Up next in 10
Blockchain and The Future of NFTs by Paula Reina
5K views
Nov 6, 2023
Blockchain, Crypto, NFTs, DeFi, Sidechains, GameFi, ICO/STO/IEO, Smart Contracts, FinTech, Wallets, Swaps, and More. Be a part of the largest global blockchain, cryptocurrency, and NFTs conference. BCrypt is a conference streaming live from around the globe. Join lectures, interactive panel discussions, and technical workshops showcasing the latest innovations, opportunities, and solutions to drive the business forward in the digital currency space. For More Details Visit: https://bcrypt.live/ C# Corner - Community of Software and Data Developers https://www.c-sharpcorner.com #CSharpCorner #live #dotnet #bcrypt2022 #GTCPlatform #GTC2022
View Video Transcript
0:00
Awesome. Yeah. So again, my name is Paula Reyna. I am the founder and CEO of Audio Chain, which is a music platform startup, and we are building it on blockchain
0:12
We started this about almost five years ago, six years ago with the idea as I have been in the music business for over 20 years
0:20
I started in, I want to say in the late 1990s. I used to work for Def Jam and Interscope Records
0:25
And within the last 12 years, I've been more into tech and specifically 10 years here when it comes to crypto and blockchain, specifically NFTs
0:36
Now, of course, one of the reasons why I wanted to start Audio Chain was because I've seen kind of like the good and the bad on what's going on with the music industry, being, you know, a staff member at some of these huge record labels
0:50
Right. And not only that, but I've also been an artist manager. So I've seen them. I want to say more of the indie side of things and a couple of things that were tough for us to deal with within the music business was royalty collection in the music industry and sync licensing as well
1:09
So I'm going to go into that a little bit. But before I go into that, I want to explain, you know, kind of what we're doing with auto chain in regards to the technology that we're going to use
1:19
So we're going to using a few layers, right? Our main layer is going to be Ethereum
1:24
Ethereum is going to be kind of like our main foundation. And then after that, we're going to have Polygon, Tron, and as well as Solana as well
1:36
So we want to be multi-chain because every single person in this space right now kind of likes to kind of dibble and dabble in different blockchains, right
1:44
So multi-chain is something that we want to really deal with right now. And then the other part is, you know, when it comes to the tools that we're providing, we want to make sure that the artists are collecting their royalties the same day
1:57
So traditionally, the way it's done, you'd have to get registered through what is called a PRO, a performing rights organization, such as BMI, CSAC, and ASCAP and such
2:07
And what happens is once you register, you have to register as a songwriter and also as a publisher
2:12
If you're the songwriter, you are the publisher, right? The thing about that is that when you do that, it usually takes three to nine months to collect
2:21
your royalties. So that means if I'm an artist, you know, or a publisher, and I am, you know
2:29
licensing my music to a film company like Sony Pictures or something like that, or, you know
2:34
Fortnite, it's going to take anywhere between three to nine months for me to get my royalties
2:40
for me to get quote unquote paid, right? So that's one of the things that we're trying to solve
2:43
how do we scale the part when it comes to royalties for it to be a shorter time of collection
2:51
So that's one of the things we're doing. So when it comes to sync licensing, so the traditional way
2:56
for sync licensing is the music supervisor for these companies, like the gaming companies
3:02
the advertising companies, the film companies have to go directly to the agency that's collecting
3:07
your royalties for you. Like I mentioned the PROs. So that's the reason why it's taking long to
3:12
collect the royalties because it's not done peer to peer. And that's another goal for us is for us
3:18
to have sync licensing and performance rights licensing peer to peer from the business itself
3:24
to the creator themselves. That cuts not only time, but also the middleman, as opposed to
3:31
you know, waiting, you know, so much time. I mean, three to six to nine months is just
3:36
you know, ridiculous. It's like you working on nine to five and waiting, you know, two months
3:40
for you to get your revenue, your daily profits, right? And it shouldn't be like that for the arts industry as well
3:47
Someone mentioned to me, you know, it can be done that way, you know
3:51
but there's always a middleman that's going to be kind of like in the way trying to, you know, make some kind of revenue themselves
3:57
And I'm not mad at that. But as far as the artists, I think it's time for them to get back
4:01
to owning their own music, you know, having that perpetual type of control
4:06
to be able to, you know, do transactions via their peers when it comes to businesses. And not only
4:13
that but it is kept it scales them too and they don have to wait that long So those are kind of like the two main things that we doing right now at the moment When it comes to what we doing with the audio chain Now when it comes to the NFT space I mean obviously so many of you probably know
4:27
that space already. Some of you might be, you know, listening to this and be kind of new to it. But
4:32
the NFTs, they've been around for years, they're not, you know, new, although there might be new
4:39
to the new, you know, massive adoption that's happening right now, right? But one of the first
4:44
ones was colored coins on the Bitcoin blockchain. That was almost about, I want to say 10 years ago
4:50
or a decade. And the reason why those type of NFTs didn't work out was because the colored coins that
4:57
were out there were interchangeable. NFTs are not supposed to be interchangeable. They're supposed
5:01
to be, I'm sorry, they're not supposed to be interchangeable. So once that happens, there were
5:08
different companies trying to make it better, trying to, you know, make it more robust in where
5:13
they're not interchangeable. They're, you know, digital assets that are unique to its form
5:19
