OMF – a new cryptocurrency and acronym for the Our Music Festival. We had a chance to interview DJ 3LAU (pronounced “Blau”) and get an inside look to the goals and function of the crypto-powered event & event-powered crypto.
CC: So with the festival, you’ve already announced a big lineup with artists like Zedd and Big Sean. What were their reactions when you first reached out?
Zedd is a technologist and always likes futuristic stuff, so I knew that when I explained this, they would be very into it and excited to try it out. There are a lot of people that are forward-thinking artists that believe in the concept. They don’t know much about the technical side, but we all have new ideas on revamping the intermediary relationship between festivals and fans. The reason why festivals are a unique place to start is because the nature of a festival – many people with diverse vested interests and a powerful network effect, that’s the perfect breeding ground to tap this technology.
CC: Can you give us more of an idea what’s in store with the OMF token? Is there going to be a big ICO and involvement in other projects?
There will never be a big ICO, everything is privately funded from the start. The reason for this is that the OMF token might create an ecosystem for lots of different types of tokens. The original concept we had was a simple security token, where if you bought a ticket, you earned a certain percentage from the profits of the event depending on the success and how early you purchased, how many people you brought, etc.
We ran into a lot of regulatory concerns there, so now there’s a token that fans can earn from doing all these things and there’s another ‘stablecoin’ that acts as credits for future actions. These credits are redeemable only if the user stakes the original OMF token. Imagine you have all of these OMF tokens, you stake them to vote and support artists on the lineup, and after the festival succeeds, we distribute credits based on the profits that can be used for later tickets and perks.
I don’t really need a whitepaper because I’m sure it’s going to change 8 times before you see anything. Things will undoubtedly change as we deal with the real world instead of abstract economic models that may or may not work. That’s my philosophy as I’m approaching this space from a different standpoint, one that protects the people that we bring into this project.
CC: You’ve been notoriously called the “DJ that turned down Wall Street” in the past as you moved away from finance and into music. Now, you find yourself in the crypto industry, which has a unique relationship with WS. Do you think this has any meaning and what is your stance?
I think for fans and investors, ideally it gives them a little bit of trust. It’s very difficult to know who to trust in this space and even I didn’t know what was reliable. The ideas are really big and crazy, and I hope my background provides credibility of what we’re trying to do.
The Big Lineup, from left to right – Matt and Kim, 3LAU, Big Sean, Zedd, Charlotte Lawrence
Our goal is to bring people like yourself closer to us and show that we’re serious, we’re not pumping ‘n dumping, and we’re going to take our time to build an MVP that has real value for fans. It’s going to take time and we’re not rushing. We often hear the criticism “you don’t have a whitepaper!” I don’t really need a whitepaper because I’m sure it’s going to change 8 times before you see anything. Things will undoubtedly change as we deal with the real world instead of abstract economic models that may or may not work. That’s my philosophy as I’m approaching this space from a different standpoint, one that protects the people that we bring into this project.
CC: Well, it has to work for you since you are yourself an artist. If you can’t use it, no one can. For other artists looking to get into the arena, what would be your motivational pitch to them?
I think my takeaway would be to take a minute to learn about what they hear and not act too quickly. Even I early on wanted to move quickly with the assumptions I had about the technology. The tech is going to evolve and require a lot more learning along the way, rather than moving just for financial reasons. I think we all know as members of this community that this tech is going to be so disruptive for many industries. It’s now just a matter of making sure the advancements don’t hurt the retail consumers and investors. I myself have a fanbase and hurting the people that helped me along the way in building a career is the biggest risk I take from creating something like this.
Thank you Justin ‘3LAU’ for joining us for this discussion! If you missed Part 1 of this interview, you can find it here. Be sure to follow him and the OMF’s progress for more new and updates regarding the upcoming event.