Could ‘Entertainment 3.0’ Be the Solution to Our Fragmented Industry?

Reside from ETHDenver 2022, Be[In]Crypto sat down for a stay interview with Starseed DAO founder and artist, Cynthia Cao, who believes that ‘Leisure 3.0’ is the answer wanted to repair a fragmented business.

With the business now turning its consideration in direction of the metaverse, many artists are questioning if historical past is sure to repeat itself as its traditionally damaged infrastructure (Leisure 2.0) begins to seep into Web3 and the metaverse, as soon as once more, on the expense of underrepresented creatives. 

Cao, the CEO of Starseed DAO believes that the business is leveraging its already established Web2 artists and types, and bringing them into the metaverse for an extra income and distribution – whereas struggling artists are nonetheless combating to be seen, heard, and thrive in a brand new house they might efficiently dominate and monetize from. 

Starseed DAO holds itself out as one of many business’s first Web3 expertise labels within the metaverse that goals to construct a parallel leisure sphere, known as Leisure 3.0, by offering underrepresented artists with an opportunity to construct their model and monetize with out concern or competing in opposition to already established Web2 artists. 

“Expertise won’t ever be the answer, however will probably be the ability that empowers a brand new modern thought reminiscent of this,” Cao informed Be[In]Crypto. “We need to use tokenization to empower a brand new enterprise mannequin that may give creators again the possession of their work, and on this case, the DAO that owns 100% of the distribution platform.”

So, how can the business restore it’s fractured mannequin by tokenization, capitalizing on Web3’s pathway into the metaverse?

Flip the hierarchy to a “bottom-up” perspective 

Cao, an artist herself, says it’s essential to implement and make the most of tokenomics which are particularly distinctive to Web3 to assist empower these creatives to have the visibility and recognition they’ve lengthy been disadvantaged of to allow them to efficiently construct and monetize their skilled manufacturers.  

“The 2 largest issues proper now for artists are discoverability and funding, Cao defined, which she says have been “gated by platforms like Spotify, Apple Music, and YouTube.”

“We’re making use of the very same enterprise mannequin in Web2, the place the outdated gatekeepers are nonetheless there, however sporting a unique swimsuit,” she mentioned. By wanting on the business from a “bottom-up” perspective, fairly than the “top-down” pyramid artists have been accustomed to for the reason that starting, creators not have to decide on between forfeiting possession rights in change for funding, and may as an alternative focus on how one can proceed creating in a coordinated house the place everybody owns a bit of the pie. 

Nevertheless, merely leveraging blockchain with the business’s pre-existing enterprise mannequin gained’t do something, Cao defined, emphasizing that the answer to artist’s plight comes from a brand new enterprise mannequin – Leisure 3.0.

“We can not discuss concerning the creator economic system with out speaking about creator possession,” Cao says. 

“It’s time to make use of tokenization to empower a brand new enterprise mannequin that may give possession rights again to the creator. By means of the ability of blockchain, creators can really feel empowered to create the content material they need, with out concern of dropping possession or precedence, and truly reach monetizing their model.”

Starseed’s “create-to-earn” (C2E) mannequin offers creators with the flexibility to earn shares or possession of the DAO by their distribution. By means of this mannequin, artists are in a position to earn their social standing and endurance by having an possession within the DAO, which Cao says can actually change the lens society typically sees struggling artists by. 

Might DAOs be the longer term for expertise labels?

One of many many conversations that inevitably passed off throughout ETHDenver was whether or not or not DAOs may very well be and/or ought to be acknowledged as authorized entities, paying thoughts to this month’s groundbreaking transfer by the Republic of the Marshall Islands in changing into the primary sovereign nation to legally acknowledge DAOs as authorized entities, holding the identical privileges as restricted legal responsibility firms (LLCs).

As Starseed is arguably the very first Web3 expertise label to come back into existence with Leisure 3.0, the query on whether or not a DAO that chooses to function as a music label within the metaverse is an attention-grabbing one price pondering. 

Cynthia Cao, founder and CEO Starseed DAO

“I undoubtedly consider DAOs ought to be considered as authorized entities, however in a really totally different method than we’re accustomed to with conventional LLCs or different company constructions,” she mentioned. 

Talking to the DAO infrastructure, Cao says that basically, they’re nothing greater than the normal type of collaboration we have now been used to most of our lives, however with one distinction – expertise.

“Expertise won’t ever be the answer, however it should actually empower the answer reminiscent of an modern enterprise mannequin,” she famous. “With DAOs, we at the moment are in a position to scale co-ops and collaboration in a bigger style strictly due to the expertise, permitting for tens of hundreds of individuals to come back to the desk.”

With time, CAO believes this new enterprise mannequin will disrupt the business, align the incentives of creators, customers, and platforms collectively – the place all three events can win and can unleash super creativity that was unable to be seen within the outdated mannequin. 

“Initially, Leisure 3.0 will begin as a parallel leisure business, which will likely be constructed on-chain within the metaverse – that may finally turn out to be the leisure business of the longer term.”

Addressing the various limitations of entry with in the present day’s business, the potential of a Web3 metaverse expertise label is infinite, protecting the doorways open to as many artists as potential, however injecting high quality management for individuals who have a real curiosity in bringing worth to the label. 

“With Starseed DAO, we need to begin with high quality and equality, not desirous to reward individuals just because they’ve some huge cash or being there early. We need to reward creators who’re contributing in order that we are able to construct one thing sustainable,” Cao defined. 

The primary “metaversed artist” that may launch underneath Starseed’s label, in keeping with Cao, will likely be CCisDreaming, a proof-of-concept digital popstar and Cao’s metaverse alter-ego, who formally made her debut again in December at Artwork Basel Miami as the primary NFT venture that performs and interacts with an viewers in a 3D digital stay present.

CC is the manifestation of Cao’s dream of being a Web2 artist, however one which was restricted by cultural taboos inherent in society’s thought of what she ought to have been doing along with her life. 

“It was my dream to be an artist, however I confronted many restrictions culturally and due to what society thought I ought to be. So, now, I gave that dream to CC, and she’s going to symbolize that wrestle and characterize the hope and energy for Leisure 3.0.”

She additionally mentioned that after CC, Starseed DAO will likely be welcoming extra artists and creatives to the label. 

As Leisure 3.0 continues to develop, it may present for an attention-grabbing method for the complete business to restructure how its executives, creators, and naturally, followers work together and transact all on-chain and within the metaverse.

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