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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.

Projects

Sorare, a Fantasy Soccer NFT Platform, has Raised $680 Million in a Round Led by SoftBank

The $4.3 billion financing values the Paris-based NFT firm.
It follows a period of fast expansion for Sorare, which now has 600,000 active users.

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SoftBank led a $680 million Series B funding for Sorare, a soccer-focused NFT trading platform.

Since May of this year, there have been rumors about the investment. The transaction, which is now complete, values Sorare at $4.3 billion.

SoftBank, Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, and Liontree are making their first investments in the firm, with existing investors Benchmark, Accel, and Headline also participating.

Sorare is an Ethereum-based platform that allows fans to exchange NFT trading cards of great players like Cristiano Ronaldo and Antoine Griezmann. The Paris-based business, founded in 2018, has sold $150 million in cards so far this year.

Between the second quarter of 2020 and the second quarter of this year, the platform’s monthly active paying users increased 34 times, while quarterly sales increased 51 times. It already has 600,000 registered users and has licensed players from more than 180 soccer clubs, including Real Madrid, Liverpool, and Juventus.

The money will be used to help the platform expand into other fantasy sports, hire more employees, run marketing campaigns with partners and athletes, and create its first office in the United States.

Another fintech startup is backed by SoftBank

SoftBank has financed several fintech companies this year, mainly through its Vision Fund 2.

Revolut, a $33 billion neobank; DriveWealth, an infrastructure firm that supports fractionalized investing in U.S. stocks; OPay, a Nigerian payments firm; and Mercado Bitcoin, a Brazilian crypto exchange, through its Latin America Fund.

“Sorare sits at the confluence of two incredibly fascinating markets in digital collectibles and fantasy sports,” according to Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group.

“It’s clear from Sorare’s phenomenal growth this year that football fans all around the world have been eagerly anticipating the ‘game within the game’ that Sorare provides,” he continued.

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Biggest NFT Marketplaces

We take a look at the marketplaces where you can buy and trade these unique digital art tokens as their popularity and price is exploding.

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NFTs had been around for a while, but in the year 2021, they became widely known.

The cryptographically unique tokens indicate a title of ownership over digital property such as art, music, or videos—but it was the digital art scene that sparked the NFT market, with record-breaking sales like Beeple’s $69 million Christie’s auction drawing headlines around the world.

Since then, fans have jumped on every new NFT craze, spending hundreds (and in some cases millions) of money on games like CryptoPunks, Bored Apes, and Loot.

But, you might wonder, where are these NFTs being purchased. NFT marketplaces have become like a vibrant virtual high street, selling digital art and collectibles at every price point imaginable. Here’s a rundown of some of the most popular platform.

1.OpenSea

OpenSea was the first and by far the largest peer-to-peer NFT marketplace. According to analytics platform DappRadar, it has a total trade volume of over $6.5 billion at the time of writing, allowing NFTs of anything from in-game items and collectibles to artwork, music, GIFs, and more.

Connecting your MetaMask wallet is the simplest way to sign up; however other wallets like Coinbase Wallet, Bitski, Formatic, and others are also supported.

After you’ve connected, purchasing an NFT is a straightforward process; you only need to browse through the various collections or search for something that catches your eye, then submit an offer and wait to see whether it’s approved.

It’s also simple to upload your NFT work. Go to the “Create” tab, connect your wallet as a creator, upload your NFT, complete the description, and wait for the millions to pour in.

2. Axie Marketplace

The second-largest NFT marketplace is hosted by the NFT-powered video game Axie Infinity, with a total trade volume of more than $2.1 billion on Dappradar. However, it only deals in Axies, adorable Pokémon-style digital pets that gamers can buy and sell on the Axie Marketplace.

You can also use the game’s built-in breeding mechanics to make new Axies, which you can then sell on the Marketplace. Unlike art NFTs, which are collected for the sake of collecting, Axie Infinity’s NFTs have a purpose: they may be used in-game to fight monsters and other players, earning tokens that can be used to create new species. Axie Infinity’s NFTs have proven so profitable that some players in the Philippines and Indonesia make a living breeding and trading them.

