International recording artiste Bay-C is the first Reggae and Dancehall artiste in history to release his music as an NFT. A limited collection of the Holy Temple single is now available under the BAYC token, an industry standard ERC-1145 token that can be purchased on both the Rarible and OpenSea NFT distribution platforms.
The BayC collection is on Rarible and also on OpenSea
Fans and collectors can now bid on this groundbreaking release and own a part of Reggae history. As NFTs become more popular, early owners of these collectibles will not only own the first set but will most likely see the value of these collectibles rise in value. The NFT Revolution Most artists in the music industry receive an average of 12 percent of the profits from sales or streams of music, and receive only a fraction of a penny per stream.
The rest of the money goes to the middlemen and tech companies who facilitate these services – leaving tours as the only real way to make money however when Covid-19 hit the world artists had to cancel their touring plans and many were left without any income. “Artists are wondering why they are working in an industry where 90 percent of the income goes to the top 1 percent of artists, and 88 percent of the profits go to large companies”. – Mikel Jollett, lead singer, Airborne Toxic Event
NFTs have ushered in a revolution in the music industry, a paradigm shift that will empower artists around the world. They allow artists to sell their music directly to fans, cutting out the middle-man. Think of a NFT as an original painting, or a limited-edition record signed by the band. Artists create NFT’s through a process known as minting which uses the same technology that has driven the price of bitcoin from pennies to over $60,000 USD today.
Once a NFT is minted it is digitally unique. It cannot be copied but it can easily be transferred from person to person. This has given artists the ability to sell their music directly to their fans. NFT’s can also be packaged with extras, such as physical items such as limited edition vinyl or signed memorabilia. But most importantly, artists can own their music again. Bombrush Records, the label driving the Bay-C release, is pioneering the space for Reggae NFTs and will be launching new NFTs on a regular basis. Co-designed with blockchain partner Caricoin, they will be offering the service to other Reggae and Dancehall acts and producers to allow them to launch their own NFTs.
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