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Home»Blockchain»Blockchain will be a game changer for independent artists, says Web3 Media president
Blockchain

Blockchain will be a game changer for independent artists, says Web3 Media president

December 2, 2024No Comments3 Mins Read
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Blockchain and Web3 technologies aim to give users the ability to take more ownership of their content on the Internet. For artists and creators, this could actually make it easier for them to profit from their work.

On Yahoo Finance’s Financial Freestyle podcast, Chris Lyons, president of Web3 Media at a16z crypto, Andreessen Horowitz’s crypto venture fund, explained the eventual integration of blockchain into everyday life and how this change can actually make online content creation more profitable.

“You’re going to start seeing whole new social networks pop up where you can actually own 100% of your followers,” he said (watch video above or listen below).

Lyons used the American artist Jean-Michel Basquiat as an example.

“At the time, (Basquiat) was selling a painting for $25,000,” Lyons said. “50 years later, this same piece is now being sold for $100 million, and how much did he get for it?”

Just the initial $25,000, Lyons confirmed.

“But if it was on (the blockchain),” he continued, “what happens now is there’s a smart contract that’s already written inside, so you can say, ‘I’m going to get 10% of every secondary transaction.’ It’s now sold.'”

LONDON, UK - OCTOBER 06, 2023: A gallery staff member looks at a painting by Andy Warhol and Jean-Michel Basquiat, collaboration, 1982-1985, estimate £1,000,000-1,500,000 during a photoshoot at the home of Christie's auction showcasing the highlights of the 20th/ Evening sale of 21st century London, United Kingdom on October 06, 2023. (Photo credit should read Wiktor Szymanowicz/Future Publishing via Getty Images)
A member of gallery staff looks at a painting by Andy Warhol and Jean-Michel Basquiat, Collaboration, 1982-1985, estimated at £1,000,000-1,500,000, during a photoshoot at the auction house Christie’s in London, October 6, 2023. (Wiktor Szymanowicz/Future Editions via Getty Images) · Wiktor Szymanowicz via Getty Images

Lyons hypothesized that through blockchain integration, creators and artists will be able to have “zero-to-one engagement” with their fans, removing the middlemen who currently take a cut of most transactions in line.

“New music platforms will appear where, instead of having to make a million (purchases) for an artist to live sustainably, it is now enough to have 1,000 real fans who can buy your CD every day, buy your products, buy your tickets – and you can actually make a living from it,” he said.

Blockchain will be a game changer for independent artists, says Web3 Media president

Although blockchain remains unfamiliar to those unfamiliar with cryptocurrencies and digital transactions, Lyons suggested it could become as ubiquitous as GPS technology.

“I have a theory that I basically call ‘hiding the wires,'” he said. “The next generation of blockchain technologies or even AI – you won’t even really notice that you’re using them.”

“You talk about financial freedom,” Lyons added, “but we’re still in all these systems that create centralized ownership, and I think the only real way forward is decentralization and blockchain.”

Every Monday, Financial Freestyle host Ross Mac sits down with key guests to discuss their wealth-building journey and what it takes to create a lasting financial footprint. You can find more episodes on our video center or watch on your favorite streaming service.



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