June 23, 2022, marks the day when the power of the blockchain begins redefining the music industry. At the community-driven Web3 Music Showcase by wavWRLD in New York City, Vuzec, which empowers independent artists and collectives to be their own record label, will be launching its blockchain-enabled music assetization platform, a move that will provide an alternative avenue for artists to seek capital.
We stopped by to talk with Jayesh Chatlani, one of Vuzec’s co-founders, to learn more about how the platform will shake up the music world and improve the experiences of fans and artists alike.
“Vuzec is giving the industry what it has needed for years: one platform that allows artists to get the funding and support they need from those who matter – the fans – all without ever signing away their rights,” says Jayesh. “It is an incredible innovation because for the first time, fans will be easily able to fundraise for artists and really grow with them. This is all thanks to the power of the blockchain, which will continue to change the music industry.”
Jayesh explains that Vuzec acts as a “crowd label” and enables artists to release their music on all traditional streaming platforms while tokenizing their royalty streams. “This, in turn, enables fans to own parts of the albums royalties and directly support the artists they love most. Vuzec represents a landmark shift because the labels have had a lot of control over the artists’ work. With our platform, we are completely changing the music game.”
Vuzec is, in effect, the silent partner that is bridging the gap between artists and their fans by facilitating shared music ownership. It is innovating a unique musical universe, one that creates meaningful memories and moments for more personal engagement.
“Our vision is bold,” says Jayesh. “By creating a one-stop shop for artists, Vuzec will provide the support stack for artists as a traditional record label would. From curating merchandise drops and engagement opportunities through gigs IRL and virtual concerts, we will incorporate NFTs to encourage digital collectibles to bridge the gap between an artist and their fans. As our platform scales, so will the offerings that artists and fans have access to.”
Vuzec, he believes, will transform the music industry. “One of our biggest goals is to help more undiscovered artists to really blow up and find their super fans,” Jayesh states. “There is a lot of incredible talent out there who only need the right platform and tools to take off. At Vuzec, we want the music world to be more inclusive, so we are excited about how we can help new artists.”
He also states that those within the music industry who are interested in purchasing catalogs can now do so in a liquid manner. “This will have the possibility of expanding the scope of music as an asset class.”
Since its launch in 2021, Vuzec has on-boarded dozens of artists, including Firebeatz, an EDM Dutch duo who say, “We have been keeping an eye on the Web3.0 space, but until now, we couldn’t really find the right opportunity that also makes sense for the fans. Vuzec really fills that gap. Working with them, we’re trying to change the music industry one beat at a time.”
Vuzec’s next step in its mission to transform the music world will be its show on June 23 in New York City, where some of its artists will perform live. “That’s going to be a hot, can’t-miss performance, just one of many that night,” he says. “The energy is going to be through the roof. Our artists are ready to show the world what they can do, so be ready!”
A week later on June 30-July 1, Vuzec will facilitate a two-day Metaverse concert at the Celestial Music and NFT Festival, with fifteen artists performing live. Over the remainder of the summer, Vuzec will release the music of thirty more artists. In the meantime, it continues to onboard artists and collectives onto its platform, including two DJs from Dim Mak Records and 1331 Recordz’ Shontelle Layne.
Vuzec is the brainchild of Jayesh, Nikhail Wadhwani, Jainil Patel, Vijay Sambamurthy, and Kobe Ip, who first met back in high school before becoming industry leaders in the crypto/Web3 space. After analyzing the music world, they saw two problems: artists were not receiving the royalties they deserved, and they were signing away their rights.
“It was an archaic system,” Jayesh recalls. “We decided to create one all-inclusive platform that could facilitate what traditional labels do without taking such a huge cut. Artists could decide how much to give away, and fans would be empowered. Vuzec was born.”
The team has since been joined by Scott Page, a serial entrepreneur and saxophonist for Pink Floyd, and has on-boarded R3LL and Bok Nero from Dim Mak Records.
“We are getting a lot of support within the industry because people can see that our platform will benefit both artists and fans,” Jayesh confirms. “We are the right platform for the times, as the metaverse is growing, too. Our use of blockchain technology means we are giving artists a new venue, one whose potential remains untapped, and we are having a wonderful time exploring it.”
Jayesh pauses for a moment, then smiles. “Vuzec is tech at its best, but in the end, it’s really about giving power back to artists and fans and simply getting out of their way. That’s when the real fun begins.”
Vuzec is a one-stop shop for musical artists at all stages of their careers. It is using state-of-the-art technology to make the music world more personal for artists and their fans. Vuzec was honored in May 2022 by the Hong Kong government for being one of the most innovative companies in Hong Kong.
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