With this integration, investors can now purchase music assets in the form of tokens, as well as collectible music NFTs minted on Algorand
The Luxembourg-based ANote Music marketplace, which makes it possible to invest in royalties from the music sector, announced yesterday that she had integrated her platform into the Algorand blockchain. It will therefore rely on Algorand’s technical capabilities to provide blockchain-based solutions to its users.
Founded in 2018, ANote Music creates a bridge between the music industry and capital markets by enabling artists, record labels and publishers to sell music rights to investors.
The integration introduces the possibility of tokenization of musical assets. Investors will now receive tokens from new music catalogs listed on the platform, said tokens entitling their holders to a share of future income streams. It will also provide artists with greater possibilities such as better access to rights and better SEO.
Grégoire Mathonet, co-founder and CTO of ANote Music, explains: “ Algorand offers the resilience, security, speed and low costs that we were looking for. The ease of traceability of registered receivables is certainly another added value for users of our platform. The various integrations made possible by ‘logical transaction signatures’ are a huge step forward towards using blockchain in real business solutions and we believe this is just the start of a huge evolution within music industry “.
The platform will also feature a non-fungible token (NFT) area where music lovers can purchase collectible NFTs directly from their favorite artists. These will be minted on the Algorand blockchain and investors will be able to store and manage them in their Algorand wallet.
Not only does Algorand’s blockchain architecture facilitate fast and cheap transactions, but being able to hit NFTs on Algorand requires much less energy than on Ethereum, which still operates on the more energy-intensive proof-of-work consensus mechanism. Last month Algorand has also committed to be the most ecological blockchain by aiming for a negative carbon footprint.
Algorand COO, W. Sean Ford, added: “ We are excited to see ANote leverage Algorand’s core Layer 1 functionality as they embrace blockchain-based solutions and reinvent their business model to make it more transparent, more accessible and more inclusive. Algorand has seen a growing interest in NFTs, as creators and the organizations that support them come to understand the critical success factors and advanced technology needed for a sustainable and enduring future. “.