#55: The Chainsmokers Crypto Blueprint is Fascinating
Updated: Aug 16
The Chainsmokers, one of world's most successful DJ and production duos, are demonstrating the substantial opportunity for artists to leverage their understanding of culture, expertise, influence and blockchain technology / crypto to replicate and modernize the approach pioneered by entrepreneurial musicians such as Jimmy Buffett.
4 reasons below to closely follow the blueprint they're building:
They're founders who deeply understand the journey
"He also explained how The Chainsmokers worked their way up from playing weeknight DJ sets to tiny crowds into a company that makes hundreds of million in revenue. They consider themselves founders in that sense, and want founders from the companies they invest in to view them that way, as well. 'I want people to feel comfortable that when we invest in them that we understand that experience,' Taggart concluded."
Recently launched their own VC fund, Mantis, with major-league investors
"They already have some major-league believers, including investors Mark Cuban, Keith Rabois, Jim Coulter and Ron Conway, who are among the other individuals who provided the Chainsmokers’s new early-stage venture firm, Mantis, with $35 million in capital commitments for its debut fund."
Starting with their investment in YellowHeart, they're all in on blockchain technology / crypto and it's application to their world
"The Chainsmokers were first introduced to blockchain technology when they co-founded YellowHeart, a company building technology to cut scalpers out of the events ticketing equation. According to Taggart, they saw an opportunity with Mantis VC to help bridge the gap and bring blockchain technology into other industries via investment, connections, and guidance."
YellowHeart just powered Kings of Leon's first of its kind NFT enabled album drop
"On Friday, Kings of Leon, will release their new album, titled When You See Yourself, in the form of a non-fungible token (NFT) - becoming the first band to ever do so. The band is actually dropping three types of tokens as part of a series called “NFT Yourself,” people involved in the project tells Rolling Stone. One type is a special album package, while a second type offers live show perks like front-row seats for life, and a third type is just for exclusive audiovisual art."
April 4, 2021 (Tweet Link)