Today, we’re excited to announce that Mynt has migrated its music NFT project from Ethereum to the Hedera network. Leveraging decades of experience in the industry, the team is actively bringing musicians into the world of digital collectibles on Hedera.
Currently, musicians struggle with delayed payments, excessive fees, lack of access to fans, and profit erosion from multiple service providers taking their cut. Alongside this, complex royalty agreements make it difficult to track down revenue across dozens of platforms. In short, there is a lot of money being left on the table, not only for labels and artists - but fans as well.
Through the creation of eco-friendly NFTs, Mynt is actively generating new revenue streams for artists through the power of Web3. With a track record of building trust with musicians, artists, and their teams, Mynt will support and cultivate exciting top-tier talent on Hedera.
By managing their artist’s initial drops and releases, Mynt intends to act as a launchpad, incubating regular artists into the world of Web3, and providing them with the knowledge and insight to launch and grow successful NFT projects. This will provide value to artists, fans, management, and labels, and showcase the power and sustainability of these emerging revenue models through music NFTs.
The Mynt team cited native royalties enforced on-chain and the unparalleled environmental efficiency of the Hedera network as their reason for migrating. In their most recent study, UCL found that Hedera uses the least energy per transaction of any public DLT, consuming 3300x less energy than Ethereum and 1000x less than VISA.
The Mynt debut Founders Token NFT launches on March 23rd via Zuse Market and will include a unique bundle of visual art, dance videos, and music - offering community members access to the project’s future releases and marketplace platform.
“We see the potential of this technology to drive value towards both artists and labels but fans as well,” said George Wrosey, Co-Founder of Mynt. “We can’t wait to highlight all the innovation that Hedera can offer the traditional music industry.”
“We are focused on illustrating value to artists and management by showcasing the incredible use cases for music NFTs such as collectibles, experiences, retail, etc. through the launch of highly visible and appealing digital assets.” - Adam Levite, Creative Partner at Mynt.
“The Mynt team are bringing their industry expertise and artist network to to the Hedera ecosystem around a clear understanding of how Web3 innovation best contributes to the artist journey and fan experience," said Alex Russman, VP at The HBAR Foundation's Metaverse Fund. "We are very excited to see the roll-out of Mynt’s project pipeline as well as its evolution as Mynt provides leadership for the artist community.”
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems, and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.
Make sure to stay up to date with all things Mynt by visiting their Website, joining their Discord and getting on their waitlist to be a founding member of the Hedera music NFT scene. Follow them on Twitter and Instagram.