Blockchain-based music rights marketplace Vezt is flexing its muscles.
Around a month ago, the company, which allows users to acquire rights to songs by popular artists, partnered up with songwriter and producer Chuck Inglish to list two of his titles on their app.
App users were then able to buy the rights to those two songs — “Wear My Hat” and “Gees” by performer Mac Miller — which they did, until rights to the Initial Song Offerings (ISO®) sold out less than thirty days later.
According to the company’s website, Vezt will collect the royalties earned from those songs on behalf of users who hold the rights, and track the flow of income using proprietary blockchain technology.
Results from Inglish’s ISO® are an encouraging sign for the young company. As co-founder and CFO Robert Menendez explained, “For any technology, proof of concept is imperative, especially a product aimed at changing an industry.”
“To have an organic desire from users to be involved with creators of music is a strong indication of user adoptation and a clear signal that we can affect change in this industry,” the exec told Built In LA.
In the meantime, songwriter Chuck Inglish walked away with a check for $8,272. Not bad for a Wednesday.