Revelator, which provides digital IP infrastructure to music companies, has launched its NFT payment infrastructure in partnership with Stripe Inc., offering a new way for music companies, creators and fans to dive into the Web3 space.
Stripe is an Irish-American financial services company that offers a suite of APIs powering online payment processing and commerce services for internet businesses.
The company provides financial infrastructure for businesses, manages KYC, fraud, and disputes for its partners. It also offers services for first-time NFT purchasers. Stripe users are able to purchase NFTs instantly.
Revelator has picked Stripe to help it launch an NFT payment infrastructure as an integrated web3 functionality on top of its digital music supply chain management service offerings.
The company will integrate the NFT service into its existing Revelator Pro platform, giving users the ability to create, sell, distribute, and manage NFTs while managing their digital assets, supply chain, rights management, business intelligence, financial reporting, and royalty payment distribution.
With Revelator Pro, music companies are able to collect, process and sync all of their digital sales reports across digital service providers, and analyze their DSP revenue.
The Stripe integration will make Revelator Pro the first platform to integrate Web3 functionality, Revelator claims, adding that the move bridges music’s Web2 present and its Web3 future.
The partnership, disclosed on Tuesday (January 10), will allow labels, publishers, distributors, and creators to open up a new direct-to-fan revenue stream with digital collectibles and payments.
“Using Stripe, Revelator will play a crucial role in helping to garner widespread use of web3 from non-crypto natives in the music industry.”
Bruno Guez, Revelator
“Using Stripe, Revelator will play a crucial role in helping to garner widespread use of web3 from non-crypto natives in the music industry,” Bruno Guez, CEO and founder of Revelator, said.
“This is a major step toward Revelator’s vision of onboarding more labels, artists, and fans onto Web3, to bring these promising digital assets to the mainstream of music fans. Right now, too much arcane technical knowledge is required to get music fans and music companies really excited about what should be a thrilling new medium,” added Guez.
Revelator’s clients include US-based artist manager services company mtheory; music distribution company Soundrop, Denmark-based record label and music distributor Fidilian; Polaris Nordic, an alliance of three Nordic copyright collection societies Koda (Denmark), TEOSTO (Finland) and Tono (Norway); non-profit performance rights organization Teosto; and Yoola, a global YouTube multi-channel network.
Meanwhile, Stripe’s NFT payment technology is already being used by other clients in the music industry including blockchain music streaming platform Audius.
“The industry was in dire need of a cheap, customizable crypto onramp, and we finally have the product we’re looking for,” Audius said in a testimony posted on Stripe’s website.
Music Business Worldwide