Austin (KXAN) — There are several cryptocurrency-based SXSW events this year. Cryptocurrencies are digital currencies in which transactions are validated and records are maintained throughout a decentralized system.
An event organizer is trying to use cryptography to support artists and filmmakers.
Blockchain Creative Labs is SXSW’s first blockchain sponsor. This group is hosting a set of interactive features at SXSW from March 11th to 13th.
There are many questions when it comes to understanding this process. First of all, what is a blockchain?
A blockchain is a ledger of data or transactions coded into blocks. Each block above consists of information containing a unique verified signature. They are so tightly linked that it is difficult to unravel them as if they were splicing together Lego.
Inside the blockchain is a non-fungible token called NFT. This basically means that each NFT is so unique that it is incompatible. NFTs represent some sort of digital item, such as a work of art. Photo, video, or audio.
Blockchain Creative Labs will make a big presence at this week’s SXSW Festival and showcase a Web3 experience dedicated to Dolly Parton called welcometodollyverse.com.
This group wants to help artists and filmmakers grow and own personal content.
“For us, this is an evolution of content delivery and a commitment to the brand of our viewers and fans,” said Scott Greenberg, CEO of Blockchain Creative Labs. “Consider selling a TV episode as an NFT. It’s like owning a DVD again. If you own a movie, you don’t really own it. You Has a license to use it. If you have a movie NFT, you have physical ownership. It’s the same as owning a DVD or tape. You can own it. ”
According to Greenberg, the idea here is to help people understand the essence of digital products and manage the monetary value behind the data once it reaches the metaverse.
“All of these third-party companies have all the data available for free,” says Greenberg. “Now it’s important to take ownership and choose when and for what to provide that data.”
At various SXSW events, people are scanning QR codes to prove that they have attended the event. It gives them an NFT badge to hit their digital blockchain wallet.
That information will be displayed in the largest NFT ledger showing all the minting and wallets being created. The process is on display at the Blockchain Creative Labs interactive exhibition.
Blockchain Creative Labs is located on 311 E. 5th Street in Trinity Hall and is open Friday to Sunday from 9am to 5pm and 8pm to midnight.
This event is open to the public From 9 pm to 5 pm, the SXSW badge starts at 8 pm.