According to a study by Citigroup, barely 12 percent of the yearly revenue generated in the music industry goes to artists and labels. To ensure better gratification for artists, and label owners, Crescendo Entertainment Inc. released CrescenDoge, the world’s first Music NFT
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Cryptocurrency is a growing trend in today's world. Everyone seems fascinated by the technological advances being made in the cryptocurrency era, and being able to capitalize on financial freedom. Finding non-fungible tokens (NFT’s) with a valid and strong case utility has proven to be more difficult than should be necessary. For Crescendo Entertainment Inc., their utility will be incorporated into the music industry, which has led to the creation of CrescenDoge. This cryptocurrency token would see the sales of music as non-fungible tokens.
“Our success will not be measured by a comparison of failed or fraudulent projects, but by the scale of our epic progression. How we define ourselves now is most important,” said Crescendo Entertainment Inc. Vice President, Bruce Bjorkstrand.
The company launched their NFT on May 1st, 2021, and are officially listed on Tokpie’s Cryptocurrency exchange platform in addition to being initially available on Pancake Swap V2. The premise of the company’s developing music platform will incorporate elements of iTunes and Pandora. Examples of features will include radio stations by genre or by artists, access to artists’ library and music they have posted for purchase, search features to find new and upcoming artists, offline listening and download capability, but with a twist.
What sets the company apart is that once you purchase the artist’s song using CrescenDoge, it forever becomes yours by offering digital audio in the form of the NFT token. They will be able to track ownership and allow free trade within the secondary market through a technology of smart contracts without the use of a subscription. App listeners are given an incentive to receive CrescenDoge, by engaging with surveys and ads promoted by companies, which can apply towards purchase of additional music. A premium membership is currently being discussed, but no further details have been given.
Artists will have the ability to have their music monetized and submit for review. Once approved, their music will be listed for sale. A minimal fee will be deducted anytime the NFT is transferred from wallet to wallet, and song owners will then earn a commission anytime the song is resold or transferred between owners. Since Crescendo Entertainment is a direct distributor, they will be offering competitive rates on initial sales. This will give artists and labels the ability to have more revenue generated by offsetting the distribution and offering as low as 20 percent costs to the artist and labels.
“Music is a common interest I think everyone shares a level of passion for. Being in the industry and seeing what it has evolved to gave me the perspective to understand why change was necessary,” stated Crescendo Entertainment Inc. Chief Executive Officer and President, Jordon Renn. “With blockchain only being a proven theory a few years ago, it allows our idea to come to life,” Jordon added.
Indeed, incorporating music and cryptocurrency has come at such a perfect time. CrescenDoge offers an investment opportunity for those interested in the crypto markets. Music lovers and artists seeking to generate and scale up their income will find harmony pairing with this company.
Additionally, the NFT is ideal for labels searching for upcoming artists, podcast creators, and companies interested in using the platform to promote their business. CrescenDoge will not only be used as a native currency side by side with Binance Smart Chain; it will be a governing token that allows holders to vote on featured content, changes to the platform, and other community-driven decisions.
For more information about CrescenDoge, please read the Whitepaper on https://crescendomusicapp.com/about.
Contact Info:
Name: Kayla Lilly CMO
Email: Send Email
Organization: Crescendo Entertainment Inc.
Website: https://crescendomusicapp.com
Release ID: 89022440
