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📚 Mission 2 of my Blockvocates.org journey was to read the book Read, Write, Own by @cdixon.eth and report on how it applies to my Blockchain Journey, 🧵 below: I picked the Musician Journey on Blockvocates so my objective was to understand the connections and implications of Blockchain w.r.t. Music. #1 Most new tech follows an S-curve, creators are valued initially but are extracted from later in the cycle. Musicians and creators on Instagram clearly experience this today, making no revenue for their work while Meta benefits from ad revenue on their creations. Benefits of interoperability go down as the network grows (eg. Zynga de-platformed from Facebook). #2 Unlike AI, Blockchains are a non-consensus/outside-in technology, dismissed by many but progress will happen outside-in and grassroots by hackers and outsiders, not inside-in led by tech incumbents. Parallels can be drawn to the music, which has traditionally been dominated by incumbents, but musicians should look at outside-in solutions.
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#3 Blockchains separate business and security functions while guaranteeing a robust trail of ownership enabling the creation of a new kind of network, a network that ensures a musician's work is protected and fairly valued, esp. in a time where AI models train on their work without compensation. #4 Blockchains are massively multiplayer - useful for enabling coordination among people who don't have pre-existing relationships. I see the musician+fan relationship as a prime example of this, currently non-existing but can be made much more me**aningful and special with blockchain. Seeing this happen already with platforms like Medallion.fm
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🪙 #5 Tokens can represent ownership of anything digital - incl. money, music, text, art etc. They place ownership in the hands of users instead of corporate networks. The principles of composability and ownership enable incredible new possibilities for music - think transparent music and listening data, music games, fan-led music extensions, music trading etc. that have been impossible so far in a world where music is owned by corporate networks
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🌇 #6 Community-Created Software, Composability and Commitments to Users Blockchains ensure rules for creators and users that always hold true and cannot be arbitrarily changed, and the open-source nature of code allows for secure, community-built evolutions of software.
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💇‍♀️ #7 Thin vs Thick Networks and Take Rates Blockchains ensure that take rates (platform commissions) are nominal and programmatically coded, unlike corporate networks. 🫓 Thick (corporate networks) claim most profits for the centre of the network - leaving thin complementary layers with lower profits. 🥢 Thin (blockchain networks) do the opposite, less profit for the network and more for complementary layers. Imagine a Music Network that generates majority profits for musicians and listeners instead of the network itself - beautiful right?
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🥇 #8 Incentives, Early Adopters and New-Age Marketing Through tokens, blockchains make contributors and users part of the team, bootstrap the early network and create a new form of self-marketing. This can be esp valuable for musicians who find their biggest challenge in growing past a certain critical mass of fans.
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👫 #9 Decentralized Network Governance Networks, especially media networks should be open, verifiable and community-controlled: think of a music streaming service built by musicians, listeners and other stakeholders together.
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🎰 #10 Casino vs Computer Due to the nature of blockchains and tokens, they have a casino and a computer side, with the media often focusing on the casino. Even in Music, we're seeing the human tendency of greed give in to the casino side with many music celebrities launching short-term scam coins. But make no mistake, the casino is a distraction, the computer is what you should focus on.
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📲 #11 Future Potential of Blockchain Applications The Creator Economy can take a new sustainable shape where creators can make a living even with just thousands of true fans. 🎮 The Gaming vs Music Industry is a great example to understand the power of blockchain apps - the gaming industry which is more open and composable has a much larger ecosystem of apps and value being created.
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🎧 #12 NFTs, Music, Post-AI artistic expression and Equal Opportunity Tokens help cut out high take-rate intermediaries, make the existing merch industry more exciting and help build better event experiences and relationships with fans. In an AI world, the focus will be less on the media and more on the community, curation and culture around it. At the same time, new applications like Onchain Music Royalties and equitable creator-AI relationships can be formed.
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