Using blockchain technology to support local budding musicians
Or using blockchain technology to support budding talent in the Arts but with the concept still in its infancy and amid concerns about the future of digital currency it could take some time before the model hits all the right notes Ernest Loy with more process and a platform remember a collective of like-minded musicians and.
Supporters is Making Waves in the art scene called The Great Wave it uses cryptocurrency to create a stash of funds for artists to draw on to produce and release their original Works powered by a very unique vehicle and what we call a dow so a dow is a decentral decentralized autonomous organization so think of it like a company that’s run by.
A series of different smart contracts these are virtual agreements between two parties and are executed as transactions before being verified and grouped they are then added into the blockchain so the contracts terms and conditions cannot be altered to ensure the processes in order users can view the contract using a verification website.
Such as either scan by using the Dao The Great Wave increased its stable of artists including those from South Korea to more than 10 in under a year the founder of zendo Music an independent music label sees how The Great Wave could be a life saver especially for smaller players in the industry.
If I sell an nft today I see my money today it’s almost it’s immediately essentially whereas the streaming platforms you could get a million streams in January you only see your money in February the next year yeah so I think this really helps actually a lot of a lot of Indie musicians Indie labels but he also feels the artist should.
First understand how blockchain Works before hopping on the bandwagon I think that education and understanding is important my advice would be you have to be be able to dive into that space and figure it out first before you want to use that for for your work some are also trading carefully because of the collapse of some crypto companies.
And currencies last year I think it’s quite inevitable that there’s still going to be risk and volatility but you know over the years uh there might be more successful case studies that gets mainstream awareness then this will help also ease people’s fears about the risk involved the crypto winter will still last for the at least.
For the next six to 12 months so many uh crypto Ventures including Donald Trump will face a challenging year in 2023 meantime the founding team at The Great Wave stepping up education efforts so the interested artists will find this new model less daunting