Former Guns N’ Roses drummer Matt Sorum has announced the launch of Artbit, “a revolutionary distributed-ledger platform that allows both artists and fans to share and monetize artistic talent from anywhere across the globe.” Sorum founded Artbit, alongside Pablo Martins, Renan Monjon, Saulo Monjon, and Jean-Philippe Innocent, to help “unsigned, unrepresented artists” by “providing exposure and capital to independent artists, while protecting their intellectual property and equipping them with the tools they need to manage the business side of their craft.”
“Before I had any recognition as a musician, I was roaming back alleys in Hollywood, playing any gig I could get, sleeping on couches and surviving off Top Ramen. Today, getting recognition is easier, but getting paid is even harder. With Artbit, we’re giving power back to the fans to tell the world who deserves attention, and we’re giving a platform to artists to turn their dreams into a paying reality.”
Artists using Artbit will be able put on live shows and connect with their fans around the globe. Fans can then interact through liking, sharing, etc. and this in turn will create a micro-income for the artist and the public. These “virtual stages” will let artists fund their work through a crypto-economy, which is powered by hashgraph. Through augmented reality and gamification, fans and performers will gain the oppurtunity to be a part of the show.
Tomorrow (March 16), Sorum and the Artbit team will be hosting an event in Austin, Texas during SXSW in an effort to showcase the platform. Renown contemporary street artist Shepard Fairey will DJ the event, while Sorum and Billy Gibbons (ZZ Top) will perform.