Bolero Paints Bright Future for NFT-fueled Music
Bolero’s founders believe they have conclusive evidence that Web3 music has a solid future after launching their brand-new “Song Share” for musicians.
The business idea of the French startup gives fans micro-ownership over an artist’s work, enabling them to get a cut of any earnings the song brings in.
Bolero, co-founder and CEO William Bailey, reported a 9.2% return on investment in revenue from streaming, downloads, and YouTube views for a music video from February 1st to April 30th. The experience confirmed the potential for investing in previously released songs, opening new opportunities for artists’ catalogs. Agoria, a French techno DJ and producer, contributed to the “Song Shares” launch by composing a new song specifically for the event and distributing royalties to collectors of his NFTs. Web3’s potential to change the music industry is significant.
(With inputs from Shikha Singh)
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