LOS ANGELES, Nov. 30, 2021 /PRNewswire-PRWeb/ -- Vezt - the world's first fractional song rights marketplace has partnered with StartEngine - one of the largest crowdfunding platforms - to offer music royalties to the general public at scale.
Individual songs rights will be featured through Initial Song Offerings (ISOs), a term coined by Vezt, to specify royalty ownership interests in songs, as opposed to NFTs (non-fungible tokens), which have no clear designation and are being used to reference anything from digital art pieces to event tickets.
ISOs will have pro-rata pricing, providing a percentage of ownership tied to the dollar amount of the buyer's choice. This structure avoids issues with auction proxies that have become common on many NFT marketplaces. Buyers can participate on a first-come, first-served basis for as little as $5 and can use all major credit cards to purchase a percentage of royalties instantly.
StartEngine plans to provide a secondary market for ISOs purchased on the platform so that investors may buy and sell royalties on the secondary market. This feature could become a major differentiator, providing potential liquidity for buyers and market demand indicators for each song.
Vezt is currently sourcing a number of individual songs (as opposed to full catalogs) for ISOs, and plans to announce the initial titles with StartEngine in the near future. Some music being considered includes offerings in the pop, hip-hop, rock, country and K-Pop genres.
StartEngine (http://www.startengine.com) is one of the leading equity crowdfunding platforms, and was founded in 2014 by Howard Marks (video game publisher Activision founder, currently at a $75B market cap) and Ron Miller. To date, the platform has raised in excess of $450 million from more than 600,000 prospective investors and has seen 190% year over year growth from 2019 to 2020.
Vezt (http://www.vezt.co) is the first platform to offer fractional song rights, and was founded by Steve Stewart (former Stone Temple Pilots manager - $1B gross revenues) and Robert Menendez in 2016. With 30,000 transactions from more than 250,000 downloads, Vezt has provided more than $800,000 in funding to music rights holders, including independent and established artists, songwriters, producers, record labels and music publishers.
Steve Stewart, Vezt, 1 3107099517, [email protected]