ConsenSys Web3Studio’s Shared Royalty Non-Fungible Token (SRNFT)
The introduction of mp3s and streaming services in the music industry has resulted in the revenues for the musicians reducing significantly and the musicians have been left to rely on the ticket sales from their concerts to sustain themselves.
However, the tickets sales are also plagued with challenges since the musicians have to perform during the concerts in order to generate revenue and the revenue will have to be split with the ticket outlets and venue organizers.
Developed by Patreon, the Bootleg project will solve this problem by creating a new blockchain-based asset known as the Shared Royalty Non-Fungible Token (SRNFT), whose main purpose is to ensure that any royalty business model is easily managed using the Ethereum blockchain.
Targets The Music Industry
The project mainly focuses on the music industry by helping musicians have a constant revenue stream, secure their digital rights and turn fans into partners by providing them with access to rate concert videos. Apart from the music industry, SRNFT has applications in the games and sports industry where fans or creators can build franchises on their unique moves or asset.
How ConsenSys Web3Studio Bootleg Works
During concerts, there will be designated bootleg seats, which will be sold to professional and semi-professional videographers who can bid for the seats on the Bootleg feature on Patreon. The owners of the Bootleg tickets will be the only ones permitted to record the concert using their devices and add their preferred color commentary, trivia, and effects.
Measures have been put in place to ensure that these videos cannot be uploaded on social media sites like YouTube due to the digital watermark embedded on the video and in case a user does, they will be banned from purchasing the bootleg seats in the future.
Users can submit the videos to the band through the Bootleg service and receive Bootleg tokens in exchange if the band accepts the video. The Bootleg tokens provides the users with rights to sell the video to other people and the royalty agreement integrated into the token ensures both the band and the user will make money.
Furthermore, everyone that purchases the tokens from the users will also have the ability to sell the tokens to a specified number of people. This means that eventually, everyone who has ever owned the tokens will benefit from each sale.
Benefits of Bootleg
Increased Revenue From Live Performances
The Bootleg tokens will enable musicians to generate more revenue from the concerts since it creates a scalable business model and distribution system where the musicians are in control.
Implementation Of SRNFT
The SRNFT will make it possible to distribute and manage cash flow to multiple franchisers while creating an economic incentive that will encourage Bootlegger holding the concert videos to avoid uploading them illegally to public platforms.
Creation Of Micro-Communities
The Bootleg project will create micro-communities where fans can share Bootleg tokens, ensure there is integrity in the music industry, and earn additional revenue from adding new members to the community.
Different Payment Methods
Currently, Bootleg uses one algorithm to distribute the funds, but plans are underway to integrate the platform with more payments methods that the musicians or bands can use for different purposes.