and you cannot interchange with one another, unlike Bitcoin and, you know, things of that
5:24
nature, right, where you can interchange one Bitcoin to another type of token, right? With
5:29
these, you know, I want to bring the music industry, for example, when you do NFTs right now
5:35
in any of the marketplaces that are traditionally out right now, the new NFT marketplaces such as
5:40
Mintable, Rarible, Foundation, and the likes, they are great when it comes to selling the product
5:47
selling the NFTs, selling the piece of work, right? The digital asset, and maybe IRLs as well
5:53
right? You know, like concert ticketing and whatnot. They're really great with that. But
5:57
But one of the reasons why we're also doing audio chain was because the part, the real world business solution parts are missing from these types of platforms
6:07
So, for example, Audius is a type of blockchain music streaming platform, but they don't have any way to collect royalties or manage your music rights within it
6:19
The same thing with so many other ones that are, you know, kind of coming out at the moment
6:22
Right. And even OpenSea, OpenSea doesn't have, you know, that ability to collect such things
6:28
They might collect the ETH that, you know, that you get and stuff like that. But not specifically when it comes to record labels or a group of people that are working on the same music project
6:37
So that's when we come in. We want to make sure that we provide these real worry utilities when it comes to NFTs
6:44
because it's missing from the traditional way that NFT platforms do it right now
6:49
So we're going to be having sync licensing on the blockchain. So you're going to be able to get an ERC 721 smart contract to do so to mint your NFT
7:02
That's one. And then the last one is having a database for your music rights
7:06
So this comes with what we're calling the music rights NFT. And this is one of the first of its kind
7:13
So that music rights NFT will encompass everything that is that it has that information of the song
7:20
So all the metadata, who owns it, who is the copyright holder and owner, the publisher, the publishing split sheets, meaning who owns what percentage of that specific master reporting and also the musical composition itself
7:37
So this is done already in a traditional sense, but you have to go through one agency and another agency
7:43
So there's so many different documents and parts that you need. And what we're doing is we're combining everything I just mentioned in one NFT
7:51
And this is the Music Rights Master NFT. So you're going to be able to go to one place to do all of those things where it's going to propel you to collect your sync licensing faster and your music streaming royalties faster as well
8:03
So that's kind of what we're doing right now. We are trying to educate as well the music community, especially the younger artists, producers, songwriters that are out there right now who are starting to kind of get into the NFT blockchain space
8:18
But they're not there yet when it comes to the information and the knowledge that you actually need
8:22
So for example one of the things that I noticed in the last maybe I want to say maybe two years or a year and a half has been that artists think that they going to sell out their NFTs immediately But one thing that I also want to tell everyone who doing any type of NFT is that you still need a community You know one of the things that I talked to my colleague is
8:45
William Interkind, he created the ERC 721 standard. And one of the things we always talk about with
8:51
him is that every time I do conferences, or we do conferences, we want to make sure that we employ
8:57
people that are doing NFTs to create some kind of fan base, some kind of community, because you're
9:02
going to need it. It's not like you put one NFT out and it's going to immediately sell. You need
9:07
that promotion. You need that ability to go from what you're doing to your fan to make sure that
9:12
the community is there for you or else it's going to be like anything else. You're going to put out
9:16
the NFT as a music asset or artwork, but no one's going to know that it's there. So it's very
9:22
important for you guys that are doing such NFTs to make sure that you have a community that's going
9:28
to be supporting you when you're dropping that NFT and launching it as a release, specifically
9:33
if it's your first one. So that's something that we are, you know, really heavy on. At AudioChain
9:40
every time someone signs up to be on the wait list for a beta tester, we not only screen them to
9:47
you know, make sure that we're educating them, but within that registration, you get an NFT
9:52
which is called the Crescendo. The Crescendo will allow you to have access to educational
9:58
events that we're doing, whether it be a conference or a Zoom call or anything related
10:04
to any information that we can put out there for these artists to be educated when it comes to the
10:10
blockchain and NFT. So that's pretty much what we're doing. We're really excited. We're going
10:15
to be launching in three months towards the end of August. The first product that we're going to
10:19
be launching some music rights nft um and after that we're going to be releasing the licensing
10:25
part and the actual marketplace late next year we're also going to be releasing um the metaverse
10:31
so we've been building a metaverse for almost three and a half years now and that is coming
10:37
as well and we're going to have a amazing cool stuff there we're partnering partnering up with
10:42
a lot of different companies especially in the gaming industry as well to make sure that we have
10:46
a collaboration within the virtual world that we're creating as well. So yeah, so Simon, that's
10:52
pretty much in a nutshell what we are doing right now. And we're kind of hoping that this is going
10:57
to take, you know, into consideration when it comes to the music industry and how it's going
11:02
to change in the future. I don't think the record labels are going to go away at any time soon
11:09
I think we see them more as a type of organization that provides funding for you. And because of
11:16
their connections with PR and media and other outlets, distributors, a lot of artists
11:22
