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

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.

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

Blockchain Creative Labs is the first blockchain sponsor at SXSW. The group is hosting a series of interactives during SXSW starting on March 11-13.

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 that are coded into blocks. Each of the said blocks is made up of information that is verified and contains a unique signature. They are so tightly linked together that it’s hard to detangle them almost like piecing together legos.

Inside the blockchain are what’s called NFTs, non-fungible tokens. This essentially means they aren’t interchangeable because each NFT is so unique. The NFTs represent some sort of digital item like a work of art; a photo, a video or a piece of audio.

Blockchain Creative Labs will have a big presence at this week’s SXSW festival featuring their Web3 experience devoted to Dolly Parton, called welcometodollyverse.com.

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

“To us, this is just the evolution of content distribution and engagement of audiences and fans to brands,” said Scott Greenberg, CEO, Blockchain Creative Labs. “Think about selling episodes of television as an NFT. 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, then you have physical ownership. It’s no different than owning a DVD or tape, you can own it.”

Greenberg says the idea here is to allow people to understand the essence of digital goods and to 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,” said Greenberg. “Now it’s about taking ownership and choosing when you give that data out and for what.”

At various events during SXSW, people are scanning a QR code to prove they attended the event. That is then giving them an NFT badge that hits their digital blockchain wallet.

That information will land on the largest NFT ledger showing all of the minting and wallets that are being created. That process is on display at the Blockchain Creative Labs interactive exhibit.

Blockchain Creative Labs is located at Trinity Hall at 311 E. 5th Street open from 9 am – 5 pm and 8 pm-midnight on Friday through Sunday.

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