Mahe, Seychelles, Aug. 05, 2021 (GLOBE NEWSWIRE) — Vendetta Capital is immensely pleased to announce its investment in The HUSL which is a decentralized platform which musicians and artist can create, display, and sell #NFTs, collectibles for their fans.
The HUSL allows fans to directly purchase songs from their favorite artists and thus directly support the artist.
The Big Gap Between Artists and Their Fans
There is a very important deficiency among the existing NFT ecosystem projects. If we do not consider the limited number of other projects, we cannot talk much about the adaptation of the music industry to the NFT ecosystem. However, the #NFT ecosystem offers unique solutions to many problems experienced by the current music industry.
The biggest of the glaring problems is that there are too many intermediaries (people or companies) between the artists and their audience/fans. We cannot say that music applications such as Spotify, Apple Music, Fizy have significantly reduced the number of agents.
The musician receive only 12% of generated revenue
A report by Citi Group highlights the extent of this great gap created by intermediaries. According to the report, musicians receive only 12% of the total $43b revenue generated by the music industry.
Another problem created by the management challenge brought on by the multitude of intermediaries is that there is no standard for the permission/royalty/fee required for a song to be used in a series shot in another part of the world.
The HUSL decentralized NFT platform
At this point, The HUSL aims to create solutions to the problems experienced by the industry.
With the decentralized The HUSL platform, artists can match their music or albums to a limited number of #NFTs, and only fans who buy early can get these NFTs. Also, artists can offer NFTs and various other possibilities that can be a special keepsake for their fans. The HUSL achieves all this while being a user-friendly, easy-to-use, and uncomplicated platform unlike many decentralized DeFi apps.
Firstly, the platform will serve as a bridge between the artist and the fans for almost everything artists prepare for their fans, such as songs, albums, backstage footage, and concerts, live broadcasts and ticket sales/buying operations will be added with the 4th Quarter.
Thanks to ERC-721 smart contracts, all income and royalties are immediately transferred to the wallets of artists, editors, producers and copyright holders, and all information is accessible and controllable via the trusted HUSL blockchain.
Rather than seeing The HUSL project as just a music-NFT project, we, as Vendetta Capital, think that the artists who will participate in the project and the hundreds of millions of fans can contribute to the entry of the crypto ecosystem.
About Vendetta Capital
Vendetta invests in, leads, and helps projects to accelerate developing novel solutions to address the core issues of scalability, privacy, and interoperability for decentralized protocols and applications.
Vendetta Capital has become one of the leading investors in the blockchain venture capital ecosystem with its experience, wide network around the world, and effective strategic competencies that can analyze the innovative expectations of the market in depth and transfer these capabilities to the successful projects it invests. With these approaches Vendetta has invested many successful and game changer projects such as Jenny Dao, Linear Finance, HOPR, WOO Trade, Archer Dao, Unilend, Bridge Mutual, Alliance Block.