Mynt is pleased to make their official announcement of the shifting of their music NFT project to the Hedera network from Ethereum. The team members have been actively engaged in the roping in of musicians and connecting them with the vast array of digital collectibles on Hedera.
In the present scenario, it remains an absolute uphill task for musicians facing rampant delays in receiving payments and being charged high amount of fees. There also happens to be the inclusion of fewer connectivity options where their fans are concerned, coupled with the problem of the existence of various service providers to whom cuts have to be given. Along with all of that happens to be the fact that there is the issue of complicated royalty agreements.
In order to be able to effectively address these issues, Mynt has been instrumental in the building of eco-friendly NFTs, which in turn, is providing fresh avenues to artists for increasing revenue with the help of the capabilities that lie with the Web3. It happens to be the aim and intention of Mynt to use all of its collective exposure in the identification of high levels of talent, as well as adequately backing them on Hedera.
The vision statement of the entity happens to be that of role-playing a launchpad with the help of which talent will be able to be carefully nurtured in the Web3 arena. The artists will also have the opportunity of receiving valuable know-how in matters related to the launching, along with the growth of effective NFT projects.
All of this will eventually lead to an increase in the value of the involved artists, as well as the fans and management, and labels. It will also project the sustainability factor, in terms of the revenue methods, with the help of music NFTs.
According to the team members of Mynt, they narrowed down to the Hedera, being impressed by the native royalties enforced on-chain, as well as the incomparable environmental effectiveness of the Hedera network. Incidentally, Hedera happens to be utilizing an extremely low amount of energy for a transaction of any public DLT, supposedly taking in 3300x less energy than that of Ethereum, along with 1000x less than VISA.
On the 23rd of March, 2023, the entity will be carrying out a debut Founders Token NFT launch through Zuse Market. This will be having a bunch of visual art, dance, as well as videos, along with music. This will provide the opportunity for community members to be exposed to the project’s releases in the future, as well as the marketplace platform.
According to the Co-Founder of Mynt, George Wrosey, this venture will definitely add value to the artists, as well as to the labels and fans. In the words of the Creative Partner at Mynt, Adam Levite, they will be actively engaged in exposing the use cases in terms of music NFTs.
As far as the Vice President of The HBAR Foundation’s Metaverse Fund, Alex Russman, is concerned, they are extremely pleased having Mynt on the Hedera ecosystem and their contribution in terms of industry expertise, as well as the networking of talented artists.
The HBAR Foundation happens to be backing the building of Web3 communities that happen to be built on the Hedera network. They do so by boosting and funding the developers engaged in this activity. The entity has six funds targeting the crypto economy, the metaverse, sustainability, Fintech, Privacy, as well as Female Founders. These funds act as helping hands for the overcoming of the biggest obstacles globally, all of it on the Hedera public network.