In the wake of the web3 revolution, GroundUp Studios has emerged as a key player, committed to leveraging the power of blockchain and NFT technology to ensure fairer compensation for artists. Marketing In Asia personally engaged with GroundUp Studios to uncover their unique strategies and the transformative potential of their web3 ecosystem.
A New Era: Blockchain Music Labels
In the existing model, artists grapple with numerous challenges, most notably the striking imbalance between streaming counts and revenues. An artist requires millions of streams on platforms like Spotify to generate substantial earnings, given the exceedingly low payout rate per stream. This inequitable ecosystem necessitates the involvement of a plethora of intermediaries, such as agents, managers, publishers, and distributors, all of whom take a cut from the artist’s earnings.
The inequities in artist compensation, especially within streaming platforms, have long been a glaring issue in the music industry. GroundUp Studios aims to disrupt this status quo by becoming an evolution of the traditional record label. As a blockchain music label, its mission is to become an evolved version of the traditional record label. This evolution is three-pronged:
- Marketing Storytelling: GroundUp Studios seeks to translate the artist’s creative vision into a compelling narrative that captivates consumers and fans alike.
- Marketing and Promotional Support: This support extends across traditional media, social media, and even web3 communities. It includes helping artists navigate the complex world of tokenomics and creating a profitable NFT collection, benefiting both the artist and their fans.
- Collaborative Opportunities: GroundUp Studios provides artists with the chance to collaborate with other web3 artists, individuals, and startups, further broadening their reach and exposure.
In terms of revenue models, GroundUp Studios plans to share a nominal amount of an artist’s total revenue from their sales, representing a departure from the traditional model of high commission fees.
The Genesis Pass: A Digital Doorway to Exclusive Musical Experiences
In a dynamic move aimed at bridging the gap between blockchain technology and music, GroundUp Studios is set to launch its Genesis Pass. Designed to be one of Asia’s pioneering digital memberships for music, the Genesis Pass serves as a unique, NFT-based access point to the extensive and engaging HomeGround community.
HomeGround, as envisioned by GroundUp Studios, seeks to be the premier destination for a broad spectrum of web3 enthusiasts, including musicians, producers, artists, and more. This community plans to extend its reach not just across Asia but around the globe, further substantiating GroundUp Studios’ commitment to creating a truly borderless space for artists and music lovers alike.
The Genesis Pass is much more than an entry ticket; it is an invitation to become part of a vibrant ecosystem filled with a rich variety of benefits and activities.Adrian Fu, Co-founder & Creative Director GroundUp Studios
GroundUp Studios is finalising the exact offerings, but potential benefits could encompass:
- “Happy Hour” events: These could range from playlist sharing sessions featuring a notable producer, artist, or celebrity to Ask Me Anything (AMA) sessions, livestreams, and “speed dating” events that would connect members with producers and artists from both the web3 and web2 worlds.
- Fun and Games: This might include music, art, and culture-related competitions, fostering a lively and interactive atmosphere within the community.
- Seasonal Airdrops: In collaboration with artists, brands, and communities, members could be privy to exclusive airdrops.
- Performances and Gatherings: These could be held virtually or in real life, providing an avenue for members to enjoy immersive music experiences and to network with fellow enthusiasts.
- Creating Sessions: Members could have the opportunity to participate in songwriting, remix arrangements, and masterclasses, enhancing their own skills while learning from seasoned artists.
- Exclusive Merchandise: Members may receive special merch items, further solidifying their connection with the HomeGround community.
- Concert Discounts: Genesis Pass holders could avail themselves of discounts on concerts and merchandise from GroundUp’s family of artists and partners.
GroundUp Studios plans to issue 2,500 Genesis Pass NFTs, emphasising the exclusivity of this unique community. The process of pre-minting has already commenced, opening up an exciting new avenue for music enthusiasts to interact, socialise, and collaborate in the web3 world.
Building a Collaborative Web3 Ecosystem
The web3 ecosystem envisioned by GroundUp Studios is inherently collaborative. Guided by co-founder and Creative Director, Adrian Fu, the company is dedicated to nurturing a vibrant community of artists, musicians, and tech enthusiasts. The team’s diverse experience and network connections across music, tech, and retail brands uniquely position them to facilitate an explosion of artistic and commercial opportunities.
A key component of GroundUp Studios’ vision is to foster a vibrant, collaborative ecosystem within the web3 sphere. This ecosystem extends beyond the confines of artists and fans, bridging the gap between creative individuals, technology enthusiasts, and potentially everyone on the planet. The question is, how do they plan to do this?
The web3 community inherently encourages collaboration. Artists, fans, and technology enthusiasts in the web3 space naturally gravitate towards working together. This is due in part to the emerging nature of web3 technology and an emotional desire to connect and create meaningful music and art in a transparent, decentralised environment.
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This is where GroundUp Studios steps in to facilitate. The dynamic team, led by co-founder and Creative Director Adrian Fu, is well-equipped to foster an engaging, collaborative web3 ecosystem. With his background as an award-winning songwriter, recording artist, brand marketer, and technology executive, Fu is uniquely positioned to understand the industry’s evolving dynamics. His knowledge of Asia’s cultural trends, industry mechanics, and his vast network connections in music, tech, and retail brands enables GroundUp Studios to build a community that everyone would be eager to join.
