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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.”

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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.

NFT

Users’ email addresses are massively exposed due to an OpenSea data breach

The NFT marketplace stated that it has informed law enforcement of the occurrence and that an investigation is in progress.

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The largest nonfungible tokens (NFT) marketplace in the world, OpenSea, has issued a warning to users after learning that a Customer.io employee may have sent the list of OpenSea users’ email addresses to a third party while working on the platform for managing email newsletters and campaigns.

All users who have provided their email addresses to the marketplace, whether it be for the platform or its newsletter, have been impacted by the incident. OpenSea warned consumers about potential phishing attempts after the hack.

On Thursday, the NFT market reported that it had spoken to law enforcement about the incident and that a probe was ongoing.

The most recent data breach is far from the only significant attack this year on OpenSea and its subscribers. The popular NFT marketplace’s Discord server was compromised in May, which sparked a flood of phishing attacks. Numerous user wallets were in fact abused. The platform experienced one of its most severe attacks to date in January, during which a vulnerability allowed attackers to sell NFTs without authorization. The market covered losses of $1.8 million.

Customer.io rival Hubspot was breached in March, exposing users’ usernames, contact information, and email addresses on BlockFi, Swan Bitcoin, NYDIG, and Circle. Names, phone numbers, and email addresses of users of various platforms were disclosed to an unidentified entity.

Hackers may try to contact OpenSea clients by sending emails from domains that resemble OpenSea.io or OpenSea.xyz, according to a warning from OpenSea. Spam calls, texts, and emails have all increased, according to Twitter users.

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NFT

The Future of NFT Gaming Doesn’t Rely on Big Capital Expenditures

Large game publishers typically oppose your ability to trade freely. The economic model used in popular games, where players purchase in-game cash or points in order to unlock more content and improve their experience, is at existential risk from NFTs (non-fungible tokens).

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If it were possible to regulate the flow of NFTs in a closed market, this would be a different story. Interoperability will be key in the future, according to industry upstarts, and digital assets represented by NFTs will be portable from one platform to another.

Large gaming companies generate billions of dollars from microtransactions, and a key factor in their success is their ability to retain players willing to pay money for in-game items. These businesses have developed systems that entirely exclude any legitimate third-party access to certain material or digital assets because they want their player base to invest a lot of money in the game.

NFTs have the potential to be revolutionary since they open the door for broad lending of these assets in addition to allowing speculators to profit. It’s no longer necessary for a player to put a significant number of money into the game in order to fully enjoy it by enabling investors to purchase an NFT and then loan it out to someone – either for a fee or a profit-split arrangement.

How play-to-earn is implemented

A fully developed gaming ecosystem will see the emergence of two different types of stakeholders. Investors who have a sizable portfolio of in-game NFTs are less likely to play the game in exchange for a daily return of $50. Then there are gamers from all over the world, who in certain circumstances would make significantly more money than the minimum wage under a profit-sharing system for lending.

The second category, who can have less money, is more worried about the short-term volatility and low liquidity of digital assets. They are unable to take the risk of accumulating NFTs in the hopes that they will be steadily profitable and hold or increase in value.

In the gaming industry, tradeable digital assets already exist. However, the practice of putting these assets on the blockchain is expanding; this was a general trend in 2021, when NFTs earned $8.4 billion in revenue. The logical next step for this sector is video games, and since more and more of these sales are shifting to blockchain gaming, there may soon be a noticeable increase in established companies moving in-game objects, characters, and skins on-chain.

As opposed to nominally belonging to the investor or player but really being at the mercy of a centralized gaming platform that can ban the user at any time, on-chain assets are designated as unique and belonging to one true owner. It’s more decentralized and provides users a lot more room to choose their own routes, especially when it comes to lending in-game items and lowering entrance barriers.

creating the framework for play-to-earn players to borrow If NFTs result in a rapid expansion of the player base in new markets, they can be extremely advantageous for game producers. Even before one considers how digital assets might be coded to meet cross-platform use cases or be employed in metaverses, making the industry more accessible irrevocably alters the entire landscape.

The compatibility of digital resources

The idea of full cross-metaverse employment of NFTs on a single digital identity raises a host of hitherto unimagined benefits. As a result, potential value is unlocked and speculation may be brought under control in a less erratic and more stable market.

The restrictions must be adjusted and will be based on the rarity of particular assets and what you may do with them. Can they be upgraded? Can you construct on NFT land to increase its value? Should players be able to own an entire mountain, or can they only purchase plots? It will be entirely community-driven if gamers own everything, but creators should have some voice and may feel the need to impose restrictions.

It is likely that a DAO (decentralized autonomous organization) operated system, in which the entire globe is owned by members and NFT holders, is now being developed. However, it is unclear whether this will be sustainable without a rigid set of regulations.

establishing NFT financing

When you attempt to transfer an actual NFT to another user’s digital wallet, problems happen. You would want the loanee to post collateral to secure the loan because there is a danger of the loanee defaulting. This creates a capital cost that acts as a barrier to entry for a sizable number of potential players.

