Company Enables Artists to Sell Unlimited Concert Tickets by Using Blockchain-Powered VR

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The company allows artists to sell unlimited ‘virtual’ tickets for fans to view the concert through a headset, removing the lost potential revenue on tickets available to be sold.

Millions of tickets are sold yearly for musiс fans to see artists of all calibers, from small venues to large arena concerts. However it is not physically possible for every fan to be able to see their favorite artist; the more popular they are, the more people miss out, as venues quickly reach capacity. Yet virtual reality company CEEK are looking to change this and tackle the issue of demand outstripping supply in live music.

Viewing the concert through a headset

According to CEEK, by allowing artists to sell unlimited ‘virtual’ tickets for fans to view the concert through a headset, the company have removed the upper limit (and therefore lost potential revenue) on tickets available to be sold. They are already available to purchase at retailers such as Amazon (and recently sold out at US retailer Best Buy), and simply connect to the user’s smartphone to allow for streaming. Since CEEK have partnered with Universal and Apple, music fans can enjoy concerts from an impressive lineup of artists who typically sell out, including Katy Perry, Lady Gaga and U2. In addition, they have partnered with T-Mobile to enable customers to use VR data-free; a seemingly small detail that will actually make a real beneficial difference for customers.

Celebrity Coin Mint

A unique and defining feature of CEEK is the ‘Celebrity Coin Mint,’ which allows artists to create unique custom virtual coins for fans, in order to purchase virtual merchandise or take part in VIP events. Artists can create these custom coins ‘within minutes’ on the CEEK platform without having to have an ICO. As each of these coins have a linked Ethereum address, the CEEK tokens act like a cryptocurrency and allow fans to possess bespoke items that will increase in value over time. Fans can also use CEEK tokens to vote for concert content. Established partners and other ticket sellers could also accept CEEK tokens as a payment method for gig tickets, allowing these tickets to be traded within CEEK and further increasing demand. The company claims, as unique minted tokens are created, demand for the service will increase, as it is not a feature offered by other crypto. Thus it is an area of potentially unlimited revenue for artists of any level of popularity.

CEEK are also decimalizing rights clearances which will allow creators to use the licensed music worldwide, further boosting revenues and simplifying the overall process.

When it comes to security, the Ethereum Blockchain provides consumers with confidence that their transactions are secure and transparent. According to the company, those using the CEEK Blockchain can maintain or trade their digital assets for a much lower price than on other platforms. The souvenir merchandise purchased by fans using CEEK have both physical and digital assets cryptographically authenticated, eliminating the risk of counterfeit goods. CEEK declare that ‘we are actually using Blockchain in the way it was intended,’ by driving this decentralized sales process and increasing efficiencies.

Future Plans and Token sale

With a formidable team at the helm (CEO Mary Spio has previously founded media platforms with clients including XBOX and Coca-Cola), CEEK’s white paper sets out ambitious plans for the future, including having their VR in use by 100 mln devices by the end of 2018. They are continuing to expand and build upon their existing infrastructure to support the Blockchain ecosystem. Their public token sale begins on April 15th. Further into 2018, they plan to enable live VR streaming of music festivals, and the introduction of a Smart Wallet system.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Author: Katharine Sharpe

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