From a .003 cent streaming transaction in Web2 to a $3,000 dollar transaction in Web3 — this is how Grammy-winning record producer “Bassy” Bob Brockmann is changing the valuation of music with blockchain technology.
With decades of experience in the music industry, Brockmann has produced some of the world’s biggest hits, and worked with legends including Prince, Jay-Z, Kanye West, Mary J. Blige, Christina Aguilera, Bob Dylan, The Notorious B.I.G. and more. With over 25 Grammy awards under his belt, “Bassy” Bob has experienced the highs and lows of the music industry, and he has seen the adverse situations music creators have found themselves in behind the scenes.
“Social media does a lot to push out the narrative that everybody is blinged out in the music business,” explains the music producer. “While that may be the case for Jay-Z and Beyonce, that is partially because they write all of their own material and are benefitting from the royalties that come from publishing.”
The recoupment schemes of record companies whose artists were creating billions of dollars in value for major labels left many artists broke.
“I knew something was wrong and that this system was gamed to benefit the labels, managers, attorneys, agents and all the middle men who benefited from this system of exploitation,” says the Grammy winner, who included himself in that system as a well-paid producer and mixer for the big labels.
Watching technology companies take majority revenue as unchallenged monopolies was ultimately distressing for Bob to see. “They are taking the majority of the revenue. In Spotify’s case, it’s 99.997% of the transaction, which is unthinkable at any point in history that any company would take that much of a transaction.”
When Bob discovered blockchain tools a year ago, he decided to take that opportunity to make revaluing music his life’s work.
“A Nfty Tunes transaction by default is a billion times the valuation of a typical streaming transaction. With a completely new architecture for art and a new economic mechanism, Nfty Tunes places the value of the artist at the top of the pyramid.”
Bassy Bob, Founder of Nfty Tunes
The music veteran goes on to say that he is not trying to bring about the demise of record companies or Spotify, but rather trying to provide an alternative to artists in the realm of the marketplace.
Watch our latest episode of The Blockchain Hustler to hear “Bassy” Bob’s full interview about how blockchain technology is revaluing music for artists.
NFTy Tunes held their first live minting event with The Wanderers for their first ever live concert experience at Future Shape 360 in Denver on Sunday night.
