Jetcoin: an antidote against sports and artistic managers

Moderator: Thank you for attending our AMA. I am accompanied by Piranha 1, Piranha 2, and Piranha3, talent managers.

You, talent assistants, can ask any question. Ahead.

Talent 1 (musician): On my last tour I wanted to spend with my debit card and it was rejected. I checked on the phone and they told me my account was empty. We agreed in the contract that I would charge $ 2,000 for each show and I gave three shows. Where is my money?

Piranha 1: It was impossible for me to transfer your funds, you have to wait another 15 days.

Talent 1: There is always an excuse. Deposit me now or I start legal action. I have millions of fans who follow me and they will all find out that you are working with my money.

Piranha 1: You wouldn't have any fans if it weren't for the fact that I invest in marketing and concerts so that they know you, and I spend my day negotiating with record labels to collect top-notch royalties.

Talent 1: They would be nice if you cashed them. You have until tomorrow to deposit me.

Image by David Mark

Talent 2 (painter): Two months ago you told me that one of my paintings had been sold in your gallery. Has the customer still not paid?

Piranha 2: No, he hasn't paid yet, I'm calling him every day, but he doesn't answer me.

Talent 2: Could it be that you have already collected my money and you are working with it?

Piranha 2: You offend me! Always the same with artists. They do not know our work and distrust us. If it weren't for the fact that we invest in galleries and exhibitions, you wouldn't have a single fan, and what do I have as a reward? Your distrust.

Talent 2: If it weren't for the artists, you wouldn't have galleries. People follow me, not your gallery. If you don't pay me next week, I'll take legal action.

Image by bridgesward

Talent 3 (athlete): You told me that the contract with the clothing brand would pay me $ 120,000 cash at the beginning of the relationship. Where is the money?

Piranha 3: They haven't deposited it yet. They promised me next week.

Talent 3: You told me the same thing two weeks ago.

Piranha 3: I can't do anything else.

Talent 3: Yes, you can. You can go looking for another athlete because if you don't deposit me already, I will initiate legal action.

Piranha 3: When you were a child and no one knew who you were, I took a risk and made you start an international career. Today you have fans around the world, but I only receive ingratitude from you.

Talent 3: My talent is what made me have so many fans, and not your obscure marketing business that I never quite understand and that nobody audits. You have until tomorrow to deposit.

Image by Steve Sewell

This is a transcript of the most important parts of the AMA, the rest is very similar and does not matter much. Thank you very much for participating.

Image by OpenClipart-Vectors

The piranha is an adorable carnivorous minnow that aggressively and insatiably devours meat, and inhabits some rivers in South America. The name comes from the Guarani language and means "devil fish".

History shows us an alarming number of manager-talent relationships that end in conflict and trials of all kinds. But as soon as you start to think a bit, you realize that, in the tangle that is assembled from the beginning between the manager and the talent, lawyers and other legal entities intervene that ensure in advance a juicy portion of the conflict. The industry is armed to generate conflicts. Among lawyers, talent managers, brand managers, swallows of all kinds who "bite a piece of the cake", the talents, who in practically all cases are unaware of the world of money, and in particular, of that dark and tangled territory which is the world of sports and artistic marketing, they are locked in a kind of steel box from which they cannot escape and which they have to accept.

I remember an iconic case of the British rock band Queen who wrote a special song for their manager called “Dead on Two Legs”. Here is the link, it is unmissable.

How could it be known for sure that the contracts that sports stars signed are the ones that are actually displayed in the talent contracts? Who reads the contracts, especially the "fine print"? Yes, those who read them are the lawyers who participate in the future conflict. But the fans, who are truly responsible for the success of the talent, do not have access to the contracts or the shady dealings of the companies involved in the deal.

This is possible, because the system created by and for intermediaries of all kinds, leaves aside, curiously and suggestively, the most important part of the business, which is the fans. Without fans, neither the talent nor the manager could have a business. But the system leaves them out precisely because by intervening, the manager loses a large part of his/her power. Probably all of it.

What the talents do not know is that, by initiating legal action against their managers, they are playing in favor of the tangle of lawyers and intermediaries who benefit each other from the conflict.

The fan is the lifeblood of the business, and the talent is who he/she is because the fans follow him/her. It is true that managers often risk large sums of money on infrastructure to showcase their talents. But, being piranhas ultra experienced in the world of finance, it is evident that they do it with the money of other talents who are late with their payments, or with dark financial deals. There is an obvious disregard for talent, playing with his/her little knowledge of the world of finance.

But all that would change if fans took control of the talents they support.

That's what is all about.

To understand what problem Jetcoin is trying to solve, let's take a look at how the market works today.

There are four great actors: the companies that manage talents, the “swallows”, the talents, and the fans.

