Non-fungible tokens (NFTs) are set for long-term recovery following the current ‘Crypto Winter,’ with Nansen’s NFT-500 index up 49.9 percent from last year and the market’s worth set to be $122 billion by 2028.
AudioSwim, a blockchain-based digital music ecosystem, is leading the NFT bounce back in the Middle East and North African region by releasing the Rym’s ‘Dime Porque’ Arabic/English remix track that features SKALE as a Royalty-powered NFT and a standard streaming release.
SKALE is the only blockchain in the Ethereum Ecosystem that can directly hold files on the chain.
The summer-time Arabic/English track will be one of the first music NFTs released in the region and is destined for crossover appeal due to Rym and SKALE boasting over a million followers on Youtube and Spotify alone.
AudioSwim allows artists and fans to buy and sell NFTs and music royalties globally. Music and tech entrepreneur Albert Carter, AudioSwim’s founder and CEO, set up the company to support independent artists, record labels, and fans by helping them make money through music streaming, while cultivating an authentic fanbase.
AudioSwim is one of the first platforms in the MENA region to release music NFTs and has teamed up with Mackie Entertainment to offer management services and talent contracting.
The current release ‘Dime Porque’ NFT remix is the second release that they have collaborated on, with more releases and various high-profile global festivals to come. The remix comes as the market recovers following the ‘Crypto Winter.’
The NFT bubble was always going to burst, but even so, the crash was spectacular as the ‘Crypto Winter’ enveloped the markets.
First quarter sales in 2022 dropped by 24 percent from a high of $2 billion this time last year when global lockdowns helped make ‘NFT’ the most searched term in the world. And that crash was mirrored in the crypto world, with Luna imploding and Bitcoin dropping to an 18-month low of roughly $20,000 in June.
But that correction has led to many industry insiders predicting the green shoots of digital recovery already showing in the NFT market.
The long-term market is set to be worth $122 billion by 2028 at a compound annual growth rate (CAGR) of 34.10 percent while some predict that Bitcoin will hit an all-time high towards the end of the year.
AudioSwim is perfectly placed to capitalize on that growth, offering a new way of music distribution which taps into the current NFT trends while giving artists and fans an interactive, community-driven platform to share their music.
AudioSwim’s Carter says their technology will create new ways for artists to make money.
“We launched AudioSwim to leverage blockchain technology to offer exclusive content, royalty sales and more. These will create new ways for artists - and fans -- to monetize their content,” Carter told Al Arabiya English.
“We are selling a portion of the royalties for the song ‘Dime Porque’ Remix that will allow fans to invest in the song directly. The NFTs will be directly linked with the royalties to be sold at .5 BNB (Binances coin). We will also have traditional royalties for sale of the song where you can purchase the royalties from the company,” he added.
Carter is a huge supporter of music and technology in the Middle East. He launched AudioSwim to solve some of the biggest problems in the industry.
“The company means a lot to me because of the opportunity to help push the music industry forward. As a former artist and music manager, I understand how difficult it is for artists to gain popularity and monetize their fan base.
“What we provide is a solution to common problems in the music industry as a whole. Instead of being controlled by record labels, we help artists get their fans involved in the action by allowing them investment opportunities.”
The Crypto Winter might have reset some of the hype around NFTs and decentralized blockchain networks, but with the green digital shoots of recovery starting to appear, music NFT projects are once more finding the right audience.
With the MENA music streaming economy set to be worth $22 million by 2024, AudioSwim, Rym and Skales agree that now is the right time to grow that audience and bring new revenue streams to artists and the industry.
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