CRYPTOCURRENCY MEETS MUSIC

A DIFFERENT TAKE TO CRYPTO MUSIC FESTIVAL

There has been a lot of music cryptocurrency projects over the years. Musicoin, Voise, Opus, Muse, Choon and lots more. Change a letter of a popular word and presto, you have a brand new project you can fix into blockchain. But on a serious note, the market is very saturated and many ICOs, despite all the promises, have yet to deliver any noticeable value. One company is approaching the scene from an absolutely different point. Our Music Festival is a project built around disintermediating the music events business. Unlike ICOs, it is not raising any public money on the back of wild revolutionary promises, at least not at the moment.

 

OUR MUSIC FESTIVAL

OMF was created in collaboration with popular DJ 3LAU (Justin Blau), blockchain entertainment network SingularDTV, and concert&event company Prime Social Group. SingularDTV is a ConsenSys-backed venture that funds decentralized applications built on the Ethereum platform. Blau acknowledges the Winklevoss twins for introducing him to crypto during the time they were building the Gemini exchange. Our Music Festival is currently moving out of California, Berkeley to be precise. However, they have ambitions of expanding globally in three years, bringing the idea as far afield to places such as Seoul, Barcelona and Tokyo.

 

PROBLEMS THEY INTEND TO SOLVE

The music events industry is suffering from the same kind of rent-seeking and monopolistic practices of just about any other. Particularly, Ticketing monopoly has gotten worse in recent years due to large acquisitions and a reduction in competitors. OMF hopes that it will all change when artists can provide more control to fans over ticket purchases and their overall festival experience. Bringing these components into the blockchain will automatically eliminate issues like ticket inflation. Ticket inflation is popularly caused by programmers who use bots to buy tickets en masse when they are released. Sadly, the general public loses out and these scalpers then sell the tickets at inflated prices on secondary markets.

In an interview on Hackernoon, 3LAU explains that artists would also ideally like more control over the marketing process. In comparison to the performers, promoters are not as in touch with the fans. Blockchain could also theoretically allow artists to reclaim the data and analytics related to their shows. Promoters, who usually hold this data, have to their advantage of selling it on as another source of revenue. In the OMF model, fans can opt into giving away that info and receive cryptocurrency as a reward in return. Rather than extracting value from fans, Blau aims for the new model to share in the value creation process and reward fans for referrals and feedback.

 

PUTTING IT IN PRACTICE

Luckily, OMF is not just about talking this idea up like their many ICO counterparts. Last year, their very first music cryptocurrency festival was held at the Greek Theater in Berkeley. The party featured the likes of Mati, Kim, 3LAU himself, and Grammy award-winning artist Zedd. A crowd of about 8,000 people was present at the party, among them were some crypto celebrities like Fred Ehrsam (founder of Coinbase) and Adam Ludwin (CEO of Interstellar). It goes without saying that 3LAU did his fair share to promote blockchain whenever he had the chance.

OMF tokens were available to purchase at the event allowing for party goers to purchase tickets and get discounts on merchandise and food. About 2,000+ cryptocurrency payments were recorded, which is outstanding given the size of the crowd. Thus, highlights how the younger generation is warming to crypto as an alternative to exclusive fiat systems. It also portrays how significant it is for tokens to actually have some utility in the network.

 

COMBINING THE PHYSICAL WITH THE VIRTUAL

At almost the end of 3LAU’s set, support crew fired an ample amount of confetti into the crowd. And what first appeared to be a standard crowd-pleasing stunt turned out to be an opportunity to promote crypto; and thousands of paper crypto wallets in the form of QR codes. Savvy fans could later redeem their crypto for different colored friendship bracelets.

This was all done through the OMF app that developers had created specially for the event. But, a number of fans reported that the user experience just was not up to scratch. That didn’t dampen the mood of the party and despite the issues, you would not think twice to call the trial anything but a success.

 

CONCLUSION

It is somewhat relaxing to see a project actually putting it’s money where it’s mouth is. In an industry filled with promises and flush with cash there may not be that much of incentives for projects to go the full distance with their prospects. With that notwithstanding, one festival is not enough to call the OMF project a success, yet. If not for anything, a lot of work needs to be done on the app. It is very satisfying to say that the event was more of a successful trial than just a show. Also, just like blockchain, OMF is in its infancy of development and will need time to mature.

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