2021 continues to spring surprises on us: ‘Llanwrtyd Wells to revolutionise the music industry’ wasn’t a headline we saw coming, nor did we have ‘the drummer from Kasabian’ in our predictions for new music/tech startup founders this year. But lo, the headline is from Wales247 reporting on a new startup exploring the intersection of live music, decentralised finance (DeFi) and crypto, and Kasabian sticksman Ian Matthews is its co-founder.
The basic idea is that musicians will play concerts, with each gig having its own page on the CHPL.Live platform. “The venue then allocates a proportion of ticket sales into the platform, which is then invested into an online fund, known as a yield farm. Residual income can then be earnt over time in the yield farm and returned to the venue and artist in the form of the platform’s own cryptocurrency tokens, called CHPL,” reported Wales247. NFTs will also be part of this: given or sold to concertgoers, with a secondary market built in to the platform.
It’s interesting, if super-early – CHPL.Live is currently a WordPress default page for example. As ever with this kind of thing, the devil will be in the details: particularly around how the yield farm will be run, the value of the CHPL tokens, plus how and where artists and venues will be able to trade those and convert them back to fiat currencies.
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