We have tokenised
What is Tokenisation ?
Tokenisation in its most simplistic sense is a form of digitisation of the activities of an institution, company or individual. It is based on advanced, decentralised blockchain technology. It is a process that results in the creation of a token or cryptocurrency and its assignment to a project, company or individual. We can tokenise any asset that reflects a given value. And the tokenisation process itself will involve converting that value into a digital asset that we can further trade.
What exactly is an OMN token?
A token is a digital equivalent of some value (asset) that can be received, exchanged, transferred, resold, gifted or ... collected. Many people equate tokens with cryptocurrencies, the equivalent of digital money. However, it is closer to the truth to say that tokens are a type of digital token, a voucher, a loyalty point, which, although they have a certain purchasing value, are not a currency in themselves, but have other characteristics that make them an interesting tool for arts organisations to use to help them maintain and develop their activities. Discovering these qualities and looking for their new use in culture was the inspiration behind the tokenisation of the New Music Orchestra.
What does tokeniaisation of the OMN mean?
In a nutshell, it is the work of a programmer to issue tokens for OMN on the Ethereum blockchain and to program smart contracts, i.e. to equip them with functions that will allow them to be used in different ways. With smart contracts, it will be possible to transfer tokens to other people or to receive them, to register their circulation, to increase and decrease their amount and thus influence their value, to transform them into access certificates, certificates of ownership or co-ownership of digital equivalents of goods (works, recordings, projects, etc.). This certainly sounds a bit incomprehensible to a person who has not dealt with this technology before. Fortunately, there is a lot of material available on the internet to give the layman a quick overview of blockchain technology, tokens and smart contracts. It is worth taking the time to familiarise yourself with these terms, as we will encounter them more and more often anyway.
Why does the Orchestra need tokenisation?
Blockchain technology - which makes tokenisation possible - has already entered global services for good: banking, international transport, logistics, etc. It is increasingly being used by institutions providing services to local communities, and celebrities and athletes, art galleries and theatres, music ensembles and individual creators are also tokenising. New ideas are constantly being generated, which the tokenised community tests and develops by exploring their potential.
OMN is, by definition, open to new music and the new technologies that go with it. The prerequisite for participating in this international circulation of digital services and cultural goods is to have one's tokens placed on one of the global blockchains, together with smart contracts that allow interested token holders (token holders) to use them in a convenient and simple way.
How do we intend to use the issued tokens?
We are only at the beginning of this journey. In the coming months, we will be testing their use in areas that have already been tested by other (mainly Western and American) arts institutions. After that, we intend to introduce our own ideas for using this technology in gaining the interest of stakeholders in our activities. And finally, we will try to make this technology one of the alternate sources of fundraising for artistic projects.
What will it be possible to earn tokens for?
Here is a list of proposals that will be reviewed and ‘priced’ in tokens in the near future. Tokens will be obtainable for the following activities:
- Recommending the orchestra's Facebook page
- Sharing an orchestra event on Facebook
- Commenting under an orchestra post on social media
- Taking part in an online quiz or competition organised by the orchestra
- Invite a friend to an orchestra event and confirm their participation
- Share a photo or video of an orchestra event with the band
- Signing up for the orchestra's newsletter
- Purchase a concert ticket
- Signing up for the orchestra's educational classes
- Voluntary donation to the orchestra
What can a tokenlist exchange their tokens for?
Here is another list of suggestions, which we will verify and ‘price’ in tokens in the near future.
For donating a certain number of tokens to OMN's digital account, you will be able to receive benefits in return, such as:
- Acknowledgement on the OMN website
- An exclusive poster of the orchestra
- Invitation to an orchestra concert
- A meeting with the soloist/composer/members of the orchestra
- Gift of an exclusive digital recording
- Discount on educational workshops organised by the orchestra
- CD with signatures of the performers
- Personal acknowledgement at one of the orchestra's concerts
- A private performance by the orchestra
How do I get the tokens and how can I exchange them?
Those who have not yet had to deal with electronic or cryptocurrency wallets will need to set one up for themselves. The process itself takes a few minutes, is completely secure and does not involve any fees. A short guide for those interested in how to set up and manage digital values issued by OMN will be published here shortly.
This task was carried out as part of the ‘Strong foundations for the sustainable development of the OMN’ project
funded by the ‘KPO for culture’ programme
