Blockchain can give back power to artists

Cointelegraph Senior Correspondent Rachel Wolfson visited South by Southwest (SXSW) – a ten-day annual technology, film and music festival based in Austin, Texas – to network and interview , a group of pioneers, celebrities, and enthusiasts from the crypto, blockchain and Web3 industries.

Wolfson talking to Darryl McDaniels – known culturally as DMC – founding member of the infamous New York hip-hop trio Run-DMC, about the group’s illustrious art of discovery, his views on the wrongs capitalist flaws in the traditional music industry, as well as his sweeping vision of partnering with blockchain project The Song That Owns Itself (STOI) to advance non-free digital ownership. concentrate.

Run-DMC enjoyed huge success throughout the 80’s and 90’s with hit albums and songs like ‘It’s Like That’ and ‘Walk This Way’, establishing a legacy as one of the hippest hits. -hop is the most influential in the history of the genre.

Prior to the interview, McDaniels boasted a four-bar verse dedicated to Cointelegraph, and inspired by the crypto and blockchain space.

“On microphone, I get coins, I will do big things like Bitcoin. This is the king of rock-thing, the best thing [mf’king] things on the blockchain. ”

In conversation with McDaniels, it was clear that his passion for re-establishing artistic sovereignty and creative ownership in the music industry was driven by his vision of authorship. potential dynamics of blockchain technology, a model in which decentralized mechanics could potentially enhance creator autonomy.

McDaniels states that “Run-DMC has always been an entity that brings people together, changes things, and makes things better,” declaring his aspiration to build blockchain solutions that drive the world. push this tradition.

“What I’m doing with Algorand and The STOI will help us deliver the solutions we need to put the power back in the hands of creators, keep the power in the works, and allow people to experience things the way they should. along with that. ”

STOI is an innovative project looking to use smart contracts to create powered instrument governance models for music tracks. Following the vision illustrated in their whitepaper, the project is seeking to “empower[ing] creative entrepreneurs and their fans by leveraging Web3’s tools. ”

The project’s first non-fungible token (NFT) titled ‘God’s Particle’ sold on the Foundation market for 0.5ETH on Nov. 30. On Feb. 14, STOI switched from Ethereum to Algorand, citing higher speed, higher cost-effectiveness as well as environmental impact. lower. The project has outlined a roadmap plan to launch a governance-based DAO and add non-fungible token (NFT) releases in the near future.

On Monday, it was announced that the third edition of the STOI project will code for McDaniels’ latest track ‘Million Scars’, a number that he perform live at the AlgoRanch pop-up event at the SXSW festival that same day.

In the photo: Rachel Wolfson, Darryl McDaniels and George Howard – Art Advisor to Algorand

Commenting on the future of the music industry amid the growing influence of technology, McDaniels revealed that it’s “more than just moving out the middle man,” before saying:

“It’s about creating something all-encompassing, in which everyone is involved from creating it to continuing it… the song owns it because the song is the thing. The creator is where the power is. Strength begins and that’s where strength will stay.” Blockchain can give back power to artists

Fry Electronics Team

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