NFTS AND SMART CONTRACTS

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Description

By using blockchain technology, The Musiverse will help creators keep track of their content and how it is used throughout the music industry. By publishing their songs or albums as a Non-Fungible Token, it is accounted for on a ledger with a unique ID and timestamp in a way that is effectively unalterable.

In essence, this solves the well-known problem of illegal music downloading, copying and/or modification. Each record can store metadata containing ownership and rights information in a transparent and immutable way for everyone to see and verify. This ensures that the rights owners get paid for the use of the content.  Creators can now set “smart contracts,” lines of code written for each NFT that automatically execute behaviors, such as giving the creator a cut of the resale total (typically 10% to 25%) each time the token is resold in the future.

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