NFT Project Pulls off Biggest On-Chain Revenue Split
Revenue distribution has reached a new level in Web3.
Blockchain tech itself promotes creative collaboration in music and beyond by allowing creators new and innovative ways to monetize their content — and now revenue share among collaborators and as rewards for NFT holders has officially reached a groundbreaking level.
In June, multidisciplinary NFT artist Dave Curry (aka Black Dave) put on a token-curated intimate performance for his collectors at wavWRLD’s ‘wavROOM featuring Black Dave’ event during NFT NYC. The performance was minted on the blockchain and has now become the largest on-chain revenue split ever facilitated.
The NFT music artist chose to reward his collectors with a share of the revenue generated by the project among 154 of his collectors, as well as his collaborators and the artist himself — totaling 159 unique wallets included in the split — which was done by Reveel (r3vl.xyz), an on-chain revenue management platform that automates revenue distribution.
“One of the most exciting things about using NFTs as a creative, is that I’m able to create unique scenarios for my fans and supporters,” shares Black Dave. “For instance, I can allow them to earn when I do, as early and as often as I’d like. Sharing revenue on-chain with fans allows them to be even more deeply connected to and interested in my success as an artist. Because when I win, they win as well.”
Black Dave was able to facilitate this split using Reveel’s (r3vl.xyz) revenue share protocol, with 30% of the project’s revenue shared between 154 collectors (holding 186 tokens) and 70% going to the artist and his contributors: totaling 159 different parties.
The Revenue Path is a Reveel smart contract that includes all the splits and allows each of the 159 recipients to withdraw their share of the revenue whenever they choose to, independently of each other, and with no time or volume constraints. This ensures that the distribution of the funds is not held up by a middleman and the creators are the sole owners.
Adrien Stern, the CEO and Founder of Reveel (r3vl.xyz), is a former international music artist who founded Reveel to empower creators to manage their business with a simple way to share on-chain revenue by providing a financial stack for Web3 collaboration. “Not only is this the biggest on-chain revenue split that has been implemented to date, we also think this will pave the way for how creators choose to interact with their communities,” shares Stern. Redistributing a share of earnings to select holders as a reward, incentivizing fans in the success of a project, or funneling a portion of income to community treasury are some of the possibilities Reveel enables creators to do with their revenue share technology.
“When ownership is pushed to the edges of the network, to its users, collaboration becomes shared property,” explains the founder. “And shared interest becomes shared equity.” This groundbreaking on-chain revenue split will pave the way for how creators choose to interact with their communities, whether it be redistributing a share of earnings to select holders, incentivizing the success of a project, or funneling a portion of income to community treasury.
