Vezt, found online at Vezt.co, uses blockchain technology to provide transparent royalty income to artists. Find out how it works today in our review.
What Is Vezt?
Vezt allows artists to sell shares of their song to music fans. Music fans can share ownership of songs with their favorite artists, then everybody earns tokens through royalties.
The slogan of the company is “Invezt in your playlist.”
Overall, Vezt uses blockchain technology to track and collect royalty income transparency. It offers a true marketplace for songs, and gives artists the opportunity to make a living and continue doing what they love to do – make music.
The project was announced in September 2017. By October, the company announced it had already acquired the rights to songs by Jay-Z and Kanye West. The token sale is scheduled to begin on November 3, with an MVP launch occurring before the end of 2017.
How Does Vezt Work?
Artists and rights holders choose how much they’d like to raise from a part or fraction of their song. They also set the reversion term as well as a date for their “ISO” – or Initial Song Offering. Here’s how the process breaks down:
- Rights buyers (including fans, music professionals, and brands) on Vezt purchase song rights during the ISO, and the artists receive funds credited to their account immediately
- The song’s rights information is encoded onto Vezt’s blockchain
- Song royalties are collected from performing rights organizations (PROs) in 137 countries worldwide, as well as STEM.is, which aggregates digital performance royalties from Spotify, iTunes, YouTube, Pandora, etc.
- Vezt transfers earnings back to the artists and to anybody who participated in the ISO; this creates a new marketplace “with no limits on new and exciting music artists will create”
Overall, the platform is designed to appeal to three core parties, including music fans, artists, and rights buyers. Music fans are anyone who likes a particular artist or wants to participate in their success. Artists are those who produce the music and want to access new income streams. And rights buyers are music industry professionals (producers, promoters, managers, etc.) or investors who want to earn money by identifying rising artists.
Vezt emphasizes all of the following benefits:
- Fans, friends, rights buyers, and brands can partner with artists on a song-by-song basis; you can share directly in the success of one song, or gain a share of an artist’s entire IP
- Artists can access an equitable, transparent platform to easily monetize new or existing songs
- Vezt creates a true marketplace for songs where tracking and collection of royalties and licensing income is transparent and in real time
- Artists have an opportunity to make a living from the fruits of their work without unnecessary impediments that keep them from focusing on what truly matters – their music
- Vezt strengthens the relationship between artists and those who appreciate their music in a meaningful way
Overall, Vezt’s official website describes that “music is one of the few mediums that can literally transform lives.” By strengthening the relationship between artists, fans, and investors, Vezt aims to allow the music industry to grow in a unique new direction.
Who’s Behind Vezt?
Vezt Inc. is headquartered in Los Angeles, California. The company was formed in early 2017.
They have received pre-seed funding from venture capital firms and individual rights-buyers, including Binary Capital and Global Trust Group.
Vezt’s team consists of a team of engineers and designers with deep backgrounds in blockchain, UX/UI, and design.
Key members of the team include Steve Stewart (CEO and Co-Founder), who has 25+ years of professional music industry experience. He previously worked as CEO of Steve Stewart Management, where he negotiated and secured publishing contracts on behalf of 20+ recording artists, negotiating with companies like Sony Music, Warner Bros. Records, and Atlantic Records, among others. Stewart is also known for being the former personal manager of the Stone Temple Pilots. He managed their career from their inception through to their fifth major album release.
Other key members of the team include Robert Menendez (CFO and Co-Founder), who has 15+ years of management experience, and previously co-founded the crowdcasting app SURKUS. Josh Smith (CTO) and Paul Novoa (CCO) are also listed.
In October 2017, Vezt announced that it had acquired the rights to “All I Need” by Jay-Z and “Devil in a New Dress” by Kanye West.
The VZT Token
The Vezt platform revolves around use of the VZT token. That token goes on sale on Friday, November 3, 2017 at 0400 UTC. That token generation event (TGE) is available to all non-US purchasers.
VZT tokens are ERC20 tokens built on the Ethereum blockchain. There’s a maximum hard cap of $15 million during the token sale.
100% of each token purchaser’s VZT tokens can be used on the platform to purchase song IP after the launch of the platform.
Vezt expects to have a fully functionable MVP by the end of Q4 2017, with a public beta launch by Q1 2018.
If Vezt is successful, then it could change the music industry as we know it. People who spot a great song early can participate in the ISO, then make money if that song goes viral. Royalty earnings are transferred on the blockchain.
Overall, Vezt allows fans to play a role in an artist’s success. Artists can access new income streams, while music managers and investors can diversify their portfolio.
To learn more about Vezt and how it works, visit the platform online today at Vezt.co.