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Cryptocurrency has already acquired a foothold on Wall Street, but what about the most renowned road in New York City? "Crypto: The Musical" might be the next Broadway production if Amanda Cassatt gets her way.
The still-in-development musical will follow the narrative of Zoe, a woman who quits her corporate job to join a cryptocurrency business, "and the many absurdities, heartbreaks, and triumphs she experiences along the way."
In their attempt for Broadway, the crew behind "Crypto: The Musical" will experience similar heartbreaks and absurdities as the project's protagonist. Producing a musical is expensive, so Cassatt, CEO of the Web3 marketing agency Serotonin, appealed to the cryptocurrency community for assistance with finance.
Cassatt established MusicalDAO, a self-described decentralized autonomous organization that lets contributors contribute to the project’s finance in exchange for pre-sale tickets and other privileges, such as naming a character or appearing onstage. A minimum contribution of $1,000 in stablecoins USDT or USDC is required to join the DAO. Once the DAO achieves 1,500 individual contributors, membership will be closed, and the project will be presented to Broadway investors to get the real funds necessary for its premiere.
Cassatt was unwilling to disclose the number of contributors to CoinDesk. Still, he did say that the project’s reaction has been “excellent” since its premiere at CoinDesk’s Consensus conference in Austin, Texas, last month.
On-chain data provides a rather distinct picture. By the time of publication, according to Etherscan, the specified donation address cryptothemusical.eth has received a single $1,000 stablecoin gift.
A representative for the project informed CoinDesk that although the address was correct, the creative team is in no rush to acquire funds.
“It’s early days for this project, and it typically takes years to put together Broadway musicals,” a representative told CoinDesk. “We’re starting to see a community gather. Web3 is all about experimentation, community building, and creating new models to shake up how things are traditionally done, and that’s what [the show] is all about.”
The lackluster response of the internet crypto community to the initiative is not altogether unexpected. Cassatt admits the “strange bedfellows juxtaposition” of a musical centered on cryptography. (“I think that’s what makes it funny,” she told CoinDesk.) The long-running musical “Dear Evan Hansen” collaborated with Roblox earlier this year to offer a non-fungible token (NFT) collection benefiting a children’s mental health charity.
Unfortunately, the project’s launch has coincided with the onset of crypto winter: Major players in the crypto sector are declaring bankruptcy and vanishing like flies, and layoffs are escalating in the industry.
Cassatt is optimistic that her exhibition will succeed despite the weak market.
Cassatt told CoinDesk, “I think in this market, selling things to audiences at a million-dollar price point isn’t always the right thing, but I think reaching people where they are and bringing in more supporters at a grassroots level … makes a lot of sense.”
“To do something entertaining and interesting and off-the-beaten-path – I think this is the kind of lightness that the community needs and wants during this time,” she explained.
The project’s executive producers, composer Daniel Mertzlufft and Macy Schmidt were members of the team behind “Ratatouille: The TikTok Musical,” a crazy COVID-19 viral spectacle. Cassatt’s firm, Serotonin, will collaborate with two Tony Award-winning producers to develop “Crypto: The Musical.”
“Crypto: The Musical” will have crypto-themed songs, including one on the Howey Test – legal criteria for assessing what qualifies as a security – and “Right Click Save,” a piece about non-fungible tokens. Even the allegedly non-crypto songs are saturated with crypto allusions; in a love song, the main character sings of being “tethered to a steady guy.”
Mertzlufft told CoinDesk that while he wants the project’s songs to demonstrate the team’s skills, he is hesitant to convert it into the “Schoolhouse Rock of Web3.”
Mertzlufft stated, “There’s lots of little things in there where if you know, you know and, if not, it’s just a song. Our character, Zoe, is also not a Web3 person at the beginning of the show, so an audience member who is also not a Web3 person learns along with her. The goal is that you never feel like you’re being forced to learn.”
