Fanbase Blockchain Music Rewards DApp to Launch on Lightstreams Privacy Platform
Fanbase, a fan-rewards blockchain-based platform became the first to launch on Lightstreams. This platform wants to empower music professionals and leverage the relationship between artists and their fans. A former Goldman Sachs software engineer called Michael Smolenski created the platform. His protocol for smart contract confidentiality, Permissioned Block, won the Blockchain Hackathon award during Consensus 2017. The protocol is now at the heart of Lightstreams.
How It Works
The platform works by making it possible for artists to mint branded crypto tokens. When a fan purchases a token, they have a chance to access exclusive contents, merchandise, and VIP tickets. They can also earn rewards for promoting the artist.
The more fans that hold the tokens, the higher its value; this model utilizes a new bonding curve technology. This technology enables the continual minting of tokens for an artist, which is unlike other tokens that have a fixed supply.
For the sector, Fanbase offers a new form of distribution. Artists will be able to engage with their fans directly. They will save artists from the hold that most streaming services currently have over distribution. This model is also going to help the smaller artists gain some recognition and a source of income.
The Fanbase DApp
The Fanbase App has a goal of bringing artists and their fans together. It will allow artists to share their exclusive content directly with fans. At the same time, fans will be rewarded for actively promoting and helping an artist grow their fanbase. Access to content and interactions with artists will be possible via different membership levels. These levels are based on the number of tokens that a fan holds for a given artist.
Besides enabling artists to control access to content, Fanbase is hailed for being a much-needed development by music producer Happy Walters. Happy has managed and published artists such as Incubus, Korn, 30 Seconds to Mars, and many others.
What Happy Had To Say
Happy said that having spent over two decades producing, distributing, and discovering the best talent, Fanbase would bring a new form of distribution and copyright for the artists. However, what was more powerful is what Fanbase would do to enable the interaction between artists and fans.
Benefits For Fans And Artists
The bonding curve technology is being utilized by Fanbase to ensure artists can launch a smart contract that continually mints their own tokens. For instance, Ariana Grande might decide to launch the Aria Token.
A fan buys the Aria token by depositing money into the contract, and it will then automatically issue the first token. This happens until any time a fan buys the token. Every time a fan pays a bit more per token until the maximum price is reached.
The higher cost is built into the smart contract that is based on this pricing curve. Thus, there is complete transparency about how it works. The prices will always be affordable at all times. The smart contract will continually mint Aria coins as a response to the demand. This is unlike other token models that have a set supply of tokens.