One of the music rights app that has been developed on the blockchain technology, Vezt, has just announced that they sold their royalty interests on The Weeknd and Beyoncé songs much faster than any other song that they have on the application. The Weeknd was able to raise about $20,000 on the song ‘Can’t Feel My Face’, this happened in just 12 hours. On the other hand, ‘I Been On’ by Beyoncé was able to raise about $25,000.
Thus, with such amounts being raised has made them the fastest royalty sell out on the Vezt.
The songs have topped in Royalty sales
The company had conducted an ISO, Initial Song Offering. This is where the music fans on the platform are allowed to give the songwriters, artists, producers, publishers and the labels to get an advance. It will be an exchange for the right to collect some of the royalties’ payments over a while.
Since the ISO for both songs, the company has been able to raise considerable amounts of cash in just a few hours. The Vezt app was launched back in September last year, and ever since the company has been able to complete more than 12,000 music rights.
There Should Be More ISO On More Songs In Summer
The Vezt is based in Los Angeles, and they are planning on rolling out more ISOs for the hit songs in summer.
At the moment, the company has taken the necessary steps to onboard rights from the independent artist in the industry. They will also do the same with record labels, publishers and even the songwriters.
With the kind of success, the company has been able to gain from the two songs, it has given them the needed popularity to be a new fundraising model that is made accessible to the music fans.
The songs by The Weeknd and Beyoncé have been the fastest growing on the platform, but this is not all as the company has been able to record a single sell out for some songs by independent artists.
Vezt has been considered to be the very first music mobile app based on the blockchain technology that has been designed to allow users to purchase royalty interests on songs together with recordings easily. They have ensured the app is made available for both iOS and Android devices.
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