Revelator, a provider of digital IP framework to the music industry, has introduced its NFT payment architecture in collaboration with Stripe Inc., allowing music firms, composers, and followers a new entry point into the Web3 realm.
Stripe is an Irish-American financial services firm that provides internet companies with a bouquet of APIs for online payment processing and commerce solutions. The firm offers organizations with financial infrastructure and controls KYC, forgery, and partner conflicts. Additionally, it provides facilities for first-time NFT buyers. Users of Stripe may buy NFTs instantaneously.
Revelator has chosen Stripe to assist it in launching an NFT payment architecture as an embedded web3 feature in addition to its digital music distribution chain administration services. The company will incorporate the NFT service into its prevailing Revelator Pro platform, allowing users to develop, sell, disburse, and handle NFTs in addition to handling their digital products, distribution chain, rights management, business analytics, financial analysis, and royalty payment allocation.
Revelator Pro enables music firms to gather, process, and synchronize all of their digital sales information through digital service providers, as well as analyze their DSP income. Revelator asserts that the Stripe connection will enable Revelator Pro the initial platform to include Web3 capability, noting that the decision fills the void between the Web2 present and the Web3 future.
The agreement, which was announced on Tuesday (10 January), would enable brands, publishers, distributors, and artists to develop a new cash flow with digital goods and payments directly with fans.
Bruno Guez, CEO and creator of Revelator, stated, “Using Stripe, Revelator will make a significant contribution in encouraging non-crypto natives in the music business to utilise web3.”
“This is a significant step towards Revelator’s objective of onboarding additional labels, musicians, and admirers onto Web3 in order to deliver these potential digital products to the mainstream of music lovers. Currently, too much esoteric technical expertise is necessary to inspire music consumers and music corporations about what could be an exciting new medium, according to Guez.
Revelator’s customers include the US-headquartered artist manager services provider mtheory; the music distribution company Soundrop; the Danish record label and song distributor Fidilian; Polaris Nordic, a coalition of three Nordic copyright library societies Koda (Denmark), TEOSTO (Finland), and Tono (Norway); the non-profit performance rights organization Teosto; and the worldwide YouTube multi-channel network Yoola.
In the meantime, Stripe’s NFT payment solution is already being utilized by other customers in the music business, such as blockchain-based music streaming network Audius.
Audius stated in a testimonial posted on Stripe’s web page, “The business was in severe need of a low-cost, configurable cryptocurrency onramp, and now we have one.”
