Amplify is Building a New Music Economy with Web3
Emerging Bristol via South London artist Emz will headline Amplify’s very first proof of concept showcase for its groundbreaking AmplifyLive technology on July 5th, at Lost Horizons Club in Bristol, UK. Interested individuals can grab a free NFT ticket on June 20 here.
The showcase will demonstrate the new proprietary technology used in AmplifyLive. By using DeFi web3 technology, Emz will be able to earn additional recurring income from his performance even after the gig.
AmplifyLive co-invests with artists and promoters to create a gig that continues to pay even after it is finished. By using decentralized finance technology, AmplifyLive empowers artists and industry professionals to earn passive income long-term.
Before the gig, a promoter deposits a portion of current and future ticket sales into a gig specific “micro-fund” within the AmplifyLive platform. There, an AmplifyLive-based proprietary algorithm matches this with the AmplifyLive fund. This micro-fund generates a yield over time (like bank interest) until the gig happens.
Once the gig is over, attendees can purchase digital merchandise as NFTs, with a large percentage of the revenue going to the artist. The remaining revenue is added to the micro-fund within the AmplifyLive platform.
What’s unique about AmplifyLive is that the yield generated by the micro-fund is paid out to the artist, venue and promoter. Best of all, it is an indefinite payout, due to the proprietary Defi technology working in the background. Any of the parties can withdraw their funds at any time, or else allow the money to accumulate indefinitely.
Irfon Watkins, CEO, Amplify commented:
“Amplify is leading the way in helping emerging and established artists get fairly paid for their work. I firmly believe that Web3 is the future for the music industry, DAOs will become a standard part of the industry & DeFi will become much more frequently used. As a result independent artists will be able to thrive, the struggles we saw in the pandemic from the cancellations of live music would not have as much of a catastrophic effect on their income, thanks to DeFi and advances in the Metaverse.”
Ian Matthews, Kasabian & Chief Music Officer at Amplify commented:
“Web3 will have a huge role to play in the future with the music industry. It will open up a whole new realm of possibilities in the way artists are rewarded for performing both live shows and within virtual events. Having worked as a musician most of my life I am well aware of the constant financial pressure that comes with the job, so I’m excited to head-up a project that aims to make it far more financially viable to work and survive in the industry.
The last couple of years in particular have been hard on the sector, affecting not only musicians, but also small venues and promoters alike. At Amplify we want to bring financial balance to the entire music industry at a time when it’s needed more than ever, and be able to offer the opportunity for those who work within it, particularly the artists who breathe life into it, the ability to reclaim control over their income through expressing their art.”
Amplify Genesis NFT: In addition to the proof of concept showcase, Amplify is issuing 1808 Genesis NFTs. The Amplify Genesis NFT is an ERC-721 token on the Polygon blockchain. To mint, interested individuals can visit https://amplify.link/minting on June 20, and purchase the NFT for 150 $MATIC.
NFT holders will have lifetime VIP access to all Amplify IRL and metaverse events and an invitation to attend the annual private Amplify party. They’ll also be founding members of the Amplify DAO, and have their names etched on a slate on the IRL and metaverse Amplify chapel in rural Wales.
This is a historic moment for an industry that has primarily depended on touring and ticket sales. Through Amplify, artists, promoters and venues can use DeFi and Web3 technology to make a living from music without having to endure an endless cycle of touring.
— — — — — — — — — — — — — — — —
Platform & Stream Info:
🎵 Subscribe today to Platform & Stream for your daily rundown of the most important & interesting music streaming news
✉️ Send story ideas & feedback to: jeff@platformandstream.com
⭐️ Support Platform & Stream by sponsoring an issue sent to our 2500+ subscribers every weekday.
