Hey man, do you think you can give this a quick read and let me know what you think? Im curious to know how it reads as well as spelling and grammar but Id really like to know if you think Im giving too much away. I want to send this to a few people in the blockchain industry to get some feedback from experts but also to spread the idea. I dont want people to take it and start building it them selves. I think on one hand thats not too big of a problem as I am somewhat important as a connection to the blockchain space and the ballet world and also my global ballet teaching project is important for education and implementation but on the other who knows what these people can do. I need to be careful so Id love your advice when you have some time. Thanks man!
Thank you so much for getting back to me!
I say ecosystem because at first I was thinking to develop a new coin. That was when the ICO boom was in full affect but now it seems there are more utility coins than necessary. You probably know better than me but there are so many now that the question seems to be, how can we take advantage of coins and protocols that are already available and build an ecosystem where a variety of different tokens can function together.
There seems to be a lot of options for how this ecosystem could work as there are many different tokens that could interact in different ways within the system. For example, If you have a base currency like XRP/BTC/ETH you can buy security tokens that represent fractionalised portions of choreographies. You could trade those tokenised securities for other securities in ballet or operas or even paintings and installations. Owning portions of the choreography could entitle you to voting rights in how, who and when that work would be performed in the future. You could receive dividends from when its performed by other companies. You might be entitled to a number of tickets to that performance based out the percentage of ownership. If you cannot attend the performance you can sell those tickets and receive XRP/BTC/ETH. The tickets them selves can be digital assets connected to smart contracts that interact with the security tokens or Utility tokens depending on if you claim them or sell the rights before the expiration date. There are many possibilities when it comes to online srteaming and web monetisation like Coil or Brave. Why wouldn’t ballet companies want to draw on global audiences for performances of new works or any show for that matter instead of only the people who can fit in the opera house that night? Smart contracts can be made in order to pay all of the entities involved automatically, streamlining the whole payment process. I would like to see about tokenising the companies and possibly raise funds by selling portions like an IPO. There are millions of ballet fans around the world who would love to own a small portion of the Paris Opera Ballet or The Bolshoi Ballet and those numbers are growing fast. I think we could open up equity to all of the artists involved. As it is now, only the companies and the choreographers will receive residuals from the usage of the works. Why not offer equity to the dancers and the musicians who play a role in creating these pieces? This would give all of the artists involved a stake in the process. It could incentivise everybody involved to build a better company or choreography and maintain them for future possibilities. Smart contracts can help facilitate how intellectual property is used like video clips of famous ballets used in commercials and films. There are so many ways this could work but its all about finding a sustainable incentivising structure that is inclusive to all the artists, companies and fans. Which protocol or ecosystem or combination of blockchain projects is a big question I have.
I really look at all of this as crowdfunding 2.0. I love the idea of "direct to investor small cap formation." The performing arts are becoming familiar with things like crowdfunding and the ICO was proof that there is a big demand for "low entry to barrier investing." I think the two combined with legal compliance and fractionalised ownership are the next step to a whole new structure in the arts through cryptocurrencies and security tokens.
Performing arts organisations are very international. Often the artists working on each production come from a wide range of countries. Ballet and opera companies also receive donations and funding from international sources as well. Materials for set designs and fabric for costumes are often imported. Training equipment and point shoes as well as studio bars and floors are often imported. It makes an interesting uses case right there. My former company in The Netherlands, for example (Im retired now), might have received donations from people and companies in the US. We received money from companies in the UK for making DVDs of our performances. We received money from China when we toured their country. The company would pay a choreographer who might be based out of Russia for the rights to use their work, a conductor from Italy to conduct, a set designer from Mexico, a lighting designer from Japan and a costume designer from Poland and a cast of dancers and musicians that looks like the United Nations was doing a ballet. That is just for one production or tour. Larger companies typically do 8 - 12 per year, some companies even more. I really want to see how digital assets might in the future help streamline all of this international money flow.
