Former Guns N’ Roses Drummer Matt Sorum Talks Artbit, His New Crypto-Based Music Platform
March 21, 2018
“I’ve had pretty much every accolade there is to get in this business of music,” Matt Sorum says from a sterile-looking suite at the Element hotel in downtown Austin. Hundreds of feet below, locals and out-of-towners alike flood the city streets for the music portion of SXSW, eager to catch a glimpse of their lifelong favorite artists and buzz-worthy newcomers. But Sorum — who’s played drums in Guns N’ Roses, Velvet Revolver, the Cult and most recently hard rock supergroup Kings of Chaos — isn’t here for to play any official SXSW showcases. He’s here to debut Artbit, a concert hosting platform designed to revolutionize the way artists perform, engage with fans and monetize their work.
Artbit operates on hashgraph, a distributed ledger platform created by cryptocurrency startup Hedera that processes hundreds of thousands of transactions per second. Sorum cofounded the company with the goal of giving unsigned artists — from musicians to dancers to street performers and more — a platform on which they can release their art and build a community amongst themselves and with their fans while protecting their intellectual property and eliminating middlemen to get paid fairly and promptly. These artist-fan interactions will generate income for both parties, thus incentivizing Artbit users to engage frequently with each other.