Cointelegraph Senior Correspondent Rachel Wolfson visited South by Southwest (SXSW) — the annual 10-day tech, film and music festival in Austin, Texas — to speak to and interview a group of cryptocurrency and blockchain pioneers, lighters, and enthusiasts. and Web3 Industries.
Wolfson spoke with Daryl McDaniels, founding member of the infamous New York hip-hop trio Run-DMC, also known by his stage name DMC, about the group’s famous discography and his views on the flaws created by capitalism in the traditional music industry. and his superiors. Vision of collaborating with the Own Song Itself (STOI) blockchain project to promote decentralized digital property.
Run-DMC was a huge hit in the 80s and 90s with several hit albums and tracks like “It’s Like That” and “Walk This Way” and became one of the most influential hip-hop artists in the world. genre history.
Prior to the interview, McDaniels released a four-bar verse dedicated to Cointelegraph and inspired by the world of crypto and blockchain.
“Into the microphone I get coins, I’m going to do big things like bitcoins. This is a cool thing, the coolest stupidity in the blockchain.”
It was clear from Wolfson’s conversation with McDaniels that his passion for restoring artistic excellence and creative ownership in the music industry stemmed from his vision of the potential impact of blockchain technology, a model in which decentralized mechanisms could enable increased creative independence.
“Run-DMC has always been a division that brings people together and changes things and makes them better,” said McDaniels, announcing his ambition to create blockchain solutions that advance this tradition.
“What I’m doing with Algorand and STOI will help us showcase the solutions needed to put the power back in the hands of the Creator, keep the power in the creations, and let everyone experience all that comes with it.”
STOI is an innovative project that aims to use smart contracts to create token management models for songs. According to the vision outlined in the white paper, the goal of the project is to “empower creative entrepreneurs and their fans with Web3 tools.”
The first non-fungible STOI (NFT) token, “Particles of God”, was traded on the stock market for 0.5 Ether (ETH) on November 30th. On Feb 14, STOI switched from Ethereum to Algorand, citing higher speeds, more cost. – efficiency and less environmental impact. The draft outlines roadmap plans to launch the Decentralized Autonomous Administrative Organization (DAO) and other versions of the NFT in the near future.
It was announced on Monday that the third edition of STOI Project will symbolize McDaniel’s latest track “A Million Scars”, which he performed live at the AlgoRanch pop-up event at SXSW on the same day.
Rachel Wolfson, Daryl McDaniels and George Howard (Algorand technical consultant).
McDaniels commented on the future of the music industry amid growing technological influence, explaining that “it’s not just about abandoning the medium” before saying:
“It is the creation of something inclusive, in which everyone participates from creation to its continuation. […] The song owns itself, because the song is a thing. Creativity is where power begins, and that’s where power must stay.”