The veteran Spanish record label Satélite-K bet on blockchain technology and NFTs in the Sevillian singer-songwriter’s next production Mario Palma. For this new adventure, the seal Barcelona record label, founded in 1997, has partnered with the platform Staxe, a Fintech / DeFi project founded in 2018. Staxe hhas developed a model based on blockchain technology to invest in music productions, which combines smart contracts and NFTs. It is a pioneering model in Spain, which has already been successfully tested in the US market.
Satellite-K, NFT and Mario Palma
The agreement between both companies will allow any user to invest in the music of the record company. Mario Palma will be the first in a series of musical projects seeking funding to launch their products. In the case of Palma, the production tokens will be launched at a launch price of € 100. These tokens can be bought by anyone who wants to invest in the new songs of Mario Palma, receiving royalties every time they are heard on platforms of streaming, radio, TV, movies or games.
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The procedure is as follows: Staxe will offer 40 tokens at € 100 each, through its platform. The 40 tokens give rise to the right of 25% of the profit of the production. The revaluation of the tokens will occur through the income generated through streaming. For example Spotify. But also physical sales or synchronization rights. All this, backed by the production of Juanito Makandé and Satelite-K as curator and label and distributor. It should be remembered that Palma surprised the market with its debut with the song “Llora si. you have to cry »(2020). A creation where it brought together flamenco-fusion, jazz and urban music airs.
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A new investment and financing model
Luis Martínez, CEO of Staxe, indicates that the novel model of music distribution through NFTs offers unprecedented possibilities to artists, producers and music labels. From monetizing the income of their productions in advance, to generating future royalties for the resale of said NFTs in secondary markets. Or exploit your image rights in the metaverse. Enric Pedascoll, Director of K-Satellite, believes that eThe success of blockchain technology and NFTs in the art world will produce a similar movement in the music industry.
Staxe is a Fintech / DeFi project founded in 2018. The company is a pioneer in the development of technology blockchain for music and culture. Its objective is the integral transformation of the financing and production of music, concerts, festivals or digital art, through blockchain, tokens and NFTs. Today, Staxe allows anyone can invest in musical productions. Staxe’s new music investment platform will be launched on December 10, coinciding with the sale of the tokens from the creation of Palma.