7digital venture to offer artist non-fungible tokens

Digital music technology company 7digital said on Thursday that its eMusic Live joint venture would become the first music livestream platform to offer artist non-fungible tokens (NFT) alongside ticketed events running on the platform.

  • 7Digital Group
  • 01 July 2022 17:18:56

Source: Sharecast

The AIM-traded firm said the Aces, performing from Los Angeles' Conway Recording Studios as part of LA Pride on 15 June, would become the first band to offer NFTs on the platform.

A total of 300 tickets sold for the event would come with a free, limited series NFT.

Additionally, the livestream would make use of the range of other commercial and engagement tools available through eMusic Live.

The company described NFTs as “digital collectibles”, that are created and sold using the security of a blockchain ledger.

NFTs can be music, artwork, tickets or other assets that are created, licensed and authenticated by the artists.

7digital said NFTs on the eMusic Live platform would be available on the Ethereum sidechain Polygon, (formerly Matic), which would support the NFTs with “minimal” energy consumption making it environmentally friendly.

Typically, fans participate in auctions for NFTs and the highest bidders receive the content in a secure transaction.

In such exchanges, artists could auction off content and keep all of the money raised as the transaction was conducted directly between the artists and their fans.

“We are pleased to see that eMusic Live, our joint venture with eMusic, continues to innovate and use cutting edge technology to support artists in directly engaging with their fans,” said chief executive officer Paul Langworthy.

“We were already giving artists the only end-to-end monetisation platform offering engagement, sponsorship, merchandising and direct chat experiences.

“By adding NFTs - an industry first - we are leading the way in the evolution of digital merchandising: allowing fans to own genuine content and substantially increase artists' monetisation ability.”

At 1523 BST, shares in 7digital Group were down 0.57% at 1.32p.

N/A

Isin: N/A
Exchange: N/A
Sell:
N/A
Buy:
N/A
Change:
Date:
Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account or Share Dealing ISA, we've got an account to suit your needs.

Lloyds Bank is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Logo Web Financial Group

The information published on this website is accurate to the best of our knowledge. However, we do not assume any liability whatsoever for the accuracy and completeness of the information and any reliance you place on such information is at your own risk.

The information contained within this website is provided by Web Financial Group, a parent company of Digital Look, unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation.

This is a solution powered by Digital Look Ltd incorporating their prices, data, news, charts, fundamentals and investor tools on this site. Prices and trades are provided by Web Financial Group and are delayed by at least 15 minutes.

FE fundinfo Logo

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

Broadridge Logo

The data provided on the website by Broadridge is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. Broadridge makes no assurances or warranties, expressed or implied, as to the accuracy, timeliness, fitness for purpose or availability of the mechanisms by which we receive, store and/or distribute the data. Any views and opinions made on this website do not represent those of Broadridge.

Factset Logo

Copyright © 2022 FactSet UK Limited. All rights reserved. Terms of use