Web3 non-profit organisation, the NEAR Foundation, has partnered with Berklee College of Music to create and develop a new music app designed to help musicians buy and sell music licences.
The RAIDAR app was created by Berklee Professors and leverages NEAR’s blockchain technology to build a marketplace where musicians and creators can upload music with its correct metadata for those who need to obtain a licence.
Transactions are recorded on the NEAR blockchain in order to ensure legal and accurate representation of creator’s work and will utilise smart contracts to disintermediate the licensing process for full and appropriate accreditation.
Chris Donovan, CEO of the NEAR Foundation, said: “We are extremely excited to be working with Berklee to support a new and unique use case that has real world value for those that use it.
“The RAIDAR app is a disruptive technology built on NEAR that will help students to explore the power of smart contracts to ensure they are being paid fairly for their work, and that the world of music becomes more inclusive, safe and exciting for everyone.”
Songs and files uploaded on the RAIDER app are represented through a “unique, secure smart contract” assigned to the creator’s wallet as a digital asset or NFT.
Customers buying music can browse, search for, filter, and preview songs uploaded to the RAIDAR app by other users and then purchase single-use licence for songs via the app.
The song’s smart contract distributes funds received from the payment to the song’s creator. After the purchase transaction completes, the buyer receives an email with the corresponding song download link and a copy of the licence agreement.
George Howard, Professor of Music Business at Berklee and developer of RAIDER, commented: “This is a first of its kind product that will help to democratise the world of music by putting creators first and ensuring they are always rewarded and protected from exploitation for their original work.
“Those who are seeking to licence music for their projects now have a chance to access and support new creators by tapping into an exciting marketplace through the RAIDAR app, which is easy to navigate and offers a safe and reliable way to pay for music.”