Indie digital music retailer eMusic will open the sale of its eMU Tokens to the public outside of the U.S. on Monday. November 26. The tokens are part eMusic's blockchain project that could be hampered by its ongoing payment struggles that have seen a number of major and independent labels and distributors pull their catalog off the platform.
eMusic says it will launch eMU Tokens with 26 million tracks from independent labels and musicians.
Crypto tokens are kind of virtual currency that reside within their own blockchains.
Currently, the tokens are not being offered or sold to U.S. residents. The company will require potential buyers to pass a Know Your Customer (KYC) check and verify residency before purchasing any eMU Tokens.
Funds from the eMU Token sale will be used for development of the eMusic Blockchain project, a distribution and payments platform designed to "fairly pay artists in a fully transparent manner and connect them directly to fans for the promotion of music, live events, and merchandising as well as crowdfunding."
With eMU Tokens, fans can purchase music from the eMusic retail store and access token features and benefits like exclusive content, special discounts, live events, and musical sneak peeks. Artists can also use eMU Tokens to incentivize fans to purchase music and merchandise or reward loyalty and promotion. Fans can also use EMU tokens to crowdfund projects from their favorite artists.
"Our blockchain project will allow artists to retain ownership of their music, while also drastically reducing overhead costs required in distributing music and getting royalties for purchases and plays, which means artists will be able to receive faster payments with a better split of profits," said Tamir Koch, CEO of eMusic.