Groovy.FINANCE is an innovative idea that employs blockchain and distributed ledger technology to empower artists and musicians and give them a vehicle for monetising their art in a fair and transparent way by allowing artists to mint, sell and license master copies of their art for cryptocurrency.
At the moment we have a proof of concept which has been selling one off NFTs as vinyl records, You see, Groovy.FINANCE actually already owns hardware to cut records. We have been successful with this PoC on Rarible so far, which you can see by clicking ‘records’ below.
Sell art directly to your audience. License your art. You decide the price, the type of distribution, the amount of copies (cNFTs minted), and what you can offer to your audience for buying a copy of your music.
The main idea is to wrap a license to a piece of art (in our case, a piece of music) into a Non-Fungible Token (NFT), a unique type of token (ERC-721 or ERC-1155 standard) that is a one-of-a-kind-token which can be transferred from one person to another or staked in a smart contract to perform specific, pre-programmed functions, like minting licensed copies (so-called “cNFTS”) in exchange for cryptocurrency and distributing the proceeds to the creators and distributors in a fair, transparent and immutable way by using the properties of the Ethereum blockchain.