By Bill Taylor/ Contributor
WELL, WELL WELL! A blockchain music festival. Actually its a new music festival that will run on blockchain which will be designed to eliminate ticket scalping, ticket fraud and encourage fan engagement. Just so we look at this in perspective, since this is to be the first festival to operate on blockchain, we are NOT talking Coachella, Lollapalooza or the Boston Pops. This festival “startup” is called “OUR Music Festival” (OMF for short….catchy, huh?) and is going to be in October at the Civic Center Plaza in San Francisco. Could be a total sell out with 200-300 fans at that venue (uh, suggestion; couple the festival with an anti-anything rally and the fan base goes into the thousands).
Fans will use a mobile app and will be able to see ALL ticket purchases on an open ledger. Hopefully this will completely get rid of the resale market the venues and artists have been trying to reel in. Also, the open ledger should help eliminate fraud, counterfeiting and drive down the insane fees normally associated with music concerts.
Justin Blau, the festival organizer, a financier who turned DJ (stage name 3LAU) also envisions fans earning incentives like a cryptocurrency that could be used for food, drink, VIP upgrades, early ticket purchase discounts, etc. (earplugs?) and even create their own venue lineups. Very creative and made possible by blockchain.
Oh by the way, joining the organizer 3LAU on stage will be none other than electronic artist Zedd (come on, it’s San Francisco) and perhaps another “name” (Un-modest Mouse?). Should this concept be successful will there be a festival ICO? Why not. What Justin (3LAU) proposes is basically a utility token so perhaps even the “big name” artists may see an opportunity to participate. I can see it now, on a bluff outside Omaha, DJ WBuffet and his Crypto5 on stage with Bitcoin Jamie and the Fraudsters.
Seriously (really), just another way blockchain can disrupt an established industry.
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews