The artist creates a Wrapped Song Smart Account. They have the option to invite collaborators to whom they can give a percentage of authorship, and who will have access to update the metadata and the lossless file that represents the song. Once all collaborators (if any) agree, they wrap the song and seal the content.
Once a song is wrapped, 10,000 songshares are allocated based on the contributors’ ownership percentages. Even before the song is officially released, songshare owners can:
· Engage with industry players like labels and distributors, presenting the song for potential partnerships. These partnerships specify a timeframe and can claim up to 50% of the song’s earnings before they are divided among songshare owners. Over 60% of songshare owners must approve any partnership for it to proceed.
· Transfer songshares to others, providing a way to support the artists financially before the song is released.
These activities can occur before or after the song’s public release, offering flexibility in managing songshares.
Whether an industry player is involved or not, they or one of the artists will handle the release preparation by simply adding the necessary metadata.
Revenue from streaming services is distributed among songshare owners. If there's an agreement with an industry player, their agreed-upon share is allocated accordingly. Additionally, every songshare owner can access analytics for the songs.
