Music producer and DJ Justin Blau, known professionally as 3LAU, is launching a blockchain-based platform for festival concert goers.
3LAU and his co electronic DJs might be some of the first in the music business to embrace blockchain technology.
The ecosystem of concertgoers looks to reward users with tokens after they attend concerts and refer friends.
3LAU speaking with Benzinga about why blockchain is a valuable tool for live event said:
“At the moment, the different micro transfers between parties at festivals are not monetized or capturable. They are too expensive to capture on traditional payment experiences. What makes blockchain so fascinating is that you can capitalize on all these different micro transfers of value.”
“Our goal was to find out what behavior users exhibit, and what of that set of behaviors is creating a lot of value that isn’t being captured? The first thing on that list is referrals. If you were compensated for bringing other friends to a music festival, how much more often would you do it?”
A Referral System For Music Festivals
According to 3LAU, traditionally, when you attend a concert, you buy a ticket, attend the show and then relish in the experience. With OMF, the experience does not end with the last performance.
Live music is a collective experience. When you can incite this domino effect of friends telling friends something — usually you don’t like to go alone. You like to tell a friend. If you can utilize the tech to capitalize on a large scale, you can change how live events operate.
Because tons of data are collected at a music festival that is very valuable and sold to marketing companies, a decentralized database is needed. What if the public owned that data — like tracking which artist was the most-attended and which artist fans liked the most? That is extremely valuable in future price discovery and artist fees.
When you scale that across all music festivals, which is our goal, it's a new way to capture value in a way that was not possible before blockchain.
3LAU added that OMF will be the first festival to accept crypto payments, but it is all about creating awareness about the movement.