A Forbes article on the HardFork series, a blockchain-themed thriller that involves stars such as Naomi Brockwell, has resurfaced on social media and mentions how the team got partially funding by the Dash network and discussed how cryptocurrencies can revolutionize the method of funding and paying artists.
The article started off by discussing the sheer market power of cryptocurrencies in funding projects by mentioning how VCs only raised $200 million USD in 2017 for blockchain and crypto technology versus $3.8 billion raised by ICOs over the same time period. The article then went into discussing how the HardFork team got initial funding via Steemit, and then got even more funding from Dash.
The article explained how Dash “earmarks a significant amount of the coins it mines monthly to fund crypto-related projects”. They highlighted how the HardFork team raised “the equivalent of nearly a million dollars from DASH”. Referencing the proposal, the team got 810 Dash over two months this past December to February when Dash exchange prices were at all time highs. Doug Karr, the director, mentioned how “[t]he ease with which [they have] been able to get things moving is unlike anything [he’s] experienced in film” since “[s]tudios move slowly, but the crypto world–they move at light speed”. The article then finished by discussing the possibilities of how the cryptocurrency funding model can be applied to other artistic sectors like music, film, theatre, art, and more.
Cryptocurrency is empowering artists
Artistic industries such as musicians, film producers, and other similar sectors have typically had to deal with relatively low wages compared to other industries. Their take home pay is reduced even more after their distribution managers and promoters take their cut of the pay. However, platforms and cryptocurrencies such as Steemit, DTube, and Dash enable artists to directly connect with their fans and for their fans to directly compensate their favorite artists. With cryptocurrencies’ decentralized nature and low operating costs, artists are able to reach more individuals and retain a higher percentage of revenue from each fan contribution. This also grants more entrepreneurial opportunity to independent artists to experiment with new techniques and artistic displays that might have previously been stopped by a promoter, distributor, or studio because they could not see the profitability.
Another specific example of the cryptocurrency funding mechanism directly connecting artists and fans is Feedbands, which is an online music streaming and subscription service that enables unsigned artists to distribute and sell their songs and merchandise for Dash and fiat. Dash allows Feedbands to eliminate the traditional payment processing fees and allow artists to keep 99.99% of their revenue, while the artists also get to keep their copyrights. This not only expands the market reach of artists, but also expands their profit probability.
Dash facilitates artistic innovation
Dash is able to help artists by leveraging its structure in different ways. First, Dash is able to help artists with its record low transaction fees and fast confirmation times that make traditional payment systems obsolete. This enables companies like Feedbands to create platforms to directly connect artists with fans, while still letting them keep nearly all the revenue. Second, the Dash network is able to directly fund projects like HardFork through its DAO treasury system. The recent large exchange price declines have caused this treasury model to be less adventurous with its money, as it is now just concentrating on a few integral proposal, but nevertheless is capable of funding artistic talent when conditions are right. Third, Dash Ventures will soon be launched to provide additional sources of funding to projects that might be more risky and/or can provide a profitable return to the network’s funds.
These features have displayed how Dash’s focus on becoming a payment currency for everyday transactions not only helps individuals in Venezuela, Columbia, Nigeria, and other countries suffering from inflation and poor banking services, but also helps individuals simply searching for artistic recognition and income.