Two Asturian companies, Grupo DEX and Médula Producciones, are participating in a pioneering initiative aimed at establishing a company. The first European platform for NFTs for music-related audio-visual creations. about “To Our Video”, an innovative project subsidized by the European Commission under the Creative Europe programme. Specifically, Europe will contribute 60% of the project cost, which is estimated at one million euros.
The reasons for Europe’s strong commitment to this project lie in the pioneering nature of the project and its profession to enter a market such as NFTs, currently dominated by Asian and American platforms. NFTs or “Irrevocable Tokens” are singular, unique assets or are part of a limited series and are digital in nature. In recent years, such properties have experienced tremendous growth in the art world in the form of works or serials in digital format, in some cases reaching stratospheric sums on the market.
“Videomuse” has a different orientation: music. The approach is to make artistic creations of a musical or audiovisual nature that can be sold on a limited basis. Yvan CorbatHe cites a current affairs example from the group DEX: “As if Shakira would decide when it was time to release her next song, she’d decide to sell it directly for 50 million or make a limited number of copies.”
Exclusivity is key to understanding the NFT market, but “Videomuse”‘s purpose goes beyond producing a series of uniquely valuable pieces. The aim of the project is to create a stable platform, the first of its kind in Europe, to leverage the sale of music video NFTs on the international stage. In short, an offer that could revolutionize the music market.
This explains the success of the proposal in the European hotline competition, in which about 70 projects participated, nine of which the European Commission selected. Only one of the “Videomuse” has Spanish involvement: these are two Asturian companies, one French (Laval Mayenne Technopole) and two Irish (AIM Ireland, an association that includes Munster Technological University and music producers). country-independent), as well as the Madrid company Melboss Music. European aid is crucial to the project: out of the 1,054,773.90 euros that “Videmuse” has budgeted for, it is specifically 632,864.34 euros.
The project has three phases. In the first, the “European NFT Platform”, the basic platform on which NFTs will be deployed, will be created. The weight of the development will coincide with Melboss, a technological start-up. Phase two will focus on providing content to this platform, an area that will be led by French and Irish producers as well as Médula Producciones. In the case of the Asturian company, it will be responsible for producing 8 NFT pilots with Asturian and European musicians and bands. The choice will not be easy: “You have to study well what might work in the international market and in this kind of format,” he says. Carlos NavarroFrom Medula Productions.
The third phase of the project includes ensuring the sustainability of the platform and developing a business plan for both the platform itself and the creators participating in the platform. It will be the DEX Group that will take care of this. Proponents acknowledge that it is also a delicate step, as they will have to overcome a certain consumer rejection of blockchain technology and cryptocurrencies, which will determine the platform’s payment mechanisms.
The entire project, currently underway, has a two-year development period: by March 2025 “Videomuse” has to become reality.