How DAOs could change artist-fan relationships
The Future. DAOs could revolutionize the artist-fan relationship. By harnessing the power of their fanbase and using token economies to incentivize and reward member participation, artists could go independent from music labels and coordinate their own path by creating a DAO-based project.
Web3 tech has gone mainstream, and many consumers have adopted NFTs. Now, DAOs present a new way of organizing music fandoms.
- DAOs could help artists form fan clubs with “omnidirectional capability,” where members work with the artist, helping with marketing or designing album art.
- This is distinct from a typical artist team — hierarchy would be flattened, decisions would be democratized, and lowered barriers to entry could open up a world of new perspectives from the artist’s fanbase.
DAOs are unique because they significantly reduce the friction and time required to coordinate a group of passionate people, from gathering funds to democratically making strategic decisions. Just like when ConstitutionDAO raised a staggering $47 million in less than a week.
Ian Lee, cofounder of Syndicate (a social network that helps manage DAOs) describes the potential he sees: “[DAOs will]… enable more creativity, as projects that might not have been funded before will now get the support they deserve to get into the world.