- The xSongs.store project started by Craig Dewitt officially entered the beta phase yesterday.
- On the platform artists can offer their music for sale. Buyers can pay with Ripple’s XRP token.
Ripple’s product director Craig Dewitt has been working on the development of the xSongs Store platform since the beginning of last year. Yesterday the beta phase was released, as Dewitt announced via his Twitter account (freely translated):
xSongs.store beta is now live! Use xSongs to buy music directly from artists all around the world with #XRP DM me your feedback to help make this direct to artist platform even better.
Pay for music on xSongs with XRP without fees
The Blockchain-based platform offers artists the possibility to upload their songs easily, fast and free of charge and offer them for sale. Consumers can buy the music with XRP and save disproportionately high fees compared to traditional payment methods such as credit cards.
Craig Dewitt has made it his business to provide digital content producers, such as musicians or videographers, with a platform on which they can offer their products. The special thing about this is that no third party company is involved and participates in the turnover. All revenues from sales on the platform go entirely to the content producers.
The sellers can set the price for their songs or videos themselves and are not subject to any further regulations. When an artist uploads his songs to the platform, xSongs carries out various checks to verify that the singer also owns the copyrights to the songs. If all checks are passed successfully, the song is released for sale.
Furthermore xSongs uses Payburner, a payment system based on the XRP ledger. Payburner is a Ripple wallet, which was also developed by DeWitt. All sales are processed in real time and at a very low cost of less than one US penny. At the time of writing more than 100 artists with about 500 songs have registered on the platform. The platform is expected to grow to 1,000 artists and 10,000 music sales by mid-2020.
Dewitt was inspired to start the project by the already well-known music platform Bandcamp, which also allows artists to offer their content online and earn money with it. However, Bandcamp demands up to 21% of the total income generated, so that the artists have to give away a big piece of the cake.
xSongs has been charging 0% handling fees so far and has not announced to change this. However, it remains to be seen whether the project will be able to establish itself on the international stage in the long run.
Ripple releases one billion XRP from escrow
At the end of 2017, Ripple has frozen more than 55 billion XRP in an escrow account and committed to release 1 billion XRP for sale on the first day of each month. On 1 January 2020, Ripple has again released 1 billion XRP for sale. This ongoing process is suspected to have a negative impact on the price of XRP.
The community argues that Ripple is thereby increasing the selling pressure on XRP. This will encourage XRP owners to sell their XRP. In the context of the announcement of the last quarterly report Ripple commented on this and emphasized that the company has no influence on the price development of XRP. In the third quarter, XRP worth USD 66.2 million was sold, 70% less than in the previous quarter.
The price of XRP has been trending sideways (-0.57) for the last 24 hours and stands at USD 0.1910.
Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?
