Music synchronization licensing marketplace, Dequency, has executed the first-ever sync license on a public blockchain.
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“Late Night People” by Goldfish ft. Soweto Kinch was licensed through Dequency’s SmartSync contract for use in Algorand’s Decipher conference, held November 29 – 30, 2021 in Miami, Florida.
Keatly Haldeman, CEO of Dequency: “Our vision for Dequency is to cut out the middle man in music licensing transactions so that creators maximize earned income and get paid immediately. By executing the first-ever on-chain sync license transaction, we’re one step closer. We made history today.”
Goldfish: “From the start we have always been about disruption and this is the best kind bringing musicians and producers closer to being able to earn income directly from their creations. Being part of the very first sync is a real honor and we cannot wait for the future as the music industry is in need dire need of technology like this to take it into the new realms of possibilities the blockchain presents.”
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Dequency is built on Algorand, a blockchain that is known for its environmentally friendly “pure proof of stake” consensus mechanism. Initially catering to on-chain content such as motion graphic NFT projects, video games and metaverse productions, Dequency showcases recording artists offering their music to license and facilitates communication between the parties to foster community.
“We are thrilled that Dequency chose Decipher as the launch pad for demonstrating their new smart contract licensing for artists and all event music was licensed on chain,” said Keli Callaghan, head of marketing at Algorand. “Dequency is at the forefront of creating new blockchain-based economic models for creators and it is amazing to see history being made on Algorand in a way that truly benefits artists.”
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