2021 saw the electronic dance music landscape erupt into a technological inferno, as artists and event organizers tore hell for leather into the NFT gold rush. And as more industry pros adopt blockchain technology, the fabric of the scene is changing at a torrid pace.
Now, a new event has big ambitions to host what organizers are calling the world's first community-driven, decentralized music festival. The fest, Project Rave, was recently announced by RaversUniverse, a Decentralized Autonomous Organization (DAO).
DAOs are entities that allow platforms to operate as member-owned communities, which are devoid of a consolidated leadership structure.
A decentralized future of the creator economy has been embraced by many reputable electronic music artists an execs, such as deadmau5, who recently backed a DAO called MODA. The underlying objective is to democratize the metaverse-era music ecosystem for independent artists.
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"Because I wear multiple hats, I can hit pause for a second and have the perspective of an artist."
"We are excited to put the power back in the hands of the ravers and the creators," reads the Project Rave website.
Perhaps the most popular means to that end has been the advent of NFTs, or non-fungible tokens. RaversUniverse is set to mint 10,000 "RaveBoy" and "RaveGirl" NFTs, which are hand-drawn from scratch and will unlock rewards for token holders, like rave apparel and entries into giveaways for tickets to upcoming music festivals.
Holders of these tokens will also gain access to exclusive channels where they can not only suggest ideas for the buildout of Project Rave, but also vote on the festival's developmental processes in execution of their decentralized mission. In light of that goal, 30% of the earnings from sales of the NFTs will be distributed to the founding RaversUniverse community.
Project Rave is currently being planned for fall 2022 in Miami. RaversUniverse is set to launch the first phase NFT drop at the end of January.
You can join learn more about Project Rave by joining the RaversUniverse Discord.