Australian music startup Serenade launches new eco-friendly NFT platform
Local music tech startup Serenade has announced a new eco-friendly NFT (non-fungible token) platform that looks to simplify the crypto sector for artists and music fans.
The startup, which initially launched as a personalised performance video service for Australian musicians last year, will now operate a secondary global platform for artists to create and sell digital collectibles to fans.
Artists will be able to sell everything from unreleased and new music, live, unseen and behind-the-scenes footage, art and other visual assets on the platform, and will receive a cut of revenue each time an NFT is sold or resold across Serenade.
In contrast to other NFT platforms, Serenade will also allow customers to make purchases via credit or debit card, with the platform automatically creating a digital wallet and transferring traditional payments into a valid cryptocurrency.
The platform also claims it produces 1/44,000th of the carbon emitted by a standard NFT through utilising a Proof of Stake authentication process via the Matic blockchain, eliminating the need for a direct-to-Ethereum Proof of Work approach.
Serenade founder, Max Shand, described the platform’s model as being “punk rock ethics built into a product”, highlighting the potential for artists to earn more money through the crypto market.
“Artists are constantly asked to do more – add more songs to streaming platforms, upload more content to social media – but with Serenade, artists can finally do less for more and be rewarded fairly for it,” Shand said.
“Serenade allows artists to monetise their archive without having to sell it. It’s the opportunity to lead a healthy career on your terms by delivering unique work right to your fans.”
To launch the platform, Serenade has secured a series of exclusive NFTs from UK duo Jungle to accompany their latest release Loving In Stereo, including a string of collectible micro-videos, a production masterclass, access to live shows and more.
Other artists involved on the platform upon launch include Kaiser Chiefs, The Game, Young MA, Ladyhawke, Gary Powell of The Libertines and Alexis Taylor of Hot Chip.
UK-based festival Strawberries & Creem is also offering a collection of NFT trading cards that will unlock special real-life experiences at its September event.
An NFT is a non-interchangeable unit of data stored on an online blockchain that certifies its authenticity. Photos, videos, audio files and other digital assets can be traded and sold as NFTs.