Tokenly, a blockchain-based technology solutions company, announced that it will launch the initial trial of blockchain music service token.FM in early May and open a Series A round.
token.FM leverages blockchain technology to address existing media challenges and empower the future of media distribution and fan relationships. It is a direct-to-fan platform where, artists can control their pricing, distribution, and revenue splits for streaming and sales.
“Now, artists can fully control the distribution of their music and see exactly who their most devoted fans are, rewarding them with exclusive perks. Meanwhile, fans enjoy full ownership of the music they purchase and a closer relationship with their favorite artists and fellow music lovers. In the end, it’s all thanks to the power of the blockchain, which we are thrilled to take beyond the stage of conception and concretely apply to direct-to-fan music sales for the very first time,” Adam B. Levine, CEO of Tokenly, stated.
With the platform, fans can support their artists directly and have an exclusive access to artist chats or experiences, ticket or merchandise pre-sales, and more. token.FM enables artists to tokenize any number of songs into a digital package. They can then set their desired terms for release, including pricing and quantity for limited and exclusive releases.
token.FM enables artists to attach perks including access to private chats, merch discounts, VIP experiences, among others. Also, it provides fans that purchase album via token.FM both true ownership of that album and its associated perks.
