Musicians Will Release Their Own Crypto Tokens to Reward Them and Their Fans
A new token-generating, blockchain-powered, music fan-rewards platform is aiming to connect fans with the artists they love.
The Fanbase decentralised application has been created to give artists a platform for distributing exclusive content to their fans. Not only that, but it rewards fans when they promote the artists by helping them to build their fanbase. All of this is made possible through the Lightstreams Network, which powers Fanbase, enabling content creators to digitally distribute, track, control, and profit from their content.
By the end of 2018, the alpha version of Fanbase will be launched.
According to Happy Walters, founder, chair, and CEO of Immortal Records, who has managed artists such as Korn, Thirty Seconds to Mars, and Incubus, this is a step in the right direction for artists and their fans.
“Having spent more than 20 years discovering, producing and distributing the very best emerging talent, Fanbase brings a much needed new form of distribution and copyright for artists,” he said. “But what is more powerful is what Fanbase can do to enable interaction between artists and their fans.”
The platform works by letting artists mint officially branded crypto tokens. For example, if Ariana Grande uses the platform she might launch the Aria Token. When a fan purchases a token it gives them access to exclusive content, VIP tickets, and merchandise.
As each fan buys a token they will pay a slightly higher cost per token until the maximum price has been reached. This cost will then be pre-programmed into a smart contract based on a pricing curve, bringing transparency about how the model works. Unlike other token models that have a set supply, the Aria Token will continue to mint tokens depending on the demand for them.
“Fanbase will allow established bands and solo musicians to build closer relationships with their community of fans,” explained Michael Smolenski, CEO of Lightstreams. “Additionally, it will allow emerging artists to have greater exposure and capability to fund their music career.”
With growing dominance of streaming platforms such as Apple Music and Spotify, there is an increasing demand to find a platform the rewards the artists for the music they produce and the fans that follow them. Fanbase is hoping to provide the solution needed by delivering a platform that works for the artists and their fans.