Now, it was shown within the context of an event how the music industry and the art world can use this blockchain technology for business success without losing sight of an appreciation for art.
The potential for digital business models for artists and performing artists has been primarily observed in online platforms and streaming services. However, they are frequently too tightly controlled and criticized in an economically unfair manner. NFTs are designed to create a revolutionary system promoting a new and fair business model for the industry and making it transparent by using blockchain.
The event in Vienna marked the first time for an audio-visual live performance of classical music on the blockchain "MozartBeats" - namely live by a string quartet of the Vienna Symphony Orchestra, the Vienna Volksoper and the Strauss Capelle Vienna. MozartBeats comprises an interaction of different digital forms of art with programmable music as well as state-of-the-art blockchain technology. In cooperation with the digital artist Rhett Dashwood alias Mankind, a new audio-visual form of art was created appealing to all the senses and enabling fair and transparent transactions. NFTs and the underlying technology offer a possible response to the issue of "fair pay," which creative professionals have been debating and demanding for decades. Now they have the possibility to determine their own income, claim intellectual property for themselves and at the same time open up unlimited possibilities.
The evening was organised by Foreign Trade Austria of the Austrian Federal Economic Chamber in cooperation with partners such as the artist and cultural manager Francisco Supin, Baher Al Hakim, Managing Director of the Viennese IT company Medicus, Dalibor Karvay, concertmaster of the Vienna Symphony Orchestra and the American NFT platform Async.
Read on and find out more about digitalisation in Austria!