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Sun, Sand, and NFT Tickets: Here Come DAO Music Festivals

Circus Maximus in Croatia aspires to be the world’s first DAO event, putting “partying back in the hands of the people.”



5,000 music fans will soon gather atop a sun-drenched platform, over the sparkling water, and under an open sky for Croatia’s Circus Maximus music event. They’ll enjoy 360-degree views of the Adriatic Sea while listening to electronic sounds in the picturesque settings of Zrce Beach on the island of Pag.

This year, while the festival still has a stellar cast, it’s a different kind of party—one that Circus Maximus organizers hope will pave the way for a decentralized future of “putting partying back in the hands of the people,” as well as the widespread adoption of a new ticketing system to make that possible.

Decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs), two new technologies, are at the center of what the festival organizers call a “party renaissance”—and they hope that other events will follow in their footsteps.

Circus Maximus aspires to be the first DAO music event in the world. This means that the festival’s regulations will be established by DAO members and will be encoded in smart contracts, which will also hold the festival’s budget. The festival’s venue, artists, budget allocation, future direction, and much more will be decided by the community, the music enthusiasts.

“The idea is that the DAO assists with developing new solutions and providing assistance for the underfunded and sometimes underdeveloped festivals and events that the DAO community considers most useful,” said Josipa ii, chief media officer for festival organizers Noa Group.

DAOs can be formed to pursue any shared aim or interest. However, most of them are focused on development or finance; for example, VentureDAOs allow independent investors to pool their capital and vote on specific projects to invest in.

According to the project description, Circus Maximus is now investigating how a music festival may be arranged in the form of a DAO “that lets the entire world to have their voice.”

Ivan Jokić, one of the Noa Group’s founders, and Nikola Jokić, the project’s self-described “crypto man” and chief technical officer of financial platform Krypto Investment Partners, came up with the concept.

According to Nikola Jokić, the team is developing a DAO and a “global protocol for organizing future music festivals.”

DAOs have previously organized events and parties; the Jenny DAO and MetaCartel DAO parties were two of the most memorable after-parties at the Ethereum developer conference EthCC. A DAO, on the other hand, has never been the perpetrator. “This is the first time I’ve seen a true music festival of this size and duration. ” Jokić said.

A Set of Tools for Festival DAOs

It’s a big initiative, and the first step is to enlist the help of the community.

To join, users must purchase a ticket to this year’s event, which will be available for the first time in the form of an NFT.

“We are creating tools so anybody in the world can create their own festival—with their own rules, their own venue and their own DJs.” – Nikola Jokić

The research team discovered that existing systems for selling NFTs on-chain lacked the dynamic pricing characteristics they need, so they devised a mathematical formula to compute ticket prices called the Bezier bonding curve. Instead of financial products, their proposal extends the algorithm to tokens for selling goods.

They’ve also designed a set of smart contracts called Bondzier for this year’s Circus Maximus, which use ERC-1155, the xDai blockchain’s token standard. Anyone can build and sell dynamically priced NFT-based tickets because the technology is open-source.

The system is intended to increase transparency in the ticketing process by eliminating middlemen like agents, scalpers, and other ticket brokers that profit from ticket sales at the expense of the community and the artists, performers, and DJs who are at the core of each event.

In Only a Few Clicks, you can Create an NFT

Jochem Myjer, Holland’s most popular comedian, said in 2019 how a token-based ticketing solution had changed his sell-out shows. But, of course, ticket scalpers had a field day with his gigs, jacking up prices relentlessly.

He explained, “They’re tackling a problem that was really making me upset. I believe everyone will be selling using this approach in two or three years.”

Last March, the rock band Kings of Leon issued an NFT to honor the release of their current album. The tokens were offered in three tiers, with the top tier comprising tickets to the band’s gigs.

Festival and concert tickets rely on non-fungibility to help prevent fraud, making them ideal candidates for NFT adoption. In addition, the music industry is slowly waking up to the other benefits, such as more revenue and lower expenses.

Given that NFTs have only been widely used since the beginning of the year, the use of tokens rather than tickets is swiftly gaining traction, thanks to platforms like NFT. Any event organizer may now create an NFT ticket in just a few clicks using Kred.

