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Music Industry Turns To VR and Blockchain To Reconnect With Audiences

Avatar newsbtc 2 years ago

Blockchain technology is well recognized for its property of authentication and universal application. This is a property that is being utilized in the entertainment industry in resolving issues that revolves around reach, capacity, audience satisfaction, and content distribution.

Addressing the missed revenues

Each year 60 million concert tickets are sold in the USA alone. The demand for iconic music artists to perform at live events far outweigh their capacity leaving them with missed revenue opportunities and fans without the chance to experience live shows. This huge demand makes it not only necessary but expedient for innovations in virtual reality (VR) to become an intrinsic aspect of the industry. However, the greatest challenge facing the VR industry is a lack of premium high-quality content due to the high cost and complications involved.

The limitations forced by natural circumstances such as finite capacity for arenas and concert venues, non-universal currency situations, geographical restrictions among other setbacks make it difficult for the entertainment industry to achieve its full potential in terms of audience satisfaction and revenue generation for artists and performers.

Blockchain and Virtual Reality

The two key technologies being adopted by award-winning developer of premium social virtual and augmented reality experiences, CEEK, helps to solve these problems and maximize the opportunities present for both content producers, artists, audiences and anyone who plays a role in the ever-growing global entertainment industry.

Virtual access provides artists the opportunity to sell unlimited tickets to potential viewers from anywhere across the globe. This is also possible by the implementation of blockchain’s decentralized technology which permits tickets to be sold in tokens, making transactions seamless, easy and prices universally consistent.

This solution for entertainment partners and fans is creating new revenue streams offered by a decentralized VR Entertainment Metaverse powered by the Ethereum blockchain that is easy to use, and provides both artist and fans with access to new sources of transparent revenue streams.

Benefits in place of hurdles

Using blockchain technology, CEEK will remove the hurdles of creating premium content and virtual goods featuring licensed music and celebrity assets by offering clearinghouse services through Smart Contracts that automatically pay respective rights holders and publishers.

Other benefits which users will enjoy, thanks to blockchain technology include:

  • exciting premium VR content and new earning and spending possibilities for platform users.
  •  increased earning possibilities by creating exciting goods and services for a pre-existing loyal fanbase for developers.
  • avoiding the red tape of launching an ICO, create a coin or virtual item in less than an hour and unlimited earnings by artists, labels, and brands.

An effective synergy

Virtual reality simulates the communal experience of attending a live concert, being in a classroom, attending a sporting event and other ‘money can’t buy’ exclusive experiences with friends from anywhere at anytime. It also offers Content Creators the opportunity to distribute and monetize their digital assets in a fully immersive virtual environment.

The synergy that blockchain technology adds to this changing ecosystem as offered by CEEK allows the celebrities added benefits, such as custom Coin or Virtual item creation in minutes without the regulatory “red tape” of an ICO (as mentioned above). All coins and virtual items are handled by a monolithic smart contract that reduces the gas cost of these transactions by 10x.

The Tokens using the ERC20 Adapter will be Bancor Smart Tokens, allowing them to connect to the Bancor network. A Bancor Token Converter can be launched for each smart token with a CEEK reserve using a configurable “weight”. Once the tokens are minted, the total number of custom tokens may fluctuate and the price will dynamically adjust based on market sentiment and demand.

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