A Moment is a piece of music video content, whether an official music video, a concert, or a more authentic clip, similar to the types of content you would see from music artists on YouTube.
OK, why would I care about The Archive when YouTube has literally everything then?
- Glad you asked - Moments are built on the blockchain to provide for verified ownership and create a new market for artists to empower fans to become co-owners of their video content. Also known as NFTs or Non-Fungible Tokens.
- Building these Moments as NFTs creates a new way for artists to monetize their music videos, and also a speculative marketplace for fans.
- Now you can actually get a financial reward from discovering your favorite artist and supporting them early in their career.
Oh no, not another NFT, I don't get the hype...
- We hear you. We set out in January 2020 to build a better way for artists to make a living. This brought us on a path of product design, iteration, learning, optimizing. We analyzed NFTs for months before deciding to design them, and then fell in love with how well they fit with our product. Serendipitously, they felt like the missing piece to help us accomplish the goals we set out to achieve as an organization, so we had to go forward.
- We see NFTs as fueling discovery - the speculative nature of the product compliments the desire to find new, up and coming acts, and on top of that it prompts people to actually pay meaningful money to these up and comers. Everyone becomes an A&R. Artists develop new fans, and earn money from those fans in new ways - this is everything.
OK, I'm starting to understand, sort of, but still it doesn't make a ton of sense.
- Think of it as a digital way of owning a trading card that your the sole owner of to show your fandom. Then you can trade this asset to other people for monetary exchange, or hold on to it forever. Ever collect pokemon cards, magic the gathering, beanie babies, or anything else with rare collectables?
Pokemon cards, cool! That makes sense. Do I own the video copyright?
- Glad you understand it now. You don't own the video copyright, but, in the future the artist will have the option to share ad revenue with the owner of their video NFT, so there will be some high earnings potential and a good reason to discover early!