According to Atari CEO Fred Chesnais, who spoke to Rolling Stone this week, the gaming multinational is working on ideas for its Metaverse that include concert tickets tied to NFTs that open an in-game meet-and-greet between celebrities and their fans.

Clubbing in Covid Times

However, as Covid-19 continues to flare around the world, festival organizers face an uncertain landscape. The epidemic has been especially harsh on the events business, with the great majority of in-person events scheduled for 2020 having to be canceled or postponed.

This year, there may be a reason to be concerned as well. A spike in cases owing to the delta variety has prompted some European governments to tighten regulations, with Spain and the Netherlands imposing night curfews and prolonging festival bans.

Prime Minister Boris Johnson of the United Kingdom has proposed that vaccine passports be made necessary in various situations, including festivals, which are similarly subject to last-minute cancellations due to personnel shortages.

Although Florida now leads the United States in new infections and hospitalizations, the hip-hop festival Rolling Loud sold out on Friday. According to the festival website, festival-goers were urged to wear masks even though there were few limitations (aside from state-imposed ones).

According to the organizers, the Croatian authorities have announced no new limitations around events, and all 400 Circus Maximus staff have received a double dose of vaccine. They also stated that only festival-goers who have been vaccinated or can demonstrate immunity, as well as those who have tested negative upon entry, will be admitted.

Distinguishing the Lines

Using the power of communities to take control of their own festivals, if Covid permits, might be a strong force. DAOs, on the other hand, are a new technology with a lot of kinks to work out. One obstacle to overcome is incentivizing community members to vote on initiatives.

This novel enterprise genre is characterized by decentralization and a lack of hierarchy. However, according to Nikola Jokić, the degree of decentralization in projects is a contentious issue. “The Internet’s tech stack is extensive, and decentralization is not only a technological but also a societal idea.” He used an example of a hypothetical situation to illustrate his argument. “What does it mean to have a decentralized smart contract if a group of people living in the same flat can control all contract parameters?”

Although there are many unknowns in the DAO business, the first legal DAO was acknowledged in Wyoming earlier this month. This type of organizational structure might have a huge impact on the festival sector.

“The boundary between who is the customer vs. who is the artist or marketing person is sometimes quite blurred in the value creation of underground music cultures,” said Michail Stangl, a festival curator, presenter, and DJ, speaking on a recent panel regarding the future of NFTs for the music industry. “When it comes to event promotion, in 99 percent of the situations, the promoter isn’t a promoter—someone it’s who is so invested in the music community that they spend their own money into populating the culture,” he explained.

When applied to the non-hierarchical structure of a DAO, that hazy distinction becomes suitably meaningless. Leaderless governance is common, and decision-making power is frequently proportional to a participant’s contribution—which might be monetary, based on participation, or based on other variables.

The Circus Maximus DAO’s inner workings are still a work in progress. “We can be certain that festivals will be held, that music will be played, and that the dancefloor will be trampled. The community will decide what will happen, where it will happen, how it will happen, and when it will happen, “Jokić remarked. “What we intend to do is provide the tools to assist the community in planning their event as they see fit, with a DAO on hand to assist them as needed.”

Their huge experiment will begin to take shape between August 8 and 13. They hope that it will lead to more festival DAOs and greater partying freedom.


‘It’s Time’: NBA Top Shot Maker Dapper Labs to Launch NFT Platform for UFC

Following the UFC 270 pay-per-view event, NFTs from the Ultimate Fighting Championship will debut on Flow this weekend.



#nft #nfthours #dapperlabs #ufc #collection

Dapper Labs announced today that it would launch an NFT platform for the popular mixed martial arts organization Ultimate Fighting Championship later this week, following its success with NBA Top Shot and subsequent arrangements with the NFL and LaLiga.

UFC Strike will premiere on Sunday, January 23, immediately following the UFC 270 live pay-per-view event on Saturday. UFC Strike’s digital collectibles, like Top Shot’s, will be based on video footage from previous events and will be minted on Dapper’s Flow blockchain. However, unlike Top Shot, the UFC collectible moments will include the original soundtrack to match the video clip.

Furthermore, rather than having different tier levels, all packs—which contain a random selection of moments—will be sold at the same price (as with NBA Top Shot). NFT moments from fighters like Francis Ngannou, Amanda Nunes, Kamaru Usman, Rose Namajunas, Derrick Lewis, and Justin Gaethje will be featured in the first pack.

