Non-fungible tokens (NFTs) are set for long-term recovery after the current ‘Crypto Winter’, with Nansen’s NFT-500 index up 49.9 percent from last year and the market’s value set to be $122 billion by 2028.
AudioSwim, a blockchain-based digital music ecosystem, is leading the NFT comeback in the Middle East and North Africa by releasing Rym’s ‘Dime Porque’ Arabic/English remix track featuring SKALE as a royalty-driven NFT and a standard streaming release.
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SKALE is the only blockchain in the Ethereum ecosystem that can directly hold files on the chain.
The summer Arabic/English track will be one of the first music NFTs to be released in the region, and is destined for crossover appeal due to Rym and SKALE having over a million followers on Youtube and Spotify alone.
AudioSwim allows artists and fans to buy and sell NFTs and music royalties globally. Music and technology entrepreneur Albert Carter, AudioSwim’s founder and CEO, created the company to support independent artists, record labels and fans by helping them monetize music streaming while cultivating an authentic fan base.
AudioSwim is one of the first platforms in the MENA region to release music NFTs and has teamed up with Mackie Entertainment to offer management services and talent contracts.
AudioSwim teams up with Mackie Entertainment to release Rym ‘Dime Porque’ Remix on SKALE’s NFT package. (Included)
The current release ‘Dime Porque’ NFT remix is the second release they have collaborated on, with more releases and various high profile global festivals to come. The remix comes as the market recovers from “Crypto Winter”.
The NFT bubble was always going to burst, yet the crash was spectacular as ‘Crypto Winter’ enveloped the markets.
Sales in the first quarter of 2022 fell 24 percent from a high of $2 billion this time last year, as global shutdowns helped make “NFT” the most searched word in the world. And that crash was mirrored in the crypto world, with Luna imploding and Bitcoin falling to an 18-month low of roughly $20,000 in June.
But that correction has led many industry insiders to predict the green shoots of digital mining that are already showing in the NFT market.
The long-term market is set to be worth $122 billion by 2028 at a compound annual growth rate (CAGR) of 34.10 percent, with some predicting that Bitcoin will reach an all-time high by the end of the year.
AudioSwim is perfectly positioned to capitalize on this growth, offering a new way of music distribution that taps into current NFT trends while providing artists and fans with an interactive, community-driven platform to share their music.
AudioSwim’s Carter says their technology will create new ways for artists to make money.
“We launched AudioSwim to leverage blockchain technology to offer exclusive content, royalty sales and more. These will create new ways for artists – and fans – to monetize their content,” Carter told Al Arabiya English.
“We are selling a portion of the royalties for the song ‘Dime Porque’ Remix which will allow fans to invest in the song directly. The NFTs will be directly linked to the royalties to be sold at 0.5 BNB (Binance coin). We will also have traditional royalties for the sale of the song where you can buy the royalties from the company, he added.
Carter is a big supporter of music and technology in the Middle East. He launched AudioSwim to solve some of the biggest problems in the industry.
“The company means a lot to me because of the opportunity to help push the music industry forward. As a former artist and music manager, I understand how difficult it is for artists to gain popularity and monetize their fan base.
“What we offer is a solution to common problems in the music industry as a whole. Instead of being controlled by record companies, we help artists get their fans involved in the action by giving them investment opportunities.”
Crypto Winter may have reset some of the hype surrounding NFTs and decentralized blockchain networks, but with the green digital shoots of mining starting to emerge, music NFT projects are once again finding the right audience.
With the MENA music streaming economy set to be worth $22 million by 2024, AudioSwim, Rym and Skales agree that now is the right time to grow audiences and bring new revenue streams to artists and the industry.
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