The music industry has always been at the forefront of innovation, and Germany has had plenty of share in its evolution over the years. Now, it’s making its mark in history again as Universal Music Germany has become the world’s first label to present tokenized versions of its Gold and Platinum awards.
Universal Music Germany, in association with the German Music Industry Association (BVMI) and Web3 music platform twelve x twelve, just held its awarding ceremony on February 23, 2023. What made the recent event different than its predecessors was that its Gold and Platinum Awards were given in digital tokens along with their traditional physical formats.
Digital awards are stored on the blockchain and they are used to commemorate an artist’s achievements. These tokens are digital representations of the physical trophies or discs that are traditionally awarded to them.
Among the first recipients of the awards were the following artists:
- Lena and Nico Santos got platinum for their hit single “Better”
- Nico Santos also bagged the triple gold as a solo artist for his song “Rooftop” and four gold awards for each of his songs titled, “Safe”, “Unforgettable”, “Play with Fire”, and “Like I Love You”
- DJ Robin & Schürze took triple gold and platinum for “Layla”
By leveraging on blockchain technology, digital awards are tamper-proof and secure, providing a transparent way to verify an artist’s achievements. Once an award has been presented, it is recorded on the blockchain and cannot be altered or deleted. This provides a high level of trust in the awards process, which is essential in an industry where record sales and achievements are so important.
In addition, digital awards offer greater flexibility in their presentation. Artists can receive their awards digitally, which can be easily shared on social media and other digital platforms. This allows for greater visibility and recognition of an artist’s achievements.
Moreover, digital awards have environmental benefits over physical awards, as they require no resources and minimal energy to produce and ship, which can have a significant impact on the environment. In other words, they are much more sustainable and eco-friendly than traditional physical awards.
Unlike other kinds of tokens though, the digital awards issued by Universal Music Germany are only limited and non-transferable. Thus, once they have been given, they are forever tied to their recipients.
Web3-based music platform twelve x twelve was in charge of providing the technical expertise needed to realize the feat. It utilized the Polygon blockchain for the fruition of the project in order to mitigate energy consumption in relation to its goal of providing an eco-friendlier way of conducting its awarding events.
According to the company, the creation of a digital token uses less energy than one can consume when uploading a video file on social media. This is made possible due to this specific blockchain’s capability to process transactions quicker and more efficiently than other available networks.
The average processing time of the platform is pegged at 2.1 seconds. Likewise, its transaction fees go as low as $0.01.
Overall, digital awards based on blockchain technology are a significant development in the music industry. They provide a secure, transparent, flexible, and sustainable way to present awards, and they could revolutionize the way awards are presented not only in the music industry but in other industries as well.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager for a consultancy firm.