KOLO.Market: How to use classical music and blockchain technology to add value to music NFT collections?

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KOLO MUSIC NFT
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KOLO.Market: How to use classical music and blockchain technology to add value to music NFT collections?

WIth visual artists and celebrities entering the digital art collection (NFT) market, and the enthusiasm for GameFi has coming in the second half of 2021, we witnessed heavyweight NFT projects one by one. The music digital collectibles market is also continuing to gain momentum, according to Footprint Analytics data shows that the music NFT market share currently accounts for 0.11% of the NFT market, which still has a vast space.

Despite being in its growth period, the music NFT is earning revenue. In early 2021, electronic music producer 3LAU earned a sizable seven-figure income from its music NFT, with 0.15% of its music royalty income also distributed to the holders of that NFT. This shows that NFT has been particularly noticed among Generation Z and has become a way to connect with artists.

Artists and music companies are joining NFT one after another
It is still under the influence of the new crown pneumonia epidemic, concerts and various events have been suspended or online in 2021. Musicians and artists from all genres under this influence have moved one after another, and some artists and ensembles from the classical music industry have also entered the NFT.

KUKE.US, a Chinese classical music resource platform, has also established a blockchain division. The blockchain division will use blockchain technology to validate, license and protect digital music rights and has already invested in incubating its own NFT platform, KOLO.Market.

According to the official news, KOLO.Market released Unique NFT based on existing music works minting, using the British auction way for sales; at the same time, it is committed to solving the decentralized, traceable and temper-resistant properties of music in the blockchain, solving the problems of copyright confirmation, rights maintenance and management, improving the efficiency of royalty payment and protecting the rights and interests of musicians. The sound quality of all works is audiophile-grade sound system, which will bring users unprecedented high-end audiovisual enjoyment and a unique NFT pioneer collection experience.

NFT application will leverage the classical music rights resources of KUKE and its global strategic business partner, Naxos Music Group, to further enhance transaction liquidity, platform interoperability and convenience of sharing digital music assets.

Quality content drives NFT market craze

Music is a kind of universal user experience. According to statistics, the global music industry will reach $21.6 billion in total revenue by the end of 2020, growing at a compound annual growth rate of 7.4% for the sixth consecutive year since 2019. Despite the industry's seemingly successful performance, it still faces a lot of problems. Many music artists have difficulty getting traffic in the industry, talented musicians are not paid fairly, and more importantly there is a scarcity of quality content.

If we consider music NFT as a common commodity, for a market to start quickly and have a healthy and sustainable growth cycle, it is crucial that demand and supply grow together to drive the overall market volume. In addition to market enthusiasm, the growth in demand also requires the commodity itself to bring emotional or practical value to the consumer, values that cannot be achieved without quality artists and high quality music productions.

As the incubator and investor of KOLO, KUKE.US is dedicated to spreading classical music. At present, it has millions of music works licensed by international famous record companies and classical labels such as Naxos, Marco Polo, Capriccio, Grand Piano, Ondine and Orfeo. It is said that the million track library already contains most of the world's classical music works and versions as well as unique ethnic music from hundreds of countries and regions. The library has also been used by well-known movies such as "La La Land", "Kingsman", "The Great Gatsby" and other familiar movies.

KUKE.US introduces domestic music content from Naxos Music Group, with whom KUKE has a long-term strategic partnership. If the Big Three have reshaped the pop music scene, Naxos has turned the classical music scene upside down. As the world's largest independent classical music label, its vast library and the breadth of works it covers gives it more unique copyrighted content. In addition, Naxos' million dollar library of quality music has won numerous awards such as Grammy Awards, Gramophone Classical Music Awards, BBC Music Magazine, and many works have been chosen to score Oscar-winning films or commercials for well-known brands.

Market's first album was sold at 9 times the starting price; the digital art collection album "Spring Festival Overture" was put on the shelves on the occasion of the Chinese New Year, which attracted widespread attention in just a few hours of release, and all previous auction albums were sold at a value exceeding the estimated price, works with collection value can undoubtedly bring more income to the artist or enterprise.

Currently, releasing music NFT has become a trend in the music industry, with Kings of Leon expecting 70% of their music albums to be released as NFT in the next decade. From ownership to copyright, from player collection to player investment, from physical to financial, the music industry has a whole new way of composing production relationships. nft has given the music industry a vibrant force, allowing more possibilities for the spread of music, and the spread of meaning is disruptive. For the market size and growth rate to see music NFT does have more imagination, classical music NFT collection is also being recognized by more and more collectors, its long term value is worth waiting for.
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