Vezt uses existing collection and distribution methods to revolutionize funding IP and facilitate royalty distribution directly to the fans involved in financing a song or piece of intellectual property. The structure for music collection is already in place and currently used by the industry. An artist can sell or give points in his or her music (and often does to people like producers and writers) in perpetuity or with reversions of 3, 5, 7, or 10 years. VZT (the Vezt token) carries the transaction to the ledger that holds the contract for the rights that have been purchased.
When the song rights information is encoded on the Vezt blockchain, royalties are collected from two sources:
• Performing Rights Organizations (“PROs”) in 137 countries around the world
• STEM.is, which aggregates digital performance royalties from Spotify, iTunes, YouTube, Pandora, etc.
Vezt registers the rights with the PROs and digital platforms, and then pays them through to artists and rights-buyers. It's seamless and simple. Most PROs pay out every 8-12 months and this is the same time frame that ISO participants should expect to receive their funds.