Dapper’s contract with the UFC was signed before NBA Top Shot was out, which is interesting. According to statistics from DappRadar, the partnership was announced in February 2020, when the NFT sector was still small and niche—well before it grew to $23 billion in trading volume in 2021.

Dapper Labs’ head of partnerships, Caty Tedman, said that the company wanted to debut NBA Top Shot first and learn from the experience—which includes serious scaling issues early last year—before launching the UFC memorabilia.

She stated, “We’ve come to the stage where we feel ready to [launch].” “We’re ecstatic to provide UFC fans with a once-in-a-lifetime experience, as well as the utility that comes with this type of product. We’re finally ready to launch this as the industry, and we grow together.”

Tedman stated that the UFC Strike platform would be heavily promoted during this weekend’s pay-per-view event, including appearances by UFC President Dana White and fighters.

Because the UFC’s timetable is mainly based on pay-per-view fights every few weeks, UFC Strike will plan its releases to coincide with those significant events. As a result, the portal will first focus on fights from the previous year but ultimately include highlights from older UFC fights. The first fight in the promotion took place in 1993.

Despite the roughly two-year gap between the original announcement and this week’s launch, Tedman said the UFC—which already has a crypto fan token through the platform—was keen to make a big statement in the NFT industry.

“Every company has its personality, and the UFC’s approach is to test with us and try new things with us,” she explained. “It’s fantastic to have a partner that doesn’t say, ‘Well, let’s try it little and see how it goes,’ when you’re talking about how to launch a product. It’s like, ‘Let’s make it as huge as we can.’ ‘Let’s do it in a UFC-style fight.'”

Unlike Top Shot and the impending NFL All Day platform, UFC Strike will be released without a closed beta period to the general public. According to Tedman, Dapper is investigating live activations at future UFC events, as it has done with the NBA, and added value for UFC NFTs, such as potential community or gaming features.

Top Shot in 2022

The UFC announcement comes on the heels of NBA Top Shot’s first major commercial campaign, including Kevin Durant, the Brooklyn Nets player and two-time NBA champion debuting yesterday.

In October, Durant and his Boardroom media group signed a deal with Dapper Labs to give him “a starring position across NBA Top Shot,” according to the company. According to Tedman, Durant, an early investor in Coinbase who has invested in other crypto firms, is familiar with the Top Shot concept.

“He’s a world-class athlete. He’s a top-tier human. He’s a tech entrepreneur,” she explained. “It’s been a long time since he’s been with us. He’s been interested in the crypto world for quite some time. Therefore, he ticks all the boxes. But isn’t he also swaggering? There’s nothing about him that wouldn’t make him a fantastic candidate for this type of campaign.”

ACCORDING TO TEDMAN, the NBA Top Shot team is “very focused on raising participation in the product and increasing accessibility” for 2022. Following the early 2021 boom in demand and Dapper’s time spent improving platform reliability and customer service, the business feels Top Shot still has substantial growth potential ahead of it.

“This sector is still in its infancy,” she explained. “There’s no such thing as ‘tried and true,'” says the author. “We’re going to attempt a lot of things, but we’re going to do a lot of things to make sure that current collectors feel valued—so they don’t feel like we’re creating an experience where they don’t feel valued.”

And NFL All Day, which Dapper promised would debut by the end of the current NFL season, is still on track to do so—for reference, Super Bowl LVI is on February 13. The NFT platform is now in closed beta testing, and given the recent nature of Dapper’s NFL partnership, Tedman said they’re concentrating on polishing it before going public.

“We’re much newer to the NFL,” she added, “in the same way that every organization has a different personality and every partnership has a different pace. So as a result, we’re taking our time with it.”

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Meta’s Instagram Experimentation With NFT Marketplace

Meta, formerly Facebook, is said to be working on a feature that will allow users to display their NFT collections on Instagram.



#nft #nfthours #meta #facebook #instagram #marketplace

According to the Financial Times, Meta, formerly Facebook, has new intentions to enter the fast-growing non-fungible token (NFT) market.

