As you know, here at Amplify, we are building a non-profit DAO with the vision of building a new economy for live music that puts musicians, technicians, promoters and venues at the forefront. Recently, we organised a Discord AMA for our Discord community, which you can join by clicking here. If you missed our latest Discord AMA, don’t worry! Here are the 3 main takeaways.
Amplify helps artists build up yield
Amplify’s main aim is to help artists, all the way to the grassroots level, build up yield over time. This will act as an additional investment that helps artists have enough money to release their own material or insurance when they are ill, etc.
So far, the problem with creating artist-friendly tools has been: how can you create tools that help build direct relationships between fans and creators without additional companies extracting money from that relationship? This is where Amplify comes in.
Through the use of web3 technology, AmplifyLive aims to help artists build yields throughout their careers, which acts as an additional investment layer. In this way, fans know that the tickets they buy instantly benefit the band.
Additionally, thanks to smart contract technology, the yield is directly distributed to all participants. In the case of a four-piece band, for example, each member has a wallet. They will therefore receive money directly into their wallet, ensuring total transparency and accountability.
An accessible, community-owned & decentralised DAO
Community is a central value for all web3 projects, and Amplify is no different. The main vision is for the DAO to be community-owned and decentralised. The team simply serves as a catalyst, but we envision the community will build on what is already there.
This is partly why the user interface is accessible, even for non-web3 native people. We wanted it to be as simple as possible, to include musicians and music industry professionals who are dipping their toes into the often-complicated web3 sphere.
There are also plans for the introduction of other web3 concepts, such as mini-DAOs for separate gigs and events, as well as metaverse concerts. However, the community will be central to shaping the direction of Amplify.
The July 5th showcase and the Amplify Genesis NFTs
The July 5th showcase in Bristol will demonstrate the new proprietary technology used in AmplifyLive. By using web3 DeFi technology, the headliner, Emz, has the opportunity to earn additional recurring income from his performance even after the gig has finished.
If you are not in Bristol on that date, you can watch the event live on July 5 at 8:15 p.m. BST/ 3:15 pm EST. You can therefore view it on your screen or with your 3D displays and VR goggles.
In addition to the showcase, we have also launched the Amplify Genesis NFTs, which you can purchase for 150 $MATIC. NFT holders will have lifetime VIP access to IRL and metaverse events, and an invitation to attend the annual private party. They’ll also be founding members of the Amplify DAO, and have their names etched on a slate on the IRL and metaverse Amplify chapel in rural Wales.