360X Music AG, in cooperation with the German collecting society GEMA, issues regulated security tokens for music royalties.
360X Music AG and GEMA are issuing regulated security tokens for royalties from music authors. Security tokens are digital assets that comply with applicable securities regulations.
The tokens contain royalties collected by GEMA from the film score composer Hans Günter Wagener. Wagener’s works are popular in Germany and frequently feature throughout film and television. The offer is exclusive to the German market.
The tokens will be traded on the BaFin-regulated marketplace 360X. The digital platform hosts blockchain-based security tokens for alternative asset classes including music, art and real estate.
The issuance is allowing investors to engage with music royalties and indirectly participate in music rights. It enables alternative financing models for stakeholders in the music industry while maintaining control for rights holders.
The music industry meets web3
360X Music AG and its subsidiary twelve x twelve are members of the 360X Music Group.
Twelve x twelve is a blockchain-driven community platform for web3 campaigns and metaverse events, on which music is converted into non-fungible tokens (NFTs). It has launched web3 campaigns for artists such as Haftbefehl, Portrait XO and Till Lindemann.
“We enable the music industry to access new markets in web3,” explains Jan Denecke, CEO of 360X Music AG.
“In the future,” he continues, “investors will be able to invest directly in artists, authors or publishers and participate in their success.
“Our goal is to enable fans as well as investors to safely invest in the music they love. This way, they will also be able to participate in the success of their favourite artists.”
GEMA CEO, Harald Heker, adds: “Security tokens offer rights owners and music creators opportunities to enforce their copyrights and tap into new funding sources.”
“Security tokens have the potential to change the music market from the ground up,” he continues.
Confirming this, Carlo Kölzer, CEO of 360X, says: “The last months have clearly shown us how important regulated and thus reliable marketplaces are. 360X sets a new standard for investments in alternative assets.”
Image and article originally from thefintechtimes.com. Read the original article here.