Dequency Executes First-Ever Music Synchronization License Smart Contract on the Algorand Blockchain
MIAMI, Dec. 9, 2021 /PRNewswire/ -- Music synchronization licensing marketplace, Dequency, has executed the first-ever sync license on a public blockchain.
"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."
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."
About Dequency
Built with Web 3.0 technology and ethos, Dequency seeks to connect visual creators directly with recording artists and other music rightsholders and provide a simple, transparent, and fun licensing experience. With the ultimate goal to create a fully-decentralized, trustless music licensing marketplace Dequency provides creators income-generating opportunities with minimum fees and instant payment. Visit: www.dequency.io.
About The Dequency Team
Dequency was founded in early 2021 by music industry veterans Keatly Haldeman and George Howard with support from investor Mark Ross. Haldeman is a lifelong musician and co-founder and CEO of Riptide Music Group, a publishing company and record label specializing in the synchronization of music to picture. Riptide's roster includes songs by artists such as Foster The People, Selena Gomez, Migos, Quavo, Big Gigantic, Black Flag, The Turtles, Goldfish, and Fatboy Slim. George Howard, JD/MBA is a distinguished professor of music business/management at Berklee College of Music. He is a founding member of Open Music Initiative (OMI), an open source protocol to increase transparency for royalty distribution. He is the former president of Rykodisc, the world's largest independent record label, and cofounder of TuneCore, the world's largest independent digital music distributor. Mark Ross is a music, film and concert producer, and a longtime entertainment business investor and entrepreneur with more than 35 years in the business of entertainment. As a music executive, he signed several multi platinum artists, most notably Pantera, and is responsible for the sale of tens of millions of records. The former Executive Director of Quincy Jones Productions, Ross has produced some of the largest and most successful live events in history.
About Algorand
Algorand is building the technology to power everything from the creator economy to the convergence of traditional and decentralized finance. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for anyone to transition into the new digital economy. The leading decentralized infrastructure of choice for visionary leaders across more than 1000 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
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