- Ripple executive launch xSong
- Monetary Plans for the platform
The director of product at Ripple, Craig DeWitt, for some months now has been working on a personal project. His project aims to link digital content creators, like an artist, directly with customers to help reduce costs. Speaking on the project, DeWitt stated: “When you cut out the middlemen you get lower prices, more revenue to the artists, and more art.”
To back this up, he has created a blockchain-based platform termed xSongs. This platform allows artists to upload and sell their music directly to users in exchange for XRP. When an artist uploads music to the platform, xSongs runs a background check on the song including copyrights.
With the launch of the platform, users can now buy music using XRP. They can pay through Payburner or other wallets available. Payburner is one of DeWitt’s project, it is a noncustodial crypto wallet created on top of the XRP ledger.
During the launch of the wallet, DeWitt stated: “We’ve built a wallet experience designed to allow artists to accept payments from anywhere in the world and for buyers to have that ‘one-click’ experience anywhere on the web.”
According to DeWitt, the muse for xSongs platform was gotten from Bandcamp. Bandcamp is a digital music company that gives access to artists to transact their music for money.
“They’ve done an amazing thing and they care about their indie artists who would probably never be able to monetize without their platform. “While Bandcamp charges 15% plus a 6% processing fee for a total of +21%, xSongs is direct to artist model which means that platform fees and processing fees will always be 0%,” DeWitt added.
Monetary Plans for the Project
When asked about any plans to monetize the xSongs, DeWitt stated that he is currently not interested in monetizing the platform. He went thus: “I’m personally covering the costs…I think when you build something that people love, then monetization stuff will take care of itself in time.” According to DeWitt, he has funded about 500 Payburner accounts.
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DeWitt is positive about the future of xSongs, as previously when it was available in closed beta form, the platform has about 100 artists and about 500 songs. The projection for the platform is to have about 1,000 artists on the platform and 10,000 music sales by H2 2020.
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Currently, DeWitt is working with a software engineer at Ripple, Chris Opler, on the project. The duo is working with a team, who is starting to work on the project in their spare time. DeWitt added: “Once we have a following and are seeing some real scale, we’ll start adding the same kind of artist-centric marketing and content that Bandcamp offers today.”