The Digital Arts Working Collective
Blockchain Technology For The Traditional Performing Arts
We are a passionate team of creatives, NFT artists, developers and legal professionals who are working together to offer traditional performing arts organisations the support they need enter the blockchain space confidently, and with minimal time and capital resource.
What Is An NFT?
NFT stands for ‘non-fungible token’.
NFT is a one-of-a-kind digital asset whose authenticity can be verified by blockchain technology. Their uniqueness means they are different from digital currencies whose tokens are all identical coins and interchangeable.
NFTs are created by a verification process called ‘minting’. Anything which can be uploaded to the internet can be ‘minted’ as an NFT, e.g. a picture of a car, or a video of an opera singer. Ownership of the NFT would not confer ownership of the car (or indeed the opera singer!) unless dictated by the accompanying smart contract.
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A smart contract...?
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A smart contract is a computer program which automatically executes, controls or logs legally relevant events and actions according to the terms of a contract or an agreement.
Smart contracts are attached to NFT tokens to lay out the details of ownership and user rights. Their tamper proof nature and automatic execution mean that royalty payments can be assigned and distributed between artists when a token is sold, and crucially, every time it is resold in the future (if required). This provides a reliable and potentially long-term revenue stream for artists.
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Why The Arts?
Blockchain technology has the potential to revolutionise revenue streams and royalty payments for the arts.
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NFTs used as tickets can have resale caps to prevent exploitation by re-sellers and scalpers, they can offer real-life VIP benefits to holders.
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This technology is also an emerging art form, offering the potential to create digitally native art which is at the cutting edge of the creative industries as well as to document cultural history on the blockchain for posterity.
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What Is Already Happening?
From orchestral to choral and dance, here's our run down of early adopters in the traditional arts
CLASSICAL MUSIC AND THE BLOCKCHAIN
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WILL NFTS CHANGE THE FACE OF THE ARTS
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NFTs AND THE MUSIC INDUSTRY
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Meet The Team
Our Clients
