cannot wait for the future as the music industry is in need dire need of technology like this to take it into the new realms of possibilities the blockchain present," Goldfish said.
Bringing Music to the DeFi Industry
This is not the first time Algorand has forayed into music. In Feb, the blockchain platform vowed to power the Opulous platform that connects investors with music artists. The platform claims to be the first-ever DeFi offering backed by music as an asset class.
Opulous functions as a loan pool wherein artists can borrow from and also contribute. This ensures that artists looking to borrow money will receive a loan guaranteed against their past streaming revenues with the copyrights they own held as collateral. At the same time, artists, and other investors, will also be able to pay into Opulous’ ‘Music Copyright Pools,’ earning 10% per annum on any contributions they make.