A music DJ is set to break boundaries and spin history as he launches the first-ever blockchain-powered music festival in October 2018.

Justin Blau, popularly referred to as “3LAU”, is launching a one-of-a-kind music festival in October 2018. The Our Music Festival (OMF) will be the first-ever blockchain-powered music festival. According to the DJ, the OMF business venture will give music lovers new OMF tokens which can then be traded.

According to Blau, people attending the festival can earn OMF tokens by participating in the festival experience. They can also collect tokens by purchasing tickets, VIP upgrades, merchandise, food, and beverages.

A Bitcoin investor and cryptocurrency aficionado, the music producer believes that blockchain technology is a viable tool in the music industry. The blockchain-powered music festival aims to create a platform that will help determine a ticket’s value and prevent ticket fraud.

“Fans can trade digital assets such as tickets as fungible currencies within a festival network which would include festivals all over the world that are both branded as Our Music Festival,” said Blau. “Imagine a world where a ticket is completely verifiable via blockchain technology via the progress that ticket makes across lots of transactions.”

Suggested Reading: Learn more about cryptocurrencies by reading one of our cryptocurrency beginner’s guides.

In August 2018, blockchain music platform, Audius, raised $5.5 million in its Series A funding. The musician-owned platform seeks to protect artists and their intellectual content.

On August 22nd, 2017, Dot Blockchain Media announced that it was combining forces with Intel Technology and Hyperledger Sawtooth Blockchain. The company’s goal is to use a blockchain initiative to promote the rights of artists and to bring transparency and clarity to the music and media industries.

The adoption of the nascent technology by the music industry can give artists the independence and recognition they deserve. Presently, artists are at the mercy of record labels, budgets, and fans. Though new, blockchain technology brings with it the potential to give artists more control over their content property, ensure faster payments, and create transparency in the music industry.

The post DJ/Producer 3LAU Set to Launch Blockchain-Powered Music Festival appeared first on UNHASHED.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

123 +