Sasha Nicolai Canal
May 23, 2021
It is no secret to anyone that the music industry is a network of intermediaries who suck the income of the artists, leaving them at the end a minimal fraction in return for their creations. Slovenian DJ and producer Garmatik got tired of this and decided to launch his own cryptocurrency.
As he told the BBC:
The Blockchain protocol is better known as the structure that allows Bitcoin to work, but it is much more than that. It is a disruptive technology that is changing the world as we know it, helping different industries to closely monitor each transaction that takes place in their respective ecosystems and increase their efficiency by automating the nodes that intervene in the different processes .
Singular DTV, is an entertainment studio built on Blockchain. According to their website, they are laying the foundations to decentralize the entertainment industry, allowing artists to manage their intellectual property, financing and distribution of their products or services to their audience from a single point.
Garmatik partnered with this organization to build on its Dapp (decentralized application) based on the Ethereum system, an artist's first cryptocurrency, GRMTK. In the words of the producer:
At the end of November 2017, this Token was launched. In the first 24 hours, it raised $2.4 million from its followers and investors. The owners of this token fundamentally own shares of the Slovenian producer's project, have a voice and vote in it and share the profits it produces.
If we talk about new ways to manage an artist's career in the music industry, Blockchain will definitely cause a lot of headaches among the big traditional players in the business.