The crowds are gathering for the next wave of blockchain-powered tech that bridges the gap between creator and fan, artist and audience, art and admirer. For the longest time, the music industry has strove to bring acts to the public, support them, and build their careers on the biggest stage. Music is at the heartbeat of our culture, and the music industry is to be thanked for much of that.
The Unrealised Value in the Music Industry
Yet there remains so much untapped opportunity. Labels can’t find every great new talent. Even fantastic talent from the ‘chunky middle tier’ of artists can’t earn enough to make their craft of effort worthwhile, even though they have enough fans to warrant it. Music, unlike video games and sports, remains a drastically underperforming market relative to the size of the audience.
This is because everyone experiences their music in different ways, and relates to their favourite artists in different ways. Often, a fan who loves one particular artist can do little more than stream them to support them, when they would be willing to do much more in exchange for greater access and deeper community connection with their favourite artists legion of fans.
How Krowdz Helps Capture that Value
This is the opportunity that Krowdz is addressing. Backed by music industry veterans, including the pinnacle operators at Sony Music, the Krowdz platform will drive radical fan engagement using a tokenized ecosystem and social platform that lets fans get closer to their favourite stars than ever before. Successful mid-tier artists who suffer from low volume album sales have communities worth far more than their income.
Through Krowdz, they will be able to more effectively monetise their fanbase by offering bespoke experiences both on-chain and off, in virtual worlds and in real life. Rather than their fans becoming simple consumers of a product they were so essential in creating and so instrumental in supporting, instead they get to share in the success of the artists they have loved from day one, and support that artist directly, rather than through their limited array of options to spend more on music.
How Does Krowdz Work?
Krowdz works by establishing a fan engagement platform where fans can collect fan tokens for all their favourite artists. These fan tokens unlock exclusive experiences, ranging from cutting room takes, teasers from upcoming albums, live-studio recording sessions, and much more besides.
In addition, every artist page can take advantage of Krowdz suite of social engagement tools where they can engage with AMAs with the artist, listen to their new music directly, and chat with other fans of the artist and form deeper communities. Krowdz will also be a platform for first launch ticket sales to new events, and all upcoming live gigs an artist performs can be accessed through the Krowdz platform. It will become a one-stop shop for all artists’ events in web2 and web3. VIP access, giveaways, aftershow events, setlist voting. Every possible fan engagement tool will be available.
What’s Available for Fans on Krowdz
Through tokenized fan models, tiers of access to the special features of an artist’s page can be offered. Artists who set up spectacular engagement prizes and regularly release NFTs and special digital events for their fans may find the value of their $ARTIST token go up as their fanbase swells. This will create a knock-on marketing effect for the artist, as well as giving early fans of the community a chance to profit from their early connection to and support of the artist, allowing everyone to co-share in the prosperity.
It will also give dedicated fans a chance to gain recognition for their efforts through a range of NFT profile badges they can earn by supporting artists and collecting an artist’s token. And superfans can sell parts of the NFT collection as time goes by. Imagine owning the first NFT issued by an artist who goes on to become the world’s biggest. The value of that, just like a first concert ticket, will go up – and fans own their NFTs on Krowdz just like they own all NFTs.
The $KRDZ Token and Utility
Underpinning every $ARTIST token and special NFTs is $KRDZ, the native governance and utility token of the $KRDZ network. Whereas $ARTIST tokens can only be traded on the Krowdz platform, $KRDZ is publicly traded. At a base level, it represents a value index of the roster of record label talent and their activities in web3. Yet it offers so much more.
$KRDZ is also used for all other transactions on the $KRDZ ecosystem, including buying tickets, buying $ARTIST tokens, redeeming rewards from artist’s pages, and more. These transaction fees will be rotated back into the $KRDZ ecosystem through buy-back pressure in order to fuel ecosystem development.
Staking $KRDZ also provides premium access to all the stars on the network, not just a particular artist. To open up various tiers, users must stake different amounts of $KRDZ. Doing so also earns discounts on all services performed in the Krowdz ecosystem, like purchasing tickets or attending AMAs.
Users are welcome to just join for their favourite artist, but $KRDZ opens up expansion in their music tastes, a chance to discover new artists, connect with fans from different communities, and create co-communities from groups of artists whose communities have found each other. Staking $KRDZ will also open up access to star tokens, where the super-exclusive content resides.
Why Krowdz Will Succeed Where Others Fail
Krowdz.io will succeed because it works with the industry, not against it. They will succeed because rather than targeting the micro-artist first, they are bringing an established mid-tier artists with label support who have established potential By launching with an impressive roster of artists with already established fanbases, and giving those artists the tools to monetise their fanbase in a way that gives something back to them.
It also lets them, the artist, retain more of the earnings so that they can continue to do what they do best – make great music. Web3 is about breaking down barriers, and Krowdz is doing exactly that in the music industry. Their web2-like frictionless social platform focuses on music, allowing value to be better captured by everyone within the scene, and allowing for a greater distribution of that value at the same time. Inspired by artists, owned by communities. Join the crowd, get $KRDZ, and fall in love with music all over again.
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