An ambitious Chicago startup wants to bring NFTs to the live entertainment industry, creating a new way for fans to engage with artists and for performers to earn money. And it just came out of stealth with $21 million in funding.
Led by John Hart, a fintech veteran who spent a decade at TD Ameritrade, Live Bash is building a new blockchain-based platform and physical concert venues where fans can watch live performances and purchase NFTs (non-fungible tokens) and other digital collectables made up of moments from the show. The $21 million seed round was raised from angel investors in the tech, finance and music industries, Hart said, though he declined identify any backers by name.
Tom Sosnoff, a serial entrepreneur and founder of tastytrade, and Scott Sheridan, the CEO of tastyworks, are listed as board members of the startup in an SEC filing. The three worked together at Thinkorswim, an online brokerage that was acquired by TD Ameritrade in 2009 for more than $600 million.
With Live Bash, Hart is bringing his fintech chops to the live-event industry, an area in need of some tech upgrades, he said. Live Bash is building physical stages for artists to perform, working with theater and sound stage designers to create unique spaces for performers to deliver raw live performances, Hart said. There are no fans in attendance; instead, people tune into Live Bash's website where they can view the performances and purchase pieces of the performances, such as an individual song, as a digital collectable.
Live Bash's software converts the live performances into NFTs for fans to buy, sell and trade. On stage, artists will have access to a button or pedal they can push to create these individual digital moments fans can purchase, Hart said.
The digital collectables will be limited in number and available only during the live performances. Meaning, the moments from the shows could, in theory, increase in value over time, Hart said.
Beyond fan engagement, it's also a new monetization strategy for performers, who have run into roadblocks getting their fair share from streaming services and live venues. With Live Bash, artists would be able to immediately access whatever funds were generated from their performances via their Live Bash account, Hart said.
"We really want to build something that helps artists engage with their fans in a new and different way," Hart said.
Live Bash is currently constructing its first performance venue in Chicago, which Hart hopes will be ready by the end of this year. The startup has also leased a space in Los Angeles and is looking for a facility in Nashville. Live Bash, which currently has 45 people working on the business, is also eyeing venues outside of the U.S. Having an international presence is important to the startup as it hopes to eventually stream performances on its site 24/7, Hart said.
While Live Bash is beginning with music, Hart believes the technology platform can expand beyond entertainment. He envisions Live Bash being used at business conferences and other professional events where someone would want to purchase informational content. It could even be used at weddings and bar mitzvahs by friends and families unable to attend, with money serving as gifts for the newlyweds.
"We're not tying to go up against iTunes or Spotify. We're really trying to create amazing, unique, tradable and collectable experiences that span the gamut of things you could think of as a performance," he said.
Hart likened Live Bash to ghost kitchens, which are set up to cook and deliver food without any in-person dining. "We effectively have a ghost stage," he said.
Whether music fans actually want digital collectibles from artists, or if business professionals will buy content from a conference, remains to be seen. But if there is indeed a market for digital assets from live events, Live Bash could one day license its technology to other venues, Hart said. Meaning a music festival could sell NFTs of major performances, or an iconic band on a reunion tour could sell moments from a final show.