1) Companies buy the rights of talent and manage their entire career through their image, negotiate contracts, partner with brands, organize events and also manage the press and public relations of each of their represented.

2) The "swallows" play an important role in the market. They are the extreme consummation of the middle man. These fishermen roam clubs and artistic environments in general, are friends with influencers, and “know everyone”. They are sometimes referred to by a euphemism as "lobbyists" or "public relations professionals." They work with a single objective: to bring potential talent closer to the companies. They do not have the infrastructure to manage the deal by themselves, but since they know lots of company managers very well, they develop the innate ability that gives them “the street” to bite a part of the contract in the case of success. They never participate in losses, but, if swallows exist, it is for a reason.

3) The talents are the ones that put the physical in this business.

4) The fans are the ones who really rule. Fans have the absolute power to kill a talent that does not satisfy them. There is nothing companies can do if fans unfollow a talent. And, curiously, in the current business model, the fan has absolutely no remuneration, since it is he/she who supports the entire business.

The capitalist system at its finest. Only a few keep the cake.

Image by Reimund Bertrams, bottomlayercz0, Damon Nofar and Marc Pascual from Pixabay

The so-called Jetcoin Institute proposal attempts to cause a dramatic disruption to the current business model. It is not so much about weakening the current actors, (although the result is also weakening), but especially about giving retribution to the fan, who is the fundamental actor in the story.

Jetcoin Institute issued a native currency called JET which is the fuel of the model. It also developed a multimedia technology for the emission of NFTs.

For the first time in history, if this model is imposed, a fan can buy emerging talent NFT cards and earn JET tokens as the talent race is overcome. This alone is a structural innovation. A new asset class is created for the common investor, the fan. In addition to buying company stocks, real estate, cryptocurrencies, ETFs, commodities, etc., you can now also buy a stake in the image rights of emerging talent. This has never been possible before.

The talents and their associated projects can be proposed or obtained via the Jetcoin Institute site or by referrals.

Talents transfer a portion of their image rights in exchange, and fans can purchase a share of those rights using their JET tokens. As the career of emerging talent grows and achieves new revenues, for example, with contracts with brands, the corresponding part of those revenues is redistributed among fans who bought parts of those rights when the race began.

Image by Reimund Bertrams, bottomlayercz0, Damon Nofar and Marc Pascual from Pixabay

The process is like this:

Jetcoin Institute creates JET NFTs cards of a talent once signed a contract with him/her. The Institute issues the number of NFTs necessary to obtain the capital necessary to implement the career plan of the talent in question. This is called ITO, Initial Talent Offering. I understand that Jetcoin Institute does not intend to become another Talent manager type company, but rather than that, in a large part of the contracts that it will sign, it will negotiate with these companies participate in the image rights that these companies already have signed with young talents (the woven web will not be easy to untie for many years). The mission of the talent management companies is to recruit talents and this does not seem to be the mission of Jetcoin Institute, but on the contrary, to give power to fans who today do not have, to financially support their preferred talents. If Jetcoin Institute were in the business of recruiting talent, it would be another piranha-like company. Occasionally, as an exception, it may discover talent, but not as a result of a corporate mission.

When the talent produces revenues, for example, for a new brand contract, the Institute buys JET tokens in the market or uses reserves with the approval of the community, and sends them to the corresponding holders of the JET NFTs cards.

This creates a new class of asset for the direct participation of fans in the careers of their sports, musical, and artistic idols. In reality, a symbiosis is created in which there is mutual growth between the talent and their fans. This is what is truly revolutionary about the project.

As for the JET coin itself, we can see the CoinGecko data below.

Conclusion

For the first time, the common man/woman can bet with his/her money on the career of young talent. Blockchain technology made something like this possible. This is the revolution.

All of us who work in systems know that a modification in a node immediately affects the entire system. My vision is that Jetcoin Institute proposes a very disruptive system whose result is the weakening of the established actors, who are a paradigm of intermediation and also, gives power to the fans that they never had.

The true potential of blockchain technology is its intrinsic power to decentralize the processes that wove the web of intermediaries that serve the capitalist system. It is fortunate to be actively participating in this revolution, seeing projects proliferate aimed at eliminating or, as in the case of Jetcoin, attenuating and weakening the intermediaries, and in doing so, giving more power to the people. We do not know what the world will be like in ten years, if cryptocurrencies will exist in their current format or if different platforms will work the way they do today. What we actually know, is that there will be fewer intermediaries (in the best of cases, the figure of the intermediary will have definitely disappeared). And that just deserves a party.

As usual, none of the things written in this post are financial advice and are not intended to replace personal research.

Thank you for reading!

If you have any questions or comments, please feel free to leave them down below

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