A preferable approach would be one in which the NFT’s utility, or “wrapped,” is the sole thing rented out. An NFT holder can put the asset in a smart contract, specify the loan terms, post it for rent on the market, and let the free market function as it should.

The wrapped NFT is a newly created copy that has the same metadata, URLs, and other characteristics as the original and can be programmed to expire after a specific date. By doing so, the human-trust layer is removed, and the remarkable security that blockchains offer is provided. In essence, this wrapped NFT is only useful and cannot be spent.

It expires, returns to the smart contract at the maturity date, and is burnt as the result of a frictionless, risk-free, and collateral-free NFT lending system. Additionally, if the loanee improves a piece of land or gives a character a lot more playtime, the original NFT might appreciate as a result of the loan.

The blockchain will be updated with these changes as a direct result of the wrapped NFT’s experience. Most NFT projects and protocols are moving in the direction of this methodology in the wake of the infamous Axie Infinity hack, which cost $600 million.

The rumor about large developers

Popular game producers will find it more difficult to avoid presenting some sort of product if current trends continue and the NFT lending sector experiences significant expansion over the following few years.

Ubisoft and Epic Games are already testing, and it’s feasible that NFTs may follow the same trajectory as the idea of cryptocurrencies in general, where everyone will eventually use elements of distributed ledger technology. The notion is that this will become too alluring for businesses to ignore, or they may employ private chains or something similar.

The play-to-earn buzz is not something that traditional gamers like, and they frequently have a point. The overall quality of the market is now relatively low, and players just play these games to earn cryptocurrency, so there isn’t much to get excited about. This has a detrimental effect because it was once hailed as the new paradigm.

The problem of people quitting a project because the value of the rewards has declined due to a token price fall is still there.

Some time may pass before those seeking a better future in NFT gaming. The profitability of large developers’ existing strategies won’t be simply abandoned in favor of a more decentralized NFT-based economy because doing so would undermine their economic model. However, seasoned creators may begin experimenting with already-existing in-game assets as NFTs, and they may profit greatly in this fashion.

Unless their bottom line is in danger or a highly lucrative opportunity arises, multibillion-dollar corporations often adapt slowly. Maybe both of these elements will be crucial in bringing about a change in how we handle digital assets.

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NFT

How Axie Infinity Recovers From $600M Hack and Relaunches New Ronin Bridge?

The popular non-fungible token (NFT) game Axie Infinity’s developer, Sky Mavis, celebrated the Ronin Bridge’s re-launch.

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Users may deposit, stake, withdraw money from the game, and access additional functions thanks to this cross-chain platform. In March 2022, the bridge’s remaining $600 million was drained.

Sku Mavis and the Axie Infinity team have been collaborating with law enforcement since the incident to retrieve the 173,600 ETH and $25.5 million in USDC. In this way, they have re-deployed the Ronin Bridge and compensated any users who lost money as a result of the attack.

All users have been fully compensated, as indicated in the release. Two outside firms, Verichains and Certik, have audited the new Ronin (RON) network. These businesses investigated the Ronin Bridge Smart Contracts and its components, then made their security findings public. Verichains reported

The audit team found certain weak points in the application during the audit process and made some recommendations as a result. The Sky Mavis team addressed and updated the smart contract code in accordance with our suggestions. There were no issues of Medium, High, or Critical severity with the Ronin Bridge Smart Contracts.

The updated architecture of the Ronin Bridge has added a new “circuit-breaker” feature in addition to the two independent audits of its smart contracts. This was specifically included to stop malicious actors from repeating the prior attack or making use of any potential new attack vector.

The corporation will reportedly make an effort to find the stolen monies, according to the notification. As previously announced, all users will be able to withdraw their funds in the interim:

As promised, all wETH and USDC that Ronin Network members own are now completely backed 1:1 by ETH and USDC on Ethereum. The entire user base has been restored.

This prevented the Axie Infinity DAO’s 56,000 ETH from being used. The condition of these assets will depend on how well law enforcement efforts go. The Axie DAO will “vote on next moves for the treasury” if this plan doesn’t produce any results after two years.

How Users Will Be Protected By Axie Infinity From Potential Attacks
The circuit-breaker system will function using a withdrawal restriction depending on total value. Large withdrawals will require the approval of over 70% of the node or, if they exceed $1 million, the signatures of 90% of the validators.

Withdrawals of more above $10 million require the approval of a manual review process that takes up to 7 days and requires the signatures of 90% of the validators. The daily maximum withdrawal amount on the new Ronin Network will be $50 million.

This limit must be manually reset by a Ronin administrator if network transactions exceed it. The project’s leadership stated:

We are more determined than ever to see Ronin establish itself as the de facto standard for consumer and gaming blockchain applications.

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