A pioneering new digital currency wants to make Drake tracks available to (partially) own.
According to The Toronto Star, Los Angeles-based company Vezt just completed its “ISO” — initial song offering — late last month, giving 100 non-U.S. residents the opportunity to purchase a portion of the copyright of a Drake song, with a 10 percent cap being put on the available amount to be bought. Steve Stewart, Vezt’s co-founder and CEO, says it’s a win-win situation for all involved, since artists now have an immediate money generator where they can have a say in the terms of the deal, and buyers have a chance to plunk some cash down on a song and preside over a piece of one of their favorite tracks.
“We think that everybody who participates in the creation of music should be compensated and this is a direct way to monetize intellectual property for the creators,” says Stewart, who began Vezt a little over one year ago, alongside Robert Menendez. “Jodeci (Freestyle),” a 2013 track recorded by Drake and J. Cole, was one of the first musical guinea pigs offered up by Vezt, who managed to score quite the goldmine during their “ISO” period.
More than 2.8 million VZT tokens were purchased during that time for a total of $1.38 million USD. A separate private investor offering generated an additional $3.2 million.