Artbit is a Los Angeles-based distributed ledger platform that allows artists and fans to seamlessly interact. Here’s our review.
What is Artbit?
Artbit, found online at Artbit.com, is a new distributed ledger platform created by Matt Sorum.
Prior to launching Artbit, Sorum was best known for being a Rock and Roll Hall of Fame drummer. Sorum previously played for Guns N’ Roses, Velvet Revolver, The Cult, and Kings of Chaos. Now, he’s breaking into the distributed ledger space (along with a team of entrepreneurs).
Artbit sees itself as “a revolutionary distributed ledger platform that allows both artists and fans to share and monetize artistic talent from anywhere across the globe.”
The goal is to help audiences reclaim the role of recognizing artistic talent while raising visibility and offering real compensation to artists and creative entrepreneurs around the world.
Artbit was announced on March 13, 2018. Right now, the Artbit.com website features no additional information about the project. There’s just an email entry form. You can enter your name and email address to get more information about the project.
How Does Artbit Work?
Artbit was built on the idea that unsigned, unrepresented artists of today- including musicians, street artists, dancers, magicians, and all other street performers – are offering their artistic services with little monetary incentive. They’re pouring their creative genius into their work yet receiving little compensation for that effort.
Artbit aims to solve that problem by giving independent artists exposure.
Of course, every artist has been offered “exposure” by agents and talent agencies. “Exposure” typically means you’re being asked to do something for free. Unlike with agents and talent agencies, however, Artbit allows artists to retain complete control of their intellectual property. And, Artbit also helps teach these artists about the entrepreneurial side of being a musician.
Sorum was personally motivated to launch Artbit. As he explained in an introductory press release:
“Before I had any recognition as a musician, I was roaming back alleys in Hollywood, playing any gig I could get, sleeping on couches and surviving off Top Ramen. Today, getting recognition is easier, but getting paid is even harder. With Artbit, we're giving power back to the fans to tell the world who deserves attention, and we're giving a platform to artists to turn their dreams into a paying reality.”
Obviously, Artbit isn’t the first platform to recognize this problem. So how do they plan to solve it?
Well, Artbit will create “virtual stages” using renowned artist hubs around the world. Artbit will allow up and coming creators to fund their passions through a cryptocurrency-based economy powered by hashgraph (not blockchain).
Artbit will use the Hedera hashgraph.
Basically, Artbit users will be able to produce their own live shows and performances using the platform, linking their performance locations to any of Artbit’s virtual stages. Fans from around the world can watch these performances live and interact with their favorite musicians. They can like, share, and attach AR filters, for example.
Artbit will also have augmented reality and gamification systems that allow fans and performers to interact on an even greater level. Ultimately, the goal is to give fans a concert-like experience wherever they are in the world. You might buy a ticket for the fraction of a price of a “normal” concert but get up-close seats to your favorite performer.
What is Hashgraph?
Hashgraph technology is a similar concept to blockchain technology: both are built on distributed ledgers. However, hashgraph works in a significantly different way.
In a press release announcing Artbit, the company described hashgraph as a way for users “to share cryptocurrency with performing artists to back their work and show support.” Through this system, hashgraph can revolutionize the way artists are discovered and compensated.
Artbit specifically uses the Hedera hashgraph, which is a public, distributed ledger on which anyone can build their own globally distributed applications.
Who’s Behind Artbit?
Artbit was founded by former Guns N’ Roses drummer Matt Sorum along with Pablo Martins, Renan Monjon, Saulo Monjon, and Jean-Philippe Innocent.
Artbit was founded in 2018.
Artbit aims to help starving artists around the world by giving them a better way to promote themselves. However, Artbit won’t just make it easier for artists to showcase their work: the platform also seeks to equip artists with the business tools they need to grow themselves as an artist. Being a performer requires some entrepreneurial skills. Artbit recognizes that while still allowing talented performers to be successful.
To learn more about Artbit and how it works, visit online today at Artbit.com. Right now, the company is in the early stages of launch (the company just announced itself via a press release in early March 2018, and the website has nothing but an email submission form at the moment).