Im interested to learn more about what some sports franchises and leagues are doing with digital assets. I know several baseball and football teams have been reportedly working on something involving cryptocurrencies as well as the NBA. Ballet companies are arts organisations but there are similarities to sports teams. How they are organised with each of them having their corps group of dancers or players and then there are the big stars. The Baryshnikovs and Jordans or the Gretzkys and Pavarottis of each sport or art. It seems ballet might benefit from building an ecosystem by encouraging fans with incentives like sky miles or some kind of system that keeps them involved in the ecosystem and encourages new fans to join.
I think copyrighted choreography can in some ways seem like ownership of items in a digital world, like owning land in a virtual reality game. Dance isn’t a static piece of art like a painting or a sculpture. Its a moment in time. Its something that happens and then its gone. You can copyright it and save it on a blockchain but I want to look into the similarities between these and other somewhat intangible assets and how they behave in a tokenised world. This is why I’ve been contacting artistic and financial directors to ascertain what they think are the biggest differences between how the performing arts and visual arts are funded. There are differences in the fact that performing arts only really exist for a moment and similarities to how they might relate to owning objects in virtual video game. They are somewhat intangible and there are a number of companies working on blockchain solutions for ownership of these video game assets.
What really got me thinking of how the token economy can benefit ballet and the performing arts was when I read about what Maecenas (ART) is doing with fractionalizing art pieces. I want to explore how this can be done for choreography. I see no reason why somebody who owns art wouldn’t want to sell a small portion of their Andy Warhol painting and buy a portion of a ballet masterpiece like George Balanchine’s Four Temperaments. The only reason in my mind that art aficionados don’t own more ballet like they own paintings is there is no mechanism for them to do so. They do give large amounts of money to ballet companies as donations so why not open it up and offer them equity?
The music industry is very similar to the performing arts as music is often performed by the artists and is also sold and streamed online. Im really interested to see what is being done with music on the blockchain and how they are fixing a system plagued with centralised ownership and friction. There are some novel ways some companies are working on bringing more revenue to the artists and I think there may be applications as to how this can apply for ballet and opera.
Another area I would pay attention to is adoption and education. Ive just returned from India and Nepal to film a short documentary on a ballet project Im developing and I feel this could be the perfect vehicle to educate emerging ballet and dance communities around the world. I want to help them learn how this new financial structure could potentially enable them raise money to facilitate a growth in the arts in their countries. Im trying to identify places around the world where there is a rising interest in ballet and help to tell their story through masterclasses and film documentaries to connect them to the global dance community. I think this is a key element in expanding the market and educating people about what the token economy can do. It might also give them a head start towards building their schools and companies and to maybe one day compete with the major European and North American companies for sponsorship and online streaming revenue.
This can possibly lead to a very top-heavy system where the big players get too big and squeeze out local companies. I want to look into a system that would help smaller companies around the world grow through a globally growing audience and encourage more companies and works to be created. Id like to keep the focus on live performance as that is the real magic of the performing arts but also give access to others who can't travel to Paris to see the Paris Opera and to increase revenue for the artists and companies. This might suggest theatres adjust the opera houses to benefit more from the experience of being at the show in person rather that filling more seats to increase ticket revenue. If being at the theatre were more of an experience than just a show, a higher premium on tickets could be charged however the price could be offset by loyalty. In this respect it might be like getting free flights with air miles. Its very important ballet and the arts remain accessible to all, not just the rich. revenue from broadcasting more shows might incentivise more shows to be performed and that might drop the ticket price as well. I would have to see what the demand might be for so many people to watch so many shows. There are many people who would watch every show every night just as there are people who watch every game in every league every night.
My hope is to gain guidance as this technology is rapidly developing and I am an artist not a tech guru. Ive been following cryptos for about a year now and I am absolutely fascinated! Any kind of advice on where to go or how to begin to start developing this idea to see if it has any real possibilities is all Im really hoping for, for now.
Thank you so much for your time and all the best!