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The Ownership Economy: Why It Took 7 Years to Build a Web3 Platform for the Music Industry
- Blockchain technology was seen as a solution to digital feudalism, where tech giants monopolize user data and economic value.
- The journey to revolutionize ownership through blockchain technology involved failure, perseverance, and the challenges of mainstream adoption.
- Initial endeavors like Trybe, a blockchain-based learning platform, showcased community governance but faced setbacks during the 2018 crypto winter.
- Venturing into decentralized finance on Terra led to success with a DEX but faced collapse due to ecosystem volatility in 2022.
- The realization of building solutions to real problems, not just using technology for the sake of it, came through the broken economics of the music industry.
- By simplifying blockchain technology and focusing on artist empowerment, a platform was created to transform music economics by enabling direct fan engagement and artist support.
- The platform aims to shift music consumption to active economic participation, where fans are stakeholders in artists' success with programmable incentives.
- Lessons from failures and challenges endured over seven years have shaped the platform's approach to creating value and ownership in the music industry.
- The long-term vision extends beyond music to establish a stakeholder economy in various industries, challenging extractive platform capitalism.
- While adoption is early, the belief in cultural shifts towards ownership and value creation online drives the persistence in revolutionizing traditional economic relationships.
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