DropStar : A new stage of Evolution

DropStar : A new stage of Evolution

Before we dive into talking about DropStar, NFTs and all the good stuff. Let’s decipher this code called Web 3. The easiest way I can describe it is by taking you back in time and sharing how the internet has evolved in 3 phases:

Evolution of Internet

  1. Web 1 (1990–2005) — Information Economy: It was all about creating the internet, setting up the infrastructure and providing access to information. Frankly, all you could really do was read. Netscape and Yahoo news dominated… yes, I am talking about that era. It wasn’t a great experience giving birth to
  2. Web 2 (2005–2020) — Platform Economy: New technologies like social media, cloud computing and smartphones expanded the world of the internet beyond what was once believed possible with web1. For the first time we can directly communicate and trade, which inturn started the creator economy. However, the problem with web2 is what made it special … PLATFORMs… companies like facebook, google and spotify have become massive and have too much control. They own our data, disregard our privacy and ultimately controls our ability to monetise our own creativity. But this year, we entered web3
  3. Web3 (2021 — ?) — Token Economy: Thanks to AI and Blockchain, web3 puts the power back in our hands… the people! Web3 describes an internet owned by users & builders that’s orchestrated by tokens such as NFTs and more. Tokens solve the problem of web2 by codifying property rights in the digital world or in a way ownership of digital items also called as Smart Contracts. These NFTs/ digital certificates/ Smart contracts are stored in a distributed ledger and not a centralised database which could go away when that company is acquired or goes bankrupt or gets hacked. The internet — we think — is forever and therefore the NFTs are too.

RISE to DropStar: new direction, new name!

Before we go into our name change, a short background story — I started immersing myself in web3 and applications of blockchain since I left my previous role at Booking.com. I am convinced that the world is not evenly set up and quite largely too polarised (data suggests so) for people to do their best work. As Director for Asia at Booking.com, I was managing large diverse teams across geographies and I learnt that it’s the people that create value in this world and creativity is everywhere. Yet, many people struggle professionally. Statistically, 85% of people are unhappy in their jobs. Lack of creative freedom is one of the top reasons for this dissatisfaction, while money and a sense of community are the main reasons for them to nevertheless stay in their jobs. No wonder we saw the great resignation recently.

  1. Community DAOs are still quite early in the Creator Economy (especially in Europe) and hence we were spending almost 90% of our time educating Creators.
  2. Electronic music artists (& digital artists) had higher conversion along with high intent towards crypto and tokenising their work. In a way, screaming at us — we need web3’s help.

Making Music Collectible

With our new direction, we renamed our project to ‘DropStar’, as we explore how NFTs can rescue the trapped music artists from the web of ‘the middle-men’.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
DropStar

DropStar

The first music NFT ecosystem that brings artists, fans, labels and brands together. Powered by $drop tokens.