Non-Fungible Tokens are all the rage. This study of blockchain acquired and ownership tracking aspect is one of the most underappreciated and underdeveloped areas of cryptocurrency. NFT’s have proven to be valuable, with some selling in the tens or hundreds of thousands of dollars and its putting money back into the creators pocket instead of taking it out and giving it to everyone else around them. This especially applies with art work and music, as artists now have a platform free of record labels and music executives which gives them a very big advantage and opportunity over the rest. One project taking advantage of this opportunity is Groovy.Finance.
Groovy.Finance (GVY) is a smart contract (Address: 0x31be30217989766215672e88ed449913e05bf0f5) which allows users to utilize their music as an NFT which can then in turn be made into a one off Vinyl Record, bringing both digital and physical music in control of the user/artist. The person creating and putting their music on the Rarible blockchain can exchange their GVY for a vinyl copy of their record (Vinyls come on a 12', 10', or 7' record which can be either transparent or a detailed design). This gives the creator control and also creates a one of a kind item which only the original creator or owner can enjoy.
The creators of Groovy.Finance actually own the vinyl cutting machine, so you can be sure you will have a person making your record with extreme care and precision. Even though the developer has the machine, community members will be able to vote on making unique records to cut or sell, keeping in mind all unique content has to be created, bought and sold for copy right and legal reasons.
Currently users are submitting music and the community will be able to vote on which one is made into an NFT and turned into a vinyl copy. Once decided profits from the NFT and sub-sequential Vinyl will be taken and shared among the community. Not only can you make your own music into an NFT and vinyl, but community members will be able to create a new and exciting market for music while benefiting for participating and helping it grow.
The people over at Groovy have already sold 3 NFT’s with one selling for a massive $420. Website design has been worked on and developed in recent times, along with work on making this into a sort of community governed tokenomical environment where the community benefits from the tokens growth. A presale was conducted and it has concluded, with 24 ETH beign raised. Immediately 18 ETH were locked into liquidity which can be found here: https://unicrypt.network/uniswap-browser/pair/0xA82Ef4684D7Cd0bc0F77370ab1bdd78b893a1a95
The tokens supply is 42,000 tokens with 10% taken from the supply for marketing/development. GVY is already listed on uniswap and can be traded here. In addition, the project is active on Youtube and other channels. They made these 2 looking-to-go viral videos (https://www.youtube.com/watch?v=OUVNgnRGniY / https://www.youtube.com/watch?v=C193dz0hZok) and are continuing to look into more ways of bringing music and physical copies of that music to the blockchain.
With NFT’s making their way into the industry at an alarming rate, Groovy looks to benefit and help the average artists who wants to present their music on their own terms in a unique way utilizing blockchain technology. This entire concept is a record labels worst nightmare. It is just another example of a form of technology is freeing the world from the freedoms of centralization while putting power back into the individuals hands. Utilizing Rarible and their capabilities to cut vinyl records, Groovy is leading the way in the music sector.
Pertinent Groovy Links:
- Website: https://groovy.finance/
(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
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Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.