Ting Tech LLC Expands NFT Music Ecosystem in Collaboration with California-based Royalties Marketplace App Vezt
Connecticut, USA; 21 May, 2021 — Ting Tech LLC announces today the development of its second ‘NFT’ music marketplace in collaboration with fractional song royalties platform, Vezt. The joint-venture is planned to go live June 30th, 2021. Vezt has successful launched hundreds of licensed Initial Song Offerings (ISO™) featuring royalty rights from both established and independent artists, producers and songwriters — collecting song royalties from performing rights organizations, publishers, digital platforms, and record labels in more than 135 countries.
The first-of-its-kind NFT platform will be home to an array of different digital assets for the purpose of monetizing unique musical content. The launch will be centered around exclusive digital assets combined with tiered customizations based on scarcity. Following this, will be the release of song royalty rights NFTs, giving investors the ability to participate directly in song royalties. More details will follow including the participation of a world renown artist and what to expect in their first ever NFT drop.
Every year, billions of dollars in music royalties go unpaid to artists due to inefficient and laborious processes involving global payment systems, fragmented vendors and archaic software platforms. It typically takes about 9–12 months for artists to receive their first royalty payment, often with limited insights on the usage of the music. Blockchain powered NFTs can finally enable the music industry to operate with more transparency by tracking and automatically updating artist’s revenue streams, showing investors exactly where the money is coming from, including licensing, streaming and performance royalties.
Vezt Co-founder and CEO, Steve Stewart, mentioned, “Building on Vezt’s success in providing an accessible and transparent means of monetization through ISOs (Initial Song Offerings®), this joint-venture is the culmination of real innovation that represents a point of evolution for the industry as more artists, famous and independent, explore the real potential of NFTs, and fans participate in the actual royalties of their favorite songs.”
Vezt is available in both the iOS and Android app stores.
About Vezt Inc.
Vezt is the first mobile app where music fans can share royalty rights for songs and recordings by artists they love. Vezt is changing the music industry by providing artists, songwriters, and producers with funding sourced directly from their fans on a global basis. In exchange, fans receive royalties earned by their favorite songs and recordings. Vezt distributes these royalties to participating fans from performing rights organizations, publishers and record labels and employs proprietary blockchain technology to track the transactions.
About TingTech LLC
Ting is at the forefront of audio-powered experiential tech to create unparalleled interactions between the user and their environment while staying true to brand values at its core. Our digital bridge to customers increases the contact points with your audience and monetizes their participation through televised programs, online content or live events.