specifically independent artists, think that they have, you know, the, you know, the answer to
11:29
everything, right. But one of the things that I tell artists that are coming into the blockchain
11:33
space is, you are your own, you know, person, you control everything, you know, you are the
11:41
custodian of your wallet for all of your royalties. You have to be very responsible for everything
11:47
that you're doing because it's all you. Now, once you build a community and, you know, whether it be
11:52
through touring or through social media, then you're going to have more of a fan base to be
11:57
able to support you and support what you're doing in the blockchain space. But it's very important
12:02
to understand that the community needs to be there whenever you're releasing an NFT
12:08
You know, NFTs are, you know, here to stay. I tell everyone that. But I also tell this, I think that the NFT industry is going to have a similar to a crypto winner, specifically what we had back in 2017 with the ICO craze
12:23
I believe it's coming. I think it's already starting. I think in the next 12 months, we're going to see that not only because of what's happening with the market at the moment at this moment, but also because of what is going on with the regulations, with the SEC and, you know, all of that crazy stuff that's happening right now
12:38
So I think we are definitely going to have a crypto like winner for NFTs. I believe, though
12:47
after that is going to subside and is going to be the real world solutions, the real world NFTs
12:52
that are really going to propel the mass adoption of NFTs And that will bring the blockchain with it as well As far as anything in the future that might be coming of course I do see the blockchain and NFT working with every single aspect of every single industry as you have seen right now
13:11
One of the other things that I want to bring up is the governments are going to start adopting blockchain, even NFTs
13:19
I mean, I'll give you an example with this. The U.S. Postal Office a few months ago announced that they were doing now NFTs for their postal service
13:27
So this is one example of how the governments are going to use, you know, blockchain and NFTs
13:33
Now, they might use a private blockchain as opposed to a public blockchain if you have if you if you really think about it
13:42
But that's not to say that they're not there. They're going to have to use a type of blockchain because either they do it now or later
13:48
it is going to propel what is called the internet. There's a couple of companies right now
13:55
creating different types of internet, decentralized internet at the moment. Tron is one of them
14:01
They're trying to decentralize the web. They have everything kind of encompassing
14:05
what you need to do. So there's another company by the name of NIM
14:09
NIM Technologies. They're creating the first decentralized tour version on the blockchain
14:15
And their team is amazing. You probably know who some other team members are
14:22
And I implore you to check them out as well. So the blockchain and NFTs are coming
14:27
I tell everyone, you know, that, you know, when I do conferences, it's coming whether
14:33
we want it or not. It's evolution, right? Just like crypto and dollars and gold
14:39
A hundred years ago, when there were many paper fiat currencies, we had, you know, the gold
14:44
standard, you know, and when that changed, everyone didn't want to give up their gold
14:47
They looked at the dollar like it was paper and it was crazy. The same thing's happening right now
14:53
Everyone thinks the blockchain and crypto and NFTs are not going to go anywhere, that
14:57
it's a fad. Similar to 94, 95, when everyone was talking about the internet, that it was a scam and
15:03
it was a fad. But I tell everyone, blockchain is here to stay. NFTs are here to stay
15:08
But we do need a lot of education because this is a new technology, and especially when
15:13
it comes to the crypto part. you know, you know, it's very, you know, intimidating if you're a beginner, right
15:19
And this is why I love to do conferences. Sometimes I teach these things in, in workshops and
15:24
conferences, because it's a new thing. It's a new, you know, it's a new type of digital
15:29
you know, cash system, and not a lot of people are informed. But it is coming, you know, with
15:35
even with the governments. And so I, you know, try to explain to people that, you know, at least
15:40
you know, get some knowledge about it, you know, a little information about it, because, You know, you don't want to be kind of caught off guard whenever, you know, something comes along the line
15:48
So, you know, the, you know, government creating their own crypto, you know, type of crypto, like a stable token, you know, as you guys all know, and also being able to know what different type of crypto tokens there are
16:00
I mean, there's cryptocurrencies or tokens or stable tokens, you know, there are governance tokens
16:04
So there's so much to learn, but I want to make sure that, you know, everyone has a hand in everything that, you know, is being done on the blockchain, specifically if you're a business, if you're an enterprise
16:15
This is an amazing time in our time with a new technology
16:19
Everything is resetting. You know, if for those of us who are young, I want to say in the mid-1990s, you know, we were just kids
16:27
You know, we couldn't do much with the Internet, even though it was a boom. And now we have that ability, you know, at the age that we are right now to make something worthwhile when it comes to this technology and help solve something
16:38
Like, you know, Jordan, my colleague before, you know, I started said, you know, like, it's fine to find a solution, you know, but, you know, we want to make sure that it's done correctly and we can learn from the mistakes others have made, you know, before us
16:51
So I would love to see if you guys have any questions or anything. And I really, you know, very interested in if you guys have to say something or have any questions for me
17:00
But Simon, I think for me, that's pretty much my time if you want to chime in there
#Entertainment Industry
#Music & Audio
#Music Equipment & Technology
#Music Streams & Downloads
#Music Videos
#Recording Industry