The live music industry needs to change, the financial distribution model favours the participants who create the least value. Artists, Venues and Fans deserve a better deal and through a combination of NFT’s and Defi we believe we can deliver that.
Whether it’s the lack of predictable revenue or industry models taking away choice, venues and performing artists have never had it easy.
With the global pandemic, this has been exasperated to the point of despair: with 40% of venues in some cities closing, an 80% decline in revenues, and millions of jobs in the global live music sector ‘gone by Christmas.
Our solution, Chapel, is a Web 3 ecosystem that fundamentally flips the live music industry on its head by creating long-term residual income for Venues and Artists.
Long-time friends and collaborators, Irfon Watkins, Founder of Blockchain companies DOVU and TAPMYDATA, and Ian Matthews, Drummer in KASABIAN wanted to combine their experience and reinvent the live entertainment business model through a community-owned, not for profit, DAO.
Having purchased a 200-year-old Chapel in Wales, We wanted to breathe new commercial life into it, make it the heart of the creative and cultural community for the next 200 years.
To find out more about this exciting new venture read Part 1 of our introduction paper and join us in whatever way you can.