Technology / 01.08.18
How Blockchain Is Bringing ICOs to the Entertainment Industry
Original article published on Bezinga (01/08/18) by Reuben Jackson
Some businesses envision combined virtual reality (VR) and blockchain technologies as a solution to the problem of overwhelming demand for concert tickets outstripping supply, and startups such as CEEK aim to provide this solution. CEEK uses a blockchain framework to enable artists to sell unlimited virtual tickets and digital merchandise, while fans would have a more reliable and secure procurement platform, which can deploy smart contracts to provide respective rights holders and publishers automatic payments from such transactions. The CEEK app supports concerts from popular artists, along with celebrity-minted coins and virtual merchandise items that assume the properties of cryptocurrency and are each assigned individual virtual Ethereum addresses. Users can then sell or trade these items and cash them in for fiat currency. Users also can acquire rare items that appreciate in value rapidly in VR, and which can be cashed in for large sums. In addition, artists can sign items with cryptographic token signatures to boost their value, while token owners can participate in actual celebrity concerts, theater performances, and sporting events, as well as make purchases, vote for content, and assert some control over the programming. CEEK and similar services are enabling artists, labels, and brands to exploit new digital transaction technologies without the bureaucratic headaches that come with launching their own initial coin offerings, making it possible for them to produce their own virtual goods in less than 60 minutes and reap the benefits of decentralized record keeping.
Read the full story on the Bezinga website.
Tags: AR/VR , News , Blockchain