Streamlining Payments and Enhancing Transparency for Artists
In a significant move to modernize the music industry’s outdated royalty payment systems, Record Financial has announced the development of an on-chain royalty platform. This new initiative leverages Avalanche blockchain technology to offer instant payments and more transparency for creators. Traditionally, artists have faced delays in receiving earnings from streaming services, downloads, and performances. These payments often pass through several intermediaries, which leads to uncertainty and financial challenges for creators. Record’s new system aims to eliminate these inefficiencies by delivering faster, more reliable payouts.
According to the company, the platform aggregates royalty data from various sources and processes payments directly to artists through Avalanche, minimizing errors and ensuring all stakeholders are working with the same information. The new system not only speeds up the payment process but also reduces the long chains of intermediaries that typically delay settlements. As a result, creators can expect more predictable and transparent earnings.
Record has already partnered with artists represented by 11am, such as Armani White, RealestK, Lil Tjay, A$AP Ferg, Alex Warren, and Maddox Batson. The company is confident that its on-chain solution will disrupt traditional royalty systems and help rebuild the financial foundation of the music industry. Travis Garrett, CEO of Record, emphasized the importance of this change, highlighting that blockchain technology offers a unique opportunity to provide greater financial transparency.
Avalanche Blockchain Enables Scalable, Real-Time Payments
Avalanche’s ability to handle high-volume transactions is crucial to Record’s ability to scale this new royalty platform. The blockchain’s speed and efficiency allow for processing millions of small payments, making it well-suited for the music industry, where transactions can be frequent and small in value. Moreover, stablecoin settlement using USDC allows creators to manage their earnings in digital wallets or convert them into local currencies, offering greater flexibility in how artists receive their payments.
Avalanche’s growing adoption for real-world use cases further supports the platform’s promise. Morgan Krupetsky, VP of Onchain Finance at Ava Labs, pointed out that the integration of royalties into blockchain technology is a natural step toward creating fairer economic systems for creators worldwide. By using blockchain, Record aims to close the gap between traditional finance and the emerging on-chain economy.
Market Performance of Avalanche (AVAX)
Despite the ongoing innovation in blockchain and the positive impact it promises for industries like music, Avalanche’s native token, AVAX, is currently facing some market pressure. As of now, AVAX trades at $14.35, reflecting a weekly decline of 16.58%. The market sentiment remains somewhat bearish, with the MACD indicator showing that momentum is still below the signal line. However, the Relative Strength Index (RSI) is nearing the 30 level, indicating oversold conditions. This suggests that there could be potential for a short-term bounce if buyers step in and show interest at these lower price levels.
Avalanche continues attracting enterprise use cases, even as it faces short-term challenges in the broader crypto market. The commitment to providing real-world solutions remains strong, despite recent market fluctuations.