During the COVID-19 pandemic, many artists are taking to the internet to make up for lost potential. One blockchain startup, Fenix, is looking to assist such creators.
According to an article from Silicon Angle, Fenix announced it would be launching its cryptocurrency token today on Sky.io. the platform is a space for cryptocurrency assets to be traded on.
According to the group’s website, musicians on the platform would have multiple new income sources:
“FENIX provides artists with direct access to the music merchandise and ticketing industries – in a way that’s never been done before.”
Fenix would only take 23% of a cut from artist income, rather than the industry standard of much higher.
Users on the platform can use the FENIX token to buy music, merch, tickets, and donate to the band. On the opposite side, bands can hold promotions and competitions as well as run third-party events for users to participate in.
The token should be listed on exchanges soon, the website notes. And it plans to be a great way for artists and creators to still earn during a time where they cannot tour for funds.
As a launch motivator, FENIX is providing 90,000,000 tokens to artists over their first two years in business.