Adrian’s uniquely diverse experience across marketing; recording artist; published songwriter; and NFT / blockchain project execution is a natural fit with the team’s extensive web3 and fintech expertise. Together, we will unlock the true value of web3 to artists and fans, as we achieve true democratisation and equality of music, commerce and monetisation.Alexander Lee, Executive Director.
Lee has been involved in spearheading the early developments of SFC-licensed virtual asset platforms and continues to drive mass adoption of Web3 across mainstream sectors. Adrian Fu’s experience and network, coupled with the team’s engagement with a vibrant web3 global community, has resulted in successful NFT projects and extensive experience building regulated CeFi platforms, DeFi infrastructures, and blockchain-based apps for mainstream adoption.
Leveraging Expertise for Success
The team at GroundUp Studios brings a wide range of experiences to the table. From brand marketing and partnerships to technology sectors, their combined expertise is essential to realising the company’s vision. GroundUp Studios aims to evolve into a label that artists naturally gravitate towards, a place that nurtures talent and provides a springboard for exciting new projects.
I am excited about the promise of web3 music, which presents incredible new opportunities for artists around the world – both commercially and artistically. I firmly believe that the timing is right to launch a music company like GroundUp Studios. We are witnessing a giant leap in technological innovation right now, which is rewriting the mechanics and rules of most industries and businesses. Now, professional and amateur artists are able to create and connect with audiences halfway around the world, while generating steady revenue. In my view, we are on the cusp of a golden age in art and music.Adrian Fu, Co-founder & Creative Director GroundUp Studios
Social Media: Building a Borderless Web3 Community
GroundUp Studios sees new-generation social media platforms as key tools to create a borderless space for artists. Through initiatives like the Genesis Pass and collaborations with other web3 organisations, they aim to bridge the gap between artists and communities worldwide, nurturing creative potential and driving the global expansion of artists’ reach.
Harnessing Web3’s Transformative Potential
Web3 technology holds immense transformative potential for the music industry. GroundUp Studios, recognizing this, has devised a strategic plan to capitalize on this potential and revolutionize the creation and commercialization of art that resonates globally.
Firstly, GroundUp Studios envisions that web3 can deepen the emotional relationship between artists and fans. The proliferation of streaming platforms has given users an unlimited library of content, but this might inhibit the development of deeper, more personal connections. Web3 aims to restore these connections. By owning a song in the form of an NFT, or tagging favourite songs with personal stories and memories on web3 apps like Mixtape, users can forge a more profound bond with music and artists.
Secondly, the collaborative nature of web3 artists and fans creates a perfect environment for social sharing. Traditional streaming platforms and social media networks contribute to this trend, but blockchain and NFT technologies supercharge it, fostering greater creative and commercial opportunities.
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Lastly, GroundUp Studios believes that web3 has the potential to disintermediate players in the music industry, who facilitate transactions but do little else. Web3’s decentralized nature enables direct transactions between artists and fans, leading to better compensation for artists and handing back control of their careers and creativity. GroundUp Studios stands as a partner for artists, understanding their creative and commercial needs, and offering them opportunities for growth and fair compensation.
By leveraging web3, GroundUp Studios envisions a global music industry where artists have more control and are more equitably compensated, where fans and artists can form deeper connections, and where the exchange of music becomes a more collaborative and engaging experience. This is the transformative potential of web3, and GroundUp Studios stands ready to unlock it.
Empowering Artists with Web3 Tools
Web3 technology, despite being in its nascent stage, has already started transforming the arts industry. The current valuation of the music NFT market stands at around US$87 million, a figure set to surge as artists realise the potential opportunities – from novel monetisation models to innovative forms of creative expression.
The advantages of leveraging blockchain technology and NFTs are multifold. Artists can now sell their music directly to fans without the intervention of intermediaries such as traditional record labels, managers, and distributors. This has paved the way for faster payouts and expanded revenue streams. Iconic rapper Nas, for instance, collaborated with DJ 3LAU’s platform, Royal, to release his first-ever NFT collection. The collection, comprising of 1,870 NFTs issued across two drops, sold out within minutes, generating over US$560,000 in revenue.
From a fan’s perspective, web3 music offers exciting new ways to engage with their favourite artists and music. Owning a unique piece of digital art or song in the form of an NFT could potentially deepen their support for artists. As owners of an artist’s NFT, fans can play a more active role in shaping an artist’s business and creative decisions, allowing audiences and artists to grow together in more meaningful ways.
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In this new world of music, GroundUp Studios acts as a beacon, helping artists navigate the web3 landscape and harness the power of web3 tools to create, collaborate, and engage with their audience on a deeper level. They envision a world where artists are not just performers but also a part of the larger community, engaging with their fans, fellow artists, and the world at large.
As GroundUp Studios leads the charge in the web3 music revolution, artists and fans worldwide stand to benefit from a more equitable, collaborative, and immersive music experience. This is not just the future that GroundUp Studios envisions, but a future they’re actively building. In this new world of music, every artist, every fan, and every member of the music community plays a pivotal role. GroundUp Studios invites you to join them on this exhilarating journey, as they chart a course towards a more equitable, collaborative, and vibrant musical universe.