Blockchain technology and cryptocurrency continue to make inroads. Musician Imogen Heap is perhaps one of the biggest “believers” in these technologies. She is now using Ethereum and the proceeds from the Harry Potter musical to fund a new blockchain project.
The New Imogen Heap Project
The name Imogen Heap is closely entwined with Ethereum and blockchain technology. She became one of the first Grammy Award-winning musicians to embrace this new form of payment. Additionally, Heap has been paying close attention to the blockchain as she sees a lot of potential in this technology, as is evident by looking at her new project.
More specifically, the project is known as Mycelia. It will serve as a platform for artists to store information about their creations. Furthermore, it will also allow for easier tracking of incoming payments from various revenue sources. Musicians receive many small payments from bookings, merchandise, streaming services, radio stations, et cetera. Having everything outlined in one interface will make life a lot easier.
Funding this venture will not be easy. Imogen Heap has decided to rely on a dual-pronged approach in this regard. First of all, she will use the proceeds from the Harry Potter musical, Harry Potter and the Cursed Child, she was involved in. Additionally, she will use Ethereum earnings from a song she sold a while ago.
Disrupting the Music Industry
Mycelia has the potential to become a valuable tool in the music industry. Imogen Heap envisions it as a project which will help musicians get paid for their content. A blockchain-based application can be of great interest due to the borderless nature of this innovative technology.
Heap commented on her project by adding:
There are many ways to do it. But for me, it’s important to be in this space because it’s a growing space and the music industry has to move with the times and I just want to make sure that we’re here and prepared — the music-makers are prepared.
Unlike what people may assume, the music industry lacks key infrastructure. This is true when it comes to recording, composition, and publishing rights. Mycelia aims to change that situation in a positive manner. This will eventually lead to more collaborations, growing partnerships, and improving overall creative flows for artists. In addition, this project shows that anybody, using their own initiative and a great idea, can create something that will positively impact the world.
What do you think about Imogen Heap creating a platform to help musicians? Let us know in the comments below.
Images courtesy of Shutterstock and Flickr/@Pop!Tech.
