3LAU talks in regards to the first music competition powered by blockchain, Our Music Festival [Interview]

The first ever blockchain music competition is developing. On October 20, Our Music Festival hosted by 3LAU will happen at San Francisco’s Civic Center Plaza, that includes Zedd as a headlining act. Click right here to buy tickets and witness the rising know-how in motion amongst performances by Big Sean, Zedd, the host himself, Matt & Kim, and Charlotte Lawrence.

DA spoke with Justin Blau about what festival-goers can anticipate on the competition from a know-how perspective. The label boss additionally mentioned future aspirations of implementing blockchain to occasions sooner or later with the intention to remedy a few of the trade’s present inefficiencies. The OMF app would be the first competition software that runs on an open-source blockchain.

How did you begin creating the primary blockchain music competition?

Being within the music enterprise for Eight-9 years, we’ve all expertise a number of the inefficiencies on this comparatively inefficient enterprise. As I opened my eyes to the know-how that blockchain may begin, I actually thought this might assist propel festivals sooner or later.

What obtained you began in blockchain?

I began studying about blockchain whereas staying with the Winklevoss twins in LA round 2012. They had been busy constructing their alternate, and realized about bitcoin there. Last 12 months, when the market was going loopy, I took an enormous nosedive into studying in regards to the know-how.

How will Our Music Festival be completely different than a daily music competition?

You’re going to have the ability to earn rewards on the competition on the app for performing sure actions. With these rewards, festival-goers can purchase merch. This is the one implementation of the blockchain know-how in 12 months one. In the longer term, we need to develop the know-how so followers can select the lineup and get fractional possession.

3LAU talks about the first music festival powered by blockchain, Our Music Festival [Interview]

How does the app work?

In the primary 12 months, everybody will get OMF tokens totally free. Call it a rebate for the ticket buy. Festival-goers obtain the app, declare their QR code which prompts the pockets, and OMF tokens are earned by performing sure actions on the competition. They can alternate these tokens on the merch desk.

What factors are you taking a look at in 12 months one?

Festival-goers who buy tickets will get three tokens instantly, and we hope they go to the merch tent and are amazed at how shortly and seamless the method is. We’re giving folks free tokens from QR codes printed on confetti and different actions.

What inefficiencies within the music trade are you seeking to remedy?

There are three major issues we need to remedy. The first is liquidity. Typically, followers wait till the final minute to buy competition tickets. This is a big downside as a result of it disables occasion curators from making festivals the very best they might as a result of they don ‘t have the cash, so that they minimize prices.

Consumers wait till the final minute to purchase tickets as a result of there’s not an easy method to promote them again. They suppose they could go down in worth, however tickets usually go up in worth. Fans usually don’t have sufficient liquidity for tickets, so we need to get them extra concerned with the intention to earn rebates.

The second side we need to remedy are advertising and marketing inefficiencies. Friends inform their mates about festivals, however they don’t get something in return from a referral.  They merely get their pal’s firm. This creates worth, and we need to give that worth again to the referrer and market the occasion in a phrase of mouth manner that’s by no means actually occurred earlier than.

The final downside is that this big information downside. Artists and followers are producing all this information, they usually don’t personal any of it. In our open-source platform, artists and followers will have the ability to entry all the information from customers who choose in. This means artists can higher goal and have a extra direct interplay with their followers.

What is the best manner you see this working?

The blockchain facet of issues will assist give those that take part extra say. Blockchain verifies particular person involvement. A hypothetical: Let’s say you need to go to EDC, when you’re not prepared to purchase a full ticket but, you’ll spend $10 now to affect who performs and get a $20 credit score on their ticket later since you gave the competition curators useful information. Blockchain additionally verifies involvement to maintain bots and spam out.

In order to have interaction folks, we have to make blockchain easy and comprehensible. After they perceive it, we hope they’ll need to purchase extra of it.

You’re fairly the trendsetter. In addition to OMF, you additionally began the primary not-for-profit label, BLOOM. What made you go down this path?

I’ve carried out a number of non-profit work even earlier than I used to be an artist.  I feel it’s essential to offer again to the neighborhood, particularly since I get to make a residing doing what I really like. I’m making OMF to offer again to the followers. Pencils of Promise is the group my label, BLUME donates 100 % of its earnings to. It’s an excellent clear group. I do know precisely the place the cash goes. We’ve constructed seven faculties in Guatemala with them.