A new music marketplace headquartered in Solana, California, has launched with the goal of tokenizing royalties.
Solo Music, a Nashville Tennesee-based music platform, is releasing the Solana Network’s first-ever music marketplace where artists can monetize works in NFTs. They will begin including tokenized royalties in the upcoming months.
This announcement by Solo was made recently after DJ 3LAU declared the launching of the Royal Platform that would tokenize song royalties. And anyone would be able to buy and trade these royalties. The Founder and CEO of Solo Music, Baron Solomon, intends to compete on this front before anyone else. This move would lower barriers and allow entry to most people with no experience in crypto or blockchain.
Solo and Solona Partnership
Solo has promised to support Solona network’s wallets, Phantom and Sollet, as then fans with no previous crypto wallets would get to use the platform by using Solona wallets. The NFTS can be purchased in dollars using a credit card.
App Charges and Cost Range
Solomon stated that they would begin by charging users about $10 to $20 for an NFT, as an introduction to the page. After they have settled and discovered blockchain for the first time, they would slowly begin getting interesting in tokenized royalties or checking out more speculative things.
Phasing and Planning
In Solo’s launch, tokenizing royalties is known as “phase three” following NFTs (second phase) and concert ticketing (first phase). Solomon added that although it may not like tokenizing royalties as it is troublesome, it sure provides legal hurdles. Solomon ended by saying that there is a lot of work in hand, not only at Solo but also at the Royale Platform. He also said that the completion of the project would set a new standard on blockchain.