Music Video Released as NFT (Stardust by Uzair Merchant)
From the Press Release –
“Shot entirely on an iPhone in Dubai, Vancouver and India, Stardust is the original soundtrack to the
upcoming Sci-fi show Black Rose, written and created by Uzair Merchant, directed by James
Bamford (Producer/Director of blockbuster TV show Arrow) and Produced by bKreativ Productions in
Vancouver.”
“Stardust music video will be minted as an NFT and be offered for fractional NFTs at Finhaven Private
Markets. Fractional NFTs are deemed securities and Finhaven Private Markets is a security token
marketplace based in Canada, offering a regulated trading environment for investors.”
“DH Kim, CEO of Finhaven says: “NFTs will present many innovative possibilities beyond traditional
asset ownership and Finhaven is well-positioned to provide the technology solution and the compliance framework required for investor protection and a better user experience. Most importantly, we are thrilled to work with Uzair Merchant and James Bamford, both talented film artists based in Vancouver, Canada to expand the territory of the film industry by leveraging blockchain technology, Virtual Reality, and Augmented Reality.”
The makers also say,
“Till now – no music video’s have gone through a legal securities channel to make into an NFT – this is brand new and one of a kind art piece.”
Here are some snippets from my email Q & A with the makers,
What is a Security NFT music video?
Offering an NFT as securities is a brand new concept within the capital market industry. We’re creating history with this. DH kim from Finhaven, also our partners, are the ones bringing this new kind of investment opportunity into the market.
Usually you can invest in securities or commodities within the capital markets, and now ART/Music/ Film will be able to benefit from this.
We are going to offer Investment into the music video – via the securities commissions of Canada.
What are the benefits of NFT music video over a regular music video?
It’s a new way to not only monetize but also raise money for artists. Besides that – with the NFT world valued at 1 trillion dollars – this music video will hold legal proof of it being an NFT where the owners can earn off.
What are NFTs?
NFTs are non-fungible tokens – it’s a format that operates on the blockchain. This blockchain tech – is what web3 is all about. It’s the application of smart contracts.
My views –
NFTs are a bit like stocks & securities in the capital market. Till now, people could not own or partly own creative assets like digital images, music, videos, movies (here is an example), etc. But with NFTs, they can.
Whether they treat it as a collectible (merchandise), monetize it by distributing it, or get a share in the profits (royalty) depends on the type of agreement and the percentage of ownership. These ownership agreements are stored as NFT smart contracts in the cloud, the details of which are non-erasable, secure, and distributed over a blockchain network.
NFTs are going to offer a new monetization stream for creators, and will perhaps decentralize (share) the production and ownership costs in the future.
The Stardust music video is one of the first to offer investments into the music video in the form of NFTs, thereby kickstarting a new trend in music videos, which I guess will be followed by many more such ventures for creative projects – in the future.
Disclaimer: This information is based on the press release and interaction with the creators and rights holders of this music video. This website has not checked the authenticity of the information mentioned in this article. This post is not to be considered as an endorsement for anything (eg. NFT, Crypto) related to the info mentioned above.