Universal Music Germany to reward artists with Blockchain tokens

The music industry has always been at the forefront of innovation, and Germany has played a large part in its development over the years. Now it’s making history again as Universal Music Germany has become the world’s first label to present tokenized versions of its gold and platinum awards.

The winners

Universal Music Germany, in collaboration with the German Music Industry Association (BVMI) and the Web3 music platform twelve x twelve, just held its award ceremony on February 23, 2023. What made the recent event different from its predecessors was that its Gold and Platinum Awards were given in digital tokens alongside their traditional physical formats.

Digital awards are stored on the blockchain and are used to commemorate an artist’s achievements. These symbols are digital representations of the physical trophies or plaques traditionally awarded to them.

Among the first recipients of the awards were the following artists:

• Lena and Nico Santos went platinum for their hit single “Better”
• Nico Santos also received triple gold as a solo artist for the song “Rooftop” and four gold awards for each of his songs titled “Safe”, “Unforgettable”, “Play with Fire” and “Like I Love You”
• DJ Robin & Schürze went triple gold and platinum for “Layla”

Digital prices

Leveraging blockchain technology, digital awards are safe and secure, providing a transparent way to verify an artist’s achievements. Once a prize is awarded, it is recorded on the blockchain and cannot be changed or deleted. This gives a high degree of confidence in the awarding process, which is essential in an industry where record sales and performance are so important.

In addition, digital prices offer greater flexibility in presentation. Artists can receive their awards digitally, which can easily be shared on social media and other digital platforms. This gives greater visibility and recognition of an artist’s achievements.

Also, digital prices have environmental advantages over physical prices, as they require no resources and minimal energy to produce and send, which can have a significant impact on the environment. In other words, they are much more sustainable and environmentally friendly than traditional physical awards.

Unlike other types of tokens, the digital prizes issued by Universal Music Germany are limited and non-transferable. Once given, they are forever attached to the recipients.

Polygon blockchain

The web3-based music platform twelve x twelve was responsible for providing the technical expertise needed to realize the feat. It used the Polygon blockchain to realize the project to reduce energy consumption in relation to the goal of offering a more environmentally friendly way to conduct awarding events.

According to the company, the creation of a digital token uses less energy than one might consume when uploading a video file to social media. This is made possible due to this specific blockchain’s ability to process transactions faster and more efficiently than other available networks.

The average processing time for the platform is 2.1 seconds. Likewise, transaction fees go as low as $0.01.

Final thoughts

Overall, digital pricing based on blockchain technology is a significant development in the music industry. They provide a secure, transparent, flexible and sustainable way of awarding awards, and they could revolutionize the way awards are presented not only in the music industry, but in other industries as well.