Revamping Music Funding with Blockchain: An Insight into FanSociety by Web3 Developer Miles
Summary:
Web3 developer, Miles, discussed his project FanSociety in an episode of The Agenda podcast. FanSociety, infused with blockchain technology, aims to support musicians by combining traditional fan club concepts with modern crowdfunding approaches. It offers a space for musicians to connect with their audience in a meaningful way while also raising funds. The platform tackles issues around fixed-size NFT collections and imbalanced revenue sharing. Miles expressed that FanSociety places value on fan engagement and provides creators the flexibility to reward their supporters appropriately.
NFTs, short for nonfungible tokens, made an explosive debut in 2019. However, the buzz soon fizzled out as the broader cryptocurrency sector experienced a downturn, plunging the industry into a prolonged bear market. Yet, upon a more discerning look, it's evident that despite many NFT projects collapsing, the technology fulfilled much of its initial promise. What's worth examining is the distinguishing features that set successful projects apart.
In the 35th episode of The Agenda podcast, hosts Ray Salmond and Jonathan DeYoung interviewed Web3 developer Miles. As the creative genius behind FanSociety, Miles repurposes aspects from traditional 1950s fan clubs, incorporates modern crowdfunding mechanics, and utilizes the secure storage capabilities of blockchain networks to assist musicians with funding projects.
Emerging musicians often face a challenging task in securing funds for their album production, and attracting a fanbase is another uphill battle. Miles elaborated on the vision behind FanSociety- a tool enabling creators to intimately communicate with fans, acknowledge their loyalty, and organically expand beyond the constricting parameters of regular NFT collections. FanSociety aims to allow musicians to fundraise from fans and simultaneously reward their commitment by offering digital relics related to their growing discography.
Miles further pointed out a common problem vexing NFT collections - the often-fixed collections that force creators to issue a new contract to expand it. He criticized this concept of heavy exclusivity, which he felt contradicted the principles of Web3 ethos, urging a shift towards a more inclusive approach.
Another issue FanSociety is set to address revolves around revenue sharing. According to Miles, it's disconcerting that major streaming platforms and record labels extract a major chunk of the revenue from the creators' work, and even tips offered by fans are primarily absorbed by said platforms.
Miles urged the importance of offering more value to supporters and highlighted the freedom FanSociety offers artists in exhibiting gratitude to their followers.
For the complete discussion with Miles and glimpses into the future trajectory of FanSociety, tune in to the full episode at Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. Also, explore Cointelegraph’s comprehensive range of other shows!
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Published At
5/1/2024 5:20:00 PM
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