How Artists Are Trading Through Blockchain

How Artists Are Trading Through Blockchain
Banks, Insurance & Financial Services

Rather than losing profit and opportunities to connect with fans on traditional networks, the decentralized model more directly benefits the people who make and enjoy art

PSFK
  • 10 may 2018

Today’s creatives are finding innovative ways to implement blockchain into their work, providing secure transactions and easy sharing and visibility, while also allowing fans to gain direct access to their favorite artists.

Moreover, the decentralized model gives fans a new opportunity to voice their opinions, interests and passions in a symbiotic transaction that benefits the artists and their audience alike. Here are three examples of how artists are improving their business by taking advantage of blockchain technology:

Gramatik
The New York-based musician Gramatik has embedded his intellectual property rights, revenue and royalties into a programmable digital token. Fans and investors who “buy” the GRMTK token using the Ether cryptocurrency are able to potentially share the revenue from an artist’s work. Payments can also be split between artists—as well as their collaborators, producers and writers—in real time. By bypassing labels, artists have a direct financial relationship with fans and can cut out the gatekeepers and middlemen.

OPUS
In contrast to current music streaming services, the Ethereum-based OPUS platform intends to pass on 97% of revenue to musicians. Rooted in cross-platform traceability and ultimate transparency, the streaming service will make it impossible for labels to disguise revenues from artists, is censorship-resistant, and will ensure that all future product developments be determined by democratic process.

Drip
Having worked with creators for over eight years, Kickstarter saw the need to create a fundraising tool centered around community and ongoing support. Arriving in the form of Drip, creators can build an ever-growing base of subscribers who are given access to unique rewards and insider tidbits in exchange for monthly patronage.

Connecting musicians and other artists more directly with the people who enjoy and support their work is just one way that blockchain is improving the creative industry. For more information on this topic, view PSFK’s report Applying Blockchain To Creative Industries.

Today’s creatives are finding innovative ways to implement blockchain into their work, providing secure transactions and easy sharing and visibility, while also allowing fans to gain direct access to their favorite artists.

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+Arts & Culture
+arts & culture
+blockchain
+chat a researcher
+customer support
+financial services
+Frictionless Transaction
+Music
+post purchase & service
+report
+technology
+Transactions & Payments
+USA
+work

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