The Financial Times stated, citing unnamed sources, that the social media company is working on a tool that will allow users to mint and trade NFTs and display their collections on their Meta and Instagram profiles. In April 2012, Meta, formerly Facebook, paid $1 billion for Instagram.

The blockchain network on which these capabilities would be developed is still unknown. However, NFTs are currently available on several blockchains, including Solana, Tezos, Ethereum, Flow, and WAX.

According to two sources, an NFT marketplace similar to OpenSea is also in the works.

OpenSea has been a cornerstone of the burgeoning NFT industry. Despite a more significant market decline, the platform set a new monthly volume high of $3.5 billion two weeks before the end of January. According to a report by analytics firm Chainalysis, the total market for digital collectibles will reach $41 billion in 2021.

The $69 million auctions by digital artist Beeple at Christie’s, monthly million-dollar sales of CryptoPunks, and a slew of celebrities endorsing the craze in one way or another capped off a spectacular year.

This publicity has piqued the curiosity of non-crypto companies as well.

Instagram, Meta and NFTs

In December, Adam Mosseri, the CEO of Instagram, said that the company is “actively studying NFTs and how we can make them more accessible to a wider audience.”

The company organized a session for NFT makers earlier this year to raise awareness about how to use the technology. However, artists said they “need more information on how to [use NFTs], not just from us, but from other creators,” according to Instagram’s VP of global partnerships, Charles Porch.

NFTs are also expected to play a significant role in the metaverse, a persistent digital world where individuals interact through virtual avatars. Therefore, establish non-fungible ownership of objects inside a wholly digital environment.

With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform. Facebook’s recent rebranding as Meta signaled CEO Mark Zuckerberg’s intent to move “from being Facebook first as a company to being metaverse first.” With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform.

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Tom Brady’s Autograph NFC Platform Raises $170 Million in Funding

Autograph raises significant cash and extends its advisory board with the help of celebrities like Brady, The Weeknd, and Simone Biles.



#nft #nfthours #tombrady #autograph

Autograph, the NFT platform co-founded by NFL quarterback Tom Brady in 2021, has made a significant splash by enlisting the help of sportsmen and entertainers like Tiger Woods, The Weeknd, and Simone Biles. Now, the firm has also raised a substantial sum of money.

Today, Andreessen Horowitz’s a16z fund and Kleiner Perkins led a $170 million Series B fundraising round for Autograph. Lightspeed Venture Partners, 01A, and Katie Haun’s new venture capital business are among the investors in the round.

Together with a16z General Partners Chris Dixon and Arianna Simpson, and Kleiner Perkins’ Ilya Fushman, Haun will join Autograph’s board of advisors as part of the fundraising.

Along with the funding announcement, Autograph did not provide a valuation. However, in July 2021, 01A and Velvet Sea Ventures co-led a Series A fundraising round.

The platform was revealed in April 2021, during the first NFT boom, and launched in August in collaboration with DraftKings Marketplace. Autograph has also released NFTs from Tony Hawk, Naomi Osaka, Wayne Gretzky, Derek Jeter, Usain Bolt, Rob Gronkowski, and the aforementioned names.

According to the firm, the cash came from “many recently finalized” collaborations that will be publicized soon. Autograph began with sports but has since broadened its focus, first with Lionsgate’s “Saw” film franchise and later with the addition of musician Abel “The Weeknd” Tesfaye as the platform’s music vertical’s head.

Autograph is “pumped to add some incredibly skilled experts in the Web3 sector to our team,” Brady tweeted today about the financing round. Autograph is “beginning with celebrities, but wants to encourage innovators at every step of growth,” according to a16z’s Dixon.

Images, video files, and interactive video game items can all be represented by an NFT, which works as a blockchain-backed deed of ownership for digital property. According to DappRadar, the market grew to $23 billion in transaction volume in 2021. Autograph issues NFTs using Polygon, a sidechain scaling solution for Ethereum, the primary NFT platform.

With Dapper Labs’ NBA Top Shot bringing NFTs to widespread audiences early last year, sports memorabilia have become a vital component of the NFT industry. Dapper has also formed partnerships with the NFL, UFC, and LaLiga. In addition, in October, Fanatics raised $100 million at a $1.5 billion value for its Candy Digital platform, which holds the official Major League Baseball license.

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