Vezt, the first music marketplace that is powered by blockchain technology recently made their first payment. The payment was made to producer and songwriter Chuck Inglish. He received a cheque of $8,272 recently. This is after he gave fans a royalty interest for his rights to the songs “Gees” and “My Hat” that were recorded by Mac Miller. Via Vezt, over 100 fans contributed $8,272 for a portion of the revenue stream for the songs in 30 days.
The Vezt App
The app recently launched on Android and iOS. It has seen major organic acceptance with conversion rates for this app over 10%. Besides that, over half of the users have bought into various Initial Song Offerings.
Chuck Inglish chose to list right to two of his songs on this app after he met the Vetz team. He was hoping that this would help him to cover a huge portion of his monthly expenses. The titles were sold out in less than 30 days after being listed. This led to the $8,272 payment by the app.
Since then, he has listed various other rights to songs on Vetz. The company collects the payment from digital platforms, record labels, publishers, and performing rights organizations in over 135 nations globally.
Chuck was raised in Mount Clemens, Michigan. He and Sir Michael Rocks make up the Cool Kids hip-hop duo. When he reached 18, he moved to Chicago. He studied at Notre Dame High in Harper Woods, Michigan. During his time there, he was an active member of the basketball and football teams.
He and Sir Michael Rocks met in 2005 through a beat posted on MySpace by Chuck. The two met to discuss the terms of the sale of the beat. They eventually ended up recording for two hours.
They have done tours in the US and Australia as well. They have even been able to collaborate with major names in the hip-hop world such as Lil Wayne. The pair has also had a lot of success with their songs being featured in major video games such as MLB 2K8.
Vetz is an app powered by blockchain technology. It lets fans of music acquire a small percentage of the royalty from the songs they like. An artist is able to monetize his rights whether they are a publisher, master, or songwriter rights. This is done within 30 days inside the Vetz app. The right can include income from radio plays, digital downloads, digital streaming, TV and film placement, and performance. In short, the percentage will be from all income sources around the world in over 135 nations. Rights for songs are sold via ISOs or Initial Song Offerings. Fans get a date and time when they can purchase the fractional rights to a song.
The core team behind the app comprises of experts from the fields of entertainment, finance, and tech. These are all people who have decades of experience in marketing, product design, and development of products.