Justin Blau, best known as “DJ 3LAU,” is set to spin into cryptocurrency by launching the first-ever blockchain-powered music festival.
The Our Music Festival (OMF) business venture will provide music revelers with new OMF tokens or cryptocurrency which then can be traded.
“Fans can trade digital assets such as tickets as fungible currencies within a festival network which would include festivals all over the world that are both branded as Our Music Festival,” Blau said during an exclusive interview on “Countdown to the Closing Bell” on Friday.
Attendees could earn OMF tokens by simply participating in the festival experience or by redeeming tickets, VIP upgrades, merchandise, food and beverages.
Blau, an early bitcoin investor and music producer, said the goal is to use blockchain technology to create a platform that determines the value of a ticket and prevents ticket fraud.
“Imagine a world where a ticket is completely verifiable via blockchain technology via the progress that ticket makes across lots of transactions,” he said.
DJ 3LAU turned down a lucrative job on Wall Street to revolutionize everything from music to money using blockchain technology.
Digital currencies have seen their share of wild market swings over the year. Bitcoin is trading far below its highs of December 2017, when the price of one bitcoin skyrocketed above $19,000. Bitcoin was recently trading around $6,558, according to CoinDesk.
Blau said he expects high volume of volatility in the cryptocurrency market, and assuring investors who are interested in digital currencies is a matter of extensive research and figuring out which digital asset is the best match for your investment portfolio.
“There are some that have amazing technology that can apply in a lot of industries, and so it’s really just a matter of investor preference,” he said.