What is blockchain and why does a group at SXSW think it can help artists, filmmakers?

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AUSTIN (KXAN) — There are several SXSW events this year that are rooted in cryptocurrency, a digital currency in which transactions are verified and records are maintained through a decentralized system.

An event host is trying to use crypto to support artists and filmmakers.

Blockchain Creative Labs is SXSW’s first blockchain sponsor. The group is hosting a series of interactives during SXSW from March 11-13.

Many questions arise to understand this process. First of all, what is a blockchain?

A blockchain is a record of block-coded data or transactions. Each of said blocks is composed of verified information and contains a unique signature. They are so intertwined that it is difficult to untangle them almost like putting legos together.

Inside the blockchain are what are called NFTs, non-fungible tokens. This basically means that they are not interchangeable because each NFT is so unique. NFTs represent a kind of digital item like a work of art; a photo, video or piece of audio.

Blockchain Creative Labs will have a big presence at this week’s SXSW festival with its Dolly Parton Web3 experience called welcometodollyverse.com.

The group wants to help artists and filmmakers develop and own their personal content.

“For us, it’s just about the evolution of content distribution and audience and fan engagement with brands,” said Scott Greenberg, CEO of Blockchain Creative Labs. “Think of selling TV episodes as NFTs. It’s like owning a DVD again. If you own a movie, you don’t really own it. You have a license to use it. If you have an NFT of the movie, you have physical ownership of it. It’s no different than owning a DVD or tape, you can own it.

Greenberg says the idea here is to empower people to understand the essence of digital assets and control the monetary value behind the data once it hits the metaverse.

“All of these third-party companies have all of our data for free,” Greenberg said. “Now it’s about taking ownership and choosing when you disclose that data and for what.”

At various events during SXSW, people scan a QR code to prove they attended the event. This then gives them an NFT badge which hits their digital blockchain wallet.

This information will land on the largest NFT ledger showing all mints and wallets being created. This process is on display in the interactive Blockchain Creative Labs exhibit.

Blockchain Creative Labs is located in Trinity Hall at 311 E. 5th Street open 9 a.m. to 5 p.m. and 8 p.m. to midnight Friday through Sunday.

This event is open to the public from 9 p.m. to 5 p.m. and SXSW badges from 8 p.m. to midnight.

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