Songwriter and producer Chuck Inglish has received the first payment from blockchain music marketplace Vezt, which enables artists to monetise the copyrights pertaining to songs.
Inglish received US$8272 from Vezt in relation to his songwriter rights for the songs Wear My Hat and Gees, recorded by artist Mac Miller.
Vezt is a blockchain-based music app that allows artists to monetise the master, publisher or songwriter rights of any existing title within 30 days, by giving fans the opportunity to acquire fractions of the royalty income from their favourite songs.
By using Vezt artists can turn royalty rights into income from digital downloads, radio plays, digital streaming platforms, public performances, film and TV placements among other revenue sources, across more than 135 countries.
The app was recently launched on both the Apple (iOS) and Google (Android) platforms.
Vezt said organic adoption of the app had been ‘surprising’ with conversion rates in excess of 10 per cent, with more than half of users reportedly buying into multiple Initial Song Offerings (ISOs).