Virtual reality is one of the widest growing sections of the entertainment industry. Formerly a niche market that was too prohibitively expensive or complicated for the average consumer, virtual reality is now considered to be the next revolutionary tech boom. As an industry, virtual reality already booming industry, with sales of VR hardware and software topping 3.7 billion USD in 2016. However, the demand is projected to grow, with sales increasing tenfold to 40.4 billion USD in the next five years. Major players such as Facebook, Google, and Youtube have already added VR as part of their media platforms.
Spectiv’s aim is to be the first major innovator in the VR space, providing this growing market with a well-developed platform that ensures quality content while leveling the playing field between advertisers and users. To this end, they’ve created a token which will power their VR platform and their advertising ecosystem.
The Spectiv VR Model
Spectiv’s model for VR content on their platform is comprised of three major categories:
Community Driven VR Content: Content created by ordinary users, streaming homemade content via their own equipment. Content could range from elaborately produced independent film and media to short, meme-laden videos, as users upload VR analogues of content found on existing social media, such as Youtube, Instagram, and Facebook.
Commericial VR Events: Spectiv believes the demand for VR streaming of live events, such as sporting events and concerts, will rise as the technology is made readily available. Spectiv wants to provide users of their platform the opportunity to “attend” these events via VR for atmospheric immersion.
Spectiv Originals: Original content produced by Spectiv, voted on by the community.
Spectiv intends to differentiate themselves from other VR platforms by putting the onus of power in the hands of their users. Users on their network will be able to generate and upload VR content as easily as consuming it. Their roadmap for their initial alpha release includes the acquisition of established VR content producers and enthusiasts, so as to provide a solid offering of VR content for early adopters. As the community builds, Spectiv intends to continue working with partners to provide original content while encouraging their community to contribute their own content.
The Problem with Advertisement
Traditionally speaking, there are four parties in the advertising world – a market build upon the capture and sale of attention. These four parties are:
Advertisers: the parties that are actively purchasing attention
Publishers: producers and publishers of content,
Curators: influencers of attention, parties with audiences
Viewers: possessors of attention sought by other parties
It stands to reason that the optimal configuration for this market is advertisers paying publishers and curators directly, in exchange for the attention of their audience. However, this is not the case – typically, attention is sold through centralized, third-party retailers such as Facebook or Google.
To give an example, one of the most popular media platforms, YouTube, takes 45% of advertisement revenue from any given advertisement deal. YouTube also has full control over which videos can be monetized with ads, as well as which ads will be served, and their approach to address community concern has been met with criticism as well as boycotting from advertisers.
Click here to watch a video on attention merchants
Signal Token – the decentralized attention market:
Spectiv intends to disrupt the attention economy via tokenization via the creation of the Signal Network Protocol, which disintermediates third-party attention attention brokers by utilizing smart contracts on the Ethereum blockchain. Spectiv’s ultimate goal is for their protocol to “become the foundational layer for connecting and transacting rewards between advertisers, publishers, curators, and viewers across a variety of platforms…” with their VR platform as the first example and trial balloon of the Signal protocol.
Spectiv intends to use the Spectiv VR platform as a testing ground for the Signal Token Protocol, before making open source protocol available for general use.
Example use of Signal within Spectiv VR
Signal utilizes the Ethereum blockchain’s smart contract functionality to disintermediate interactions within the attention economy. Instead of requiring advertisers to run their ads through an intermediary platform, such as Facebook, Youtube, or Twitter, under the Signal Network Protocol, advertisers can utilize a built in “Ad Campaign Smart Contract” functionality to directly link their advertisements with relevant creators, curators, and viewers.
By replacing third party attention brokers with smart contract based advertising contracts, Signal token allows advertisers to tailor their advertisement campaigns to specific content creators and curators, while allowing said content producers to receive compensation directly on the platform. The use of a native token within the platform creates an economic incentive for all parties to adopt the platform while simultaneously promoting mainstream VR adoption.
Here’s a breakdown of how Signal token will integrate into the Spectiv VR platform:
- Publishers: Publishers can opt into any existing Ad Campaign Smart Contracts that are relevant to the content they offer. In so doing, they link their SIG wallet to the published content. Whenever an advertiser runs a campaign on said content. User interactions with the advertisement are monitored, and when conditions are met, the smart contract automatically dispenses compensation to the publisher.
- Viewers: Viewers can earn SIGs for direct engagement with advertisements. The user connects their SIG wallet to their account. User interactions with any advertisement are monitored and compensation is dispensed when the conditions of the smart contract are met.
- Curators: Curators can generate unique links to content they want to share. All traffic and activity driven through this link will result in appropriate compensation to the curator per the terms of the smart contract.
- Tipping: Taking a lesson from several established social media platforms, Spectiv is implementing a “rapid-tap” tipping feature. Viewers can tap a small token button on their HUD, which sends a minuscule tip – a fraction of a SIG – to the content creator. Spectiv believes that this functionality will foster an active dynamic between viewers and creators, as users feel inclined to tip due to the small denominations, and creators can also easily gamify and incentivize tipping. Spectiv also feels that this system is naturally resilient against like-farming, since tipping takes place with a functional currency.
- Premium Content: Users can spend SIGs to access pay-to-play content, such as live events, VR movies, Spectiv Originals, and more. During the beta release of the platform, sales of premium content will be executed at a discount against the USD rate, if paid in SIGs.
- Indicating Preference: By utilizing the native currency of the platform, users who hold SIG can use their tokens to indicate their preferences for available content.
Participating in the Signal tokensale
The Signal tokensale begins on December 8th and runs through December 29th. The total amount of SIGs created will be determined by the amount sold. The sale is capped at $40 million USD (dynamic ETH equivalent) and will be ended immediately if the max cap is reached. SIGs are priced at $.50 USD each, with an early bird system in place to reward early investors.
- Level 1: <$2 million USD raised – 40% bonus
- Level 2: <$10 million USD raised – 25% bonus
- Level 3: <$25 million USD raised – 15% bonus
- Level 4: <$40 million USD raised – no bonus
Participants must use a non-exchange Ethereum/ERC20 wallet. Users will receive a receipt upon time of purchase and will have their purchased SIG tokens automatically dispensed via smart contract 30 days after the end of sale.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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