Live from ETHdenver 2022, Be[In]Crypto sat down for a live interview with StarSeed DAO founder and artist Cynthia Cao, who believes ‘Entertainment 3.0’ is the solution needed to fix a fragmented industry.

With the industry now turning its attention to the metaverse, many artists are wondering if history is doomed to repeat itself as its historically broken infrastructure (Entertainment 2.0) begins to infiltrate Web3 and the metaverse, once again, at times. at the expense of underrepresented creatives.

Cao, CEO of StarSeed DAO, believes the industry is leveraging its already established Web2 artists and brands and bringing them to the metaverse for an additional source of revenue and distribution – while struggling artists still struggle to be seen, heard and thrive in. a new space that they could successfully dominate and monetize.

StarSeed DAO stands out as one of the industry’s first Web3 talent labels in the metaverse that aims to build a parallel entertainment sphere called Entertainment 3.0, providing underrepresented artists the chance to build their brand and monetize without fear or compete with already established Artists of the Web2.

“Technology will never be the solution, but it will be the power that empowers an innovative new idea like this,” Cao told Be[In]Cryptography. “We want to use tokenization to enable a new business model that will return ownership of their work to creators and, in this case, the DAO who owns 100% of the distribution platform.”

So how can the industry repair its fractured model through tokenization, capitalizing on Web3’s path to the metaverse?

Invert the hierarchy to a “bottom-up” perspective

Cao, an artist, says it’s crucial to implement and utilize tokennomics that are specifically unique to Web3 to help empower these creatives to have the visibility and recognition they’ve been deprived of for a long time, so they can successfully build and monetize their brands. professionals.

See also  BTC/USD Creates a New Low Below $38,000

“The two biggest issues right now for artists are discovery and funding,” explained Cao, which she says has been “closed by platforms like Spotify, Apple Music and YouTube.”

“We’re applying the exact same business model to Web2, where the old gatekeepers are still there, but wearing a different suit,” she said. By looking at the industry from a “bottom-up” perspective, instead of the “top-down” pyramid that artists are used to from the beginning, creators no longer have to choose between losing property rights in exchange for funding. and can instead focus on how to continue creating in a coordinated space where everyone has a piece of the pie.

However, simply leveraging blockchain with the industry’s pre-existing business model will do nothing, Cao explained, emphasizing that the solution to the artist’s plight comes from a new business model – Entertainment 3.0.

“We can’t talk about breeder economics without talking about breeder ownership,” says Cao.

“It’s time to use tokenization to enable a new business model that will return ownership rights to the creator. Through the power of blockchain, creators can feel empowered to create the content they want, without fear of losing ownership or priority, and truly be able to monetize their brand.”

StarSeed’s “build to win” (C2E) model offers breeders the ability to earn DAO shares or ownership through its distribution. Through this model, artists are able to earn their social status and staying power by having ownership in the DAO, which Cao says can really change the lens through which society often views struggling artists.

Could DAOs be the future of talent labels?

One of the many conversations that inevitably took place during ETHdenver was whether or not DAOs could and/or should be recognized as legal entities, given this month’s groundbreaking move by the Republic of the Marshall Islands to become the first sovereign nation to legally recognize DAOs as legal entities while maintaining the same privileges as limited liability companies (LLCs).

See also  Cryptocurrency inflows persist despite threat of impending European conflict

As StarSeed is arguably the first Web3 talent label to exist with Entertainment 3.0, the question of whether a DAO that chooses to operate as a music label in the metaverse is an interesting one worth pondering.

Cynthia Cao, Founder and CEO StarSeed DAO

“I definitely believe that DAOs should be seen as legal entities, but in a very different way than what we’re used to with traditional LLCs or other corporate structures,” she said.

Talking about DAO infrastructure, Cao says that fundamentally, they are nothing more than the traditional form of collaboration that we are used to most of our lives, but with one difference – technology.

“Technology will never be the solution, but it will certainly enable the solution as an innovative business model,” she noted. “With DAOs, we can now scale co-ops and collaborations in a larger way strictly because of technology, allowing tens of thousands of people to come to the table.”

Over time, CAO believes this new business model will revolutionize the industry, align the incentives of creators, users and platforms – where all three parties can win and unleash tremendous creativity not seen in the old model.

“Initially, Entertainment 3.0 will start as a parallel entertainment industry, which will be chain-built in the metaverse – which will eventually become the entertainment industry of the future.”

Facing the many barriers to entry with the industry today, the potential of a Web3 metaverse talent label is endless, keeping the doors open to as many artists as possible but injecting quality control into those who have a genuine interest in add value to the seal.

“With StarSeed DAO, we want to start with quality and equality, not wanting to reward people simply because they have a lot of money or are there early. We want to reward creators who are contributing so that we can build something sustainable,” explained Cao.

See also  Internet computer (ICP) generates bullish divergences despite new all-time low

The first “metaverse artist” to be released under the StarSeed imprint, according to Cao, will be CCisDreaming, a proof-of-concept virtual pop star and Cao’s metaverse alter-ego, who officially made her debut in December on Art Basel Miami as the first NFT project that performs and interacts with the audience in a 3D digital live show.

CC is the manifestation of Cao’s dream of being a Web2 artist, but constrained by cultural taboos inherent to society’s idea of ​​what she should be doing with her life.

“It was my dream to be an artist, but I faced a lot of cultural restrictions and because of what society thought I should be. So now, I’ve given that dream to CC, and she will symbolize this struggle and represent hope and power for Entertainment 3.0.”

She also said that after CC, StarSeed DAO will welcome more artists and creatives to the label.

As Entertainment 3.0 continues to develop, it can provide an exciting approach for the entire industry to restructure how its executives, creators, and of course fans interact and transact everything on-chain and in the metaverse.

What do you think about this matter? Write to us and tell us!

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action you take on the information found on our site is strictly at your own risk.

Similar Posts