GLOZAL’S NFT MUSIC PLAYER
What is Glozal?
Glozal is a music technology company whose aim is to develop an “artist focused and fan driven” NFT music platform. In addition to that, Glozal has planned to launch world’s first NFT Music Player.
The company was founded very recently in the year 2021. It is a Florida-based company. It operates only in the music industry as of now. Since it was recently founded and a small company, the number of employees ranges from 11 to 50. The company is privately held by capital contributed mostly by the founders.
As mentioned above, it has its headquarters in Miami, Florida in the United States of America. Although its specialty is in music, it takes interest in NFTs, blockchain technologies and cryptocurrencies.
What is an NFT?
An NFT is short for non-fungible token. They are a type of digital asset that can be bought and sold online. NFTs can include digital art, paintings, images, videos, collections and other digitized assets. Recently, the Chicago Bulls launched their own NFT collection.
NFTs have gained high popularity from retail investors after a digital art piece was sold for over a million dollars. Non-fungible tokens along with blockchain gaming platforms and start-ups can be the next revolution.
What is an NFT music player?
An NFT music player allows one to purchase songs of their favourite artists digitally. These purchases are licensed as NFT trades.
Such a platform has not been developed yet. However, the newly founded company named Glozal has announced that they will be the first company to develop an NFT music player.
What was the announcement made by the company?
The Glozal company confirmed the news of the upcoming launch of an NFT music player through their social media handles. If the project is successful, the company will have developed the first ever non-fungible music player. This music player will enable the users to buy, sell and even trade songs of famous artists through the company’s platform.
Ever imagined trading songs? We have heard of trading stocks, funds, cryptocurrencies, foreign exchange and other assets. However, this is the first-time that traders will be able to transact in music. Glozal has also announced that they will launch the NFT music platform any time this quarter. The music player will only allow the users to play the specific songs if they own the NFTs which enable the authorization.
The platform will have a coded encryption along with an algorithm that protects the songs stored in the device. This algorithm also prevents songs from being played on other devices owned by the same users. That is, no other player such as Spotify, Apple music or any other platform will be able to play that particular song. Even if the user has NFT authorization, they will only be able to play the song on the Glozal application or the platform. It is not announced whether the platform will be an application or a website. Further information will only be given later.
What are the benefits of an NFT music player?
The platform is essentially developed for the protection of the interests of the artists. The NFT music player restricts users from indulging in illegal activities such as music piracy and illegal sale. The artist’s work will not be allowed to be copied by the buyers due to the intricate encryption laid down by the company. Moreover, the NFTs are built on blockchain networks which have a reputation of being safe and secure. No third party can hack or access the blockchain protocol and steal the digital assets.
Furthermore, the artists will be able to directly sell their songs on the platform digitally. They themselves will issue NFT authorizations for the songs to maintain transparency between the buyers and sellers. The company will levy a charge from the artists for providing this safe platform. The CEO of Glozal, Tarek Kirschen has availed two payment methods for now. The first one would include a 70:30 revenue split. The other option is to pay a fixed amount of $99.95.
Most artists would opt for the former as it only requires payments if revenue is generated. The latter option charges monthly payments irrespective of whether the artist generated revenue or not. Thus, artists have good choices for payments as well.
This project will certainly prove to be a boon for all individual and rising artists. This platform enables their growth and ensures that their work is used legally.
The Glozal NFT music player will usher a new age in the world of non-fungible tokens!