Music NFTs, not quite ready for primetime?
Steve Stewart of Vezt provides his insights on Music NFTs and how they compare with Initial Song Offerings (ISOs), a royalty-based financing system that Vezt provides for artists and fans. Steve also touches upon what's broken with the music industry, and where the industry needs to evolve for a more equitable experience.
Episode 8 of the Onchain Medley podcast, hosted by Laide, Steve Stewart, titled "Music NFTs, not quite ready for primetime?" was published on March 17, 2022 and runs 60 minutes.
March 17, 2022 ·60m · Onchain Medley
Summary
Steve Stewart of Vezt provides his insights on Music NFTs and how they compare with Initial Song Offerings (ISOs), a royalty-based financing system that Vezt provides for artists and fans. Steve also touches upon what's broken with the music industry, and where the industry needs to evolve for a more equitable experience.
Episode Description
In this episode, Steve chats with Laide about Music NFTs, what's broken with the music industry, and where the industry needs to evolve for a more equitable experience for artists and music fans alike. Steve also talks about how Web3 and blockchain play a role in that evolution as well as what he and his team at Vezt are building.
Steve is the CEO and co-founder of Vezt. Vezt provides a digital marketplace for artists and songwriters to share a percentage of a song’s royalties to fans and brands for royalty-based financing through a process that Vezt calls Initial Song Offering or (ISO™).
Topics & Timeline
- 1:45 - Steve's background & interest in Web3
- 7:25 - Why music artists no longer need record labels
- 12:25 - Music NFTs & what most are underestimating with Royalty payments
- 13:57 - Music NFTs versus Initial Song Offering (ISO)
- 20:42 - Why mindset needs to shift around music consumption to ensure artists are properly compensated
- 25:30 - More about Vezt's Initial Song Offering (ISO) Process
- 37:25 - Vezt's switch from Ethereum to Stellar
- 43:35 - Vezt's controversy about customers not receiving royalty payments
- 53:30 - What's next for Vezt?
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