The exciting ways to use Ethereum stretch far beyond financial applications - as NFTs are currently showing, but a less-than-sexy area of music, royalties, are already being paid faster and more efficiently today using DeFi and NFTs.
Paperchain is a company that was formed in 2017 and founded by Dan Dewar. After riding through the rise and fall of the 2017-2018 period in crypto they had landed on a strong value proposition: collateralize streaming data for an artist on Spotify and use that to create synthetic assets on-chain that can be immediately paid to the artist.
This solved a big problem: slow royalty payments
Spotify is well known for not producing much income in the way of royalties for artists. What it is not as well known for is how slow those royalty payments can be - sometimes taking as much as 75 days. That is slow, but other sources are even slower. Paperchain recognized this as an issue DeFi was uniquely positioned to solve.
In 2021 the world turned their eyes on crypto and what it could do for creators. It was NFT this, NFT that, and it was seemingly everywhere. This was incredibly exciting - and rightfully so - crypto, web3, blockchain, whatever you call it have implications far beyond their obvious financial utilities.
In the midst of the NFT mania in March 2021 I decided to take it upon myself to tweet about a unique crypto + music use case every day. My main goal was to illustrate the magnitude of potential this new technology offered.
TL;DR the future is decentralized, but only if we don’t miss our opportunity right now.
Dear Crypto & HiFi Labs,
In 2016 I committed 100% of my professional life to crypto and music. In that time I’ve been abundantly lucky to work with incredible artists, friends, and companies. Today, I’m excited to announce my next chapter: leading crypto efforts at HiFi Labs.