When Jay Z dropped his 12th album Magna Carta Holy Grail on July 4th 2013, he rapped about the new rules in the music industry and how he was one of the few powerful artists changing the playbook. The first one million fans got a free digital download of the album if they owned or bought a Samsung Galaxy S III, Samsung Galaxy S4 or Samsung Galaxy Note II. That public relation tactic may not seem like a huge deal in 2018 with exclusive albums dropping on streaming services all the time but Jay easily sold a million copies of Magna Carta Holy Grail during the first week of his album release, even though the Samsung deal didn’t count for sales for the album charts. We always need artists pushing for innovation and finding new ways for fans to experience their music and I think the next innovative wave is coming very soon.
Chief Technical Officer Wei Wu Zhang of the mobile app AlphaWallet talked with Tech This Out News about how huge artists and entrepreneurs like Kanye West, Kim Kardashian, Beyonce and Jay Z can embrace blockchain technology and once again be a needed disruption in the music industry. Blockchain technology verifies any digital transaction using forms of bitcoin while keeping both parties information safe from hackers. Think of it as the chip on your debit card but it actually works all the time and it’s actually advancing technology that involves money. AlphaWallet is an easy way to have a crypto wallet (or smart wallet) and utilize the features of blockchain technology. Smart contracts are used between parties to safely purchase items and can also be used for subscription services and pretty much anything you use traditional money for.
Blockchain technology is the key to progressing many industries but specifically the entertainment industry in this interview. Those digital contracts can establish a close relationship between fans and artists and Zhang give three tips on how artists can utilize blockchain technology:
- Hire someone who understands blockchain and the power of using its technology for engagement
- Bring access of technology to potential users
- Start an ecosystem of people who are willing to plug themselves into the blockchain system and leverage the reputation of moguls like Kanye and Kim to design new games, apps and ways to connect with their audience.
Wei Wu made a solid call for artists to embrace blockchain technology and cryptocurrency but I think the most interesting feature of AlphaWallet is the wallet itself and how users can literally buy into their favorite artist’s career by purchasing stakes like a shareholder. Instead of just buying an album or concert ticket, you can directly support the artist potentially cutting out the middle man (aka bad label execs) and give artists the financial resources to create more art and bring new experiences to their fans. It takes time to establish new tactics in the music industry but I wouldn’t be surprised if one of these mainstream stars are quietly working behind the scenes on the best way to incorporate cryptocurrency into their career. New rules take you to new heights, let’s keep pushing the music industry forward.
Article By: Marcel “The Messenger” Jeremiah