Blockchain’s Future Is So Bright It Needs Shades
- August 31, 2021
- Posted by: Kirsten Campbell
- Category: Blog
From Nike’s CryptoKicks to the Coppola’s, the future of blockchain is bright 😎
Congress seems to have finally gotten their arms around blockchain and crypto given the 18 bills they just introduced. This bodes well for blockchain folding itself into our culture with all the recent goings-on in with the Feds, the internet and the movies—oh my!
TikTok ya don’t stop
TikTok is taking over the world. It reigns supreme as the fastest growing, most downloaded app on the planet. Crowned the world’s most popular app, TikTok isn’t a fad. That makes their partnership with Audius—one of the first and only streaming platforms run on blockchain—such a big deal. Given how quickly TikTok dances go viral, a music app makes sense for the ginormous and influential audio on the platform.
What’s interesting about this move is that TikTok leapfrogged the obvious options of Apple Music and Spotify and chose a relatively unknown blockchain platform instead. Audius’ tech adds a level of transparency to royalty payments that are more “user-centric” for artists because they earn money based on their songs being streamed, unlike the current structure. Coming off the heels of Keara Wilson copyrighting her dance moves to #SavageChallenge, ownership seems to be an advantage for the platform. Hmm that sounds like another music platform we know!
Are you not entertained?
Filmmaking is an industry dominated by studios, the traditional gatekeepers who ultimately decide what stories we consume. Typically when we think of movie tech, we think of 3D graphics and fancy special effects. Just this week there have been big changes to the filmmaking status quo with Fox Corp. announcing its $100M investment in blockchain which also puts them in the NFT business. This “multi-tenant” platform serves the creator economy by forging closer relationships with talent. Given how the pandemic pretty much obliterated audiences sitting in a movie theater, studios have been scrambling to stream their movies, but this move has seriously damaged their arrangements with actors and producers.
Fox isn’t alone in their blockchain investment. The Coppola’s are seeking to democratize filmmaking via a non-profit blockchain powered platform set to launch this fall and designed to “discover and support underrepresented founders.” Anointed by one of Hollywood’s most influential families, blockchain and NFTs seem destined for the big screen.
Pumped up kicks
Sneakerheads, rejoice! The US Patent Office has granted Nike their application for a blockchain-powered sneaker. They plan to use blockchain to record, transfer and verify shoe ownership. That means each ‘CryptoKick’ purchase will have a corresponding digital asset which can be exchanged and traded. Here’s where it gets particularly interesting. Owners can “intermingle or breed” their digital shoes to create sneaker offspring in real life. Seems like Nike has been inspired by Vancouver-based CryptoKitties where fans have been ‘breeding’ digital cats for years. Oh, Canada! Considering Nike spends over $3B a year on marketing, this patent signals crypto assets are here to stay in the consumer space.
*Psst–Here’s a new addition