We love music. We follow artists. Music is the most popular art form. Ironically, music is the most undervalued art form. For the 99%.
With CDs, music was about “copies.” With the Internet, music is about “streams.” All about numbers. A.I. only exacerbates this.
Technology shaped Industry. Industry shaped Music. CDs and the Internet shaped Music to be all about numbers. Streams and Socials.
But Music is Art. Art is not about numbers. Authentic Art with Intrinsic Value. Not Numbers and Clout with Fleeting Value.
With Blockchain, we can redeem Music as Art. New Technology, New Industry, New Music. Let's create Music we want, not what we inherited.
We will, Ourkive
For any secondary sale on Ourkive, Artists receive 10% of the Sale Price as an Artist Royalty and Collectors who listed the item (”Buyers”) receive the remaining 90%. Artist Royalty is not only the manifestation of the Collector’s patronage but also what enables Artists to continue creating great, enduring music.
Before the advent of NFTs, the process of paying royalties was often closed information, with little transparency about how and from whom Artists received their payments. NFT and smart contracts change this upside-down. With Ourkive’s smart contract, NFTs can permanently record ownership from the outset and enable the direct transfer of royalties, fostering a direct relationship and engagement between Artists and Collectors.
Collectors are an integral part of the Ourkive community. With Collectors, Artists can create music as a piece of art instead of being attached to the number of streams, followers, etc. This is why Ourkive proposes and ensures Collector Royalty.
Below is Ourkive’s royalty structure. For their early patronage of music and contribution to the Ourkive ecosystem, the first three collectors are rewarded a Collector Royalty. Among them, First Collectors receive the greatest reward, a permanent royalty of 1.5% of the Sale Price.
This is the percentage of the listed Sale Price allocated to the Artist.
This is the percentage of the listed Sale Price allocated to Ourkive. There is no commission for any secondary sale on or outside the Ourkive marketplace.
For any purchase from the Ourkive marketplace, collectors pay a Collector Fee, 3% of the Sale Price. As demonstrated above, the fee is distributed among previous collectors of the purchased piece and is handled by the smart contract.
Platform Fee
Before there are three collectors of a purchased piece, the remainder of the Collector Fee is retained by Ourkive as the Platform Fee, as demonstrated above. Once there are three collectors, the entirety of the Collector Fee is allocated as Collector Royalty.