When the music industry’s NFT craze hit its fever pitch earlier this year, it seemed nearly everyone was rushing to mint the crypto-collectibles in one form or another. The non-fungible tokens, known colloquially as their acronym “NFT,” have captured the industry’s fascination in 2021 for their promise of fan engagement and a new source of income. After an already difficult moment for musicians, with nearly all touring canceled or at limited capacity due to COVID-19, this use of cryptocurrency became a welcomed and fast-growing opportunity.
The UAE is no stranger to this digital juggernaut. For the uninitiated: Non-fungible tokens are digital collectibles that are created (“minted”) and sold using the security of blockchain, a publicly accessible ledger that tracks and records transactions. NFTs can be artwork, tickets, music, trading cards, or other assets which are unique and not easily exchanged.
The collaboration with Dolby and Anghami came about fairly organically.
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AudioSwim being the only digital music distribution platform in the region, aims to transform the landscape of music distribution with its pioneering features. "We’ve updated our platform to be more user-friendly. So it’s a faster loading time. Easier to use, more engaging, we are still in the process of developing our artists' app but there even using the mobile from the website is more engaging," Carter explains. "We have more options for artists and our relationship has improved with the DSPs for playlist pitching. We’ve patterned with Blockpool (the company that released Bjork’s crypto album) to start out blockchain and NFTs.
In another interview, Carter explains that this technology will allow "artists to earn crypto, which can be converted to cash, directly from the royalties paid on the songs from the artist catalog."
artists to earn crypto, which can be converted to cash
The challenge of moving to a digital medium would not be entirely smooth-sailing but culture-shifter Albert Carter braves the tides to bring AudioSwim and the UAE to the threshold of global music domination.