However, Axie Infinity is one of the most difficult NFT services to use for new users, and you’ll have to jump through a few hoops before you can even start playing the game.

You’ll need to set up a Ronin wallet, transfer ETH into Ronin, and acquire a minimum of three Axies from the Axie market in addition to an Ethereum wallet like MetaMask (which will set you back several hundred dollars). This isn’t ideal for casual passers-by, but it’s not beyond a seasoned crypto user’s capabilities.

3.CryptoPunks/Larva Labs

CryptoPunks is a series of 10,000 randomly generated characters with pixel art aesthetics and distinct traits that were one of the first demonstrations of NFTs on the Ethereum network. Unfortunately, while they were once available for free, the only way to obtain one today is to purchase one.

That involves going to the marketplace run by CryptoPunks founder Larva Labs, where most sales are made. And buying one is expensive: the cheapest Punk now costs 94.99 ETH (about $285,000), while the most valued one sold on the marketplace (number 3100) sold for an incredible $7.58 million. That explains Larva Labs’ $1.3 billion in all-time trading volume.

First, connect your MetaMask wallet, browse the available Punks (those with red backgrounds are for sale), and place your bid.

The most challenging aspect of the procedure is persuading yourself to spend such a large sum of money, but hey, that’s on you. After all, the worth of art is in the eyes of the viewer.

4.NBA Top Shot Marketplace

NBA Top Shot is a set of digital trading cards using NBA video highlight clips, and it was one of the first NFT series to find momentum with the general public. Clips are stored in your safe, encrypted blockchain-verified wallet when you purchase a pack, where you can view them or resell them on the NBA Top Shot Marketplace.

The popularity of NBA Top Shot can be attributed to the fact that its makers, Dapper Labs, have made it simple for the average user to get started. Linking your Google account to Dapper is the simplest method to sign up for NBA Top Shot, after which you’ll be asked to input your phone number for SMS authentication.

After that, you must complete a few account creation processes, including picking your favorite team. After that, you can join a drop on fresh packs, which will put you in a virtual queue before grabbing a bag. Then, following another SMS verification, you can pay using an existing crypto wallet, a Flow wallet, your Dapper money, or, more conveniently, a credit card.

5.Rarible

Rarible is a community-owned platform that offers a wide range of digital art and collectibles. It is one of the significant NFT marketplaces on Ethereum. Dappradar presently has the fifth-highest all-time trading volume, with $210 million changing hands.

You can buy and sell all kinds of material, just like on OpenSea. Sellers can also make many NFTs for a single image to sell it multiple times.

Users who have dabbled in comparable NFT marketplaces like OpenSea will feel right at home with Rarible’s user interface, which is easy enough for relative crypto newbies to utilize.

You can log in using MetaMask, Coinbase Wallet, MyEtherWallet, or any mobile wallet that supports WalletConnect. You can use funds in your wallet to buy, or you can top up your wallet with fiat cash by bank transfer or debit card once you’ve signed up.

6.SuperRare

Where Rarible’s design overwhelms you with a dizzying selection of flickering GIFs and live auctions, SuperRare’s UI is far more pared-back and straightforward.

It’s also a lot more curated, as it bills itself as a social network that promotes the development and collection of crypto art. In addition, it collaborates closely with artists, requiring work to be submitted and vetted before it can be listed; in other words, quality above quantity.

A compatible wallet, such as MetaMask or Formatic, is required to sign up for SuperRare. An additional step requires you to create a username and password linked to your wallet address, but it just takes a few seconds, so you’ll be browsing the platform’s exclusive NFTs in no time.

7.KnownOrigin

KnownOrigin, like SuperRare, promises to deliver a more curated, gallery-like experience for the discerning NFT enthusiast. Its all-time trade volume is under $6.9 million. All of its artwork files are stored on IPFS, which gives the underlying assets some protection. With a heavy focus on digital art, this marketplace avoids the wackier features of the NFT universe; therefore, no wacky avatars or charming monsters will be found here.

KnownOrigin is straightforward to use, at the risk of sounding like a broken record. Simply link your wallet, such as MetaMask or Formatic, and you’ll be bidding on your own desired NFT assets in no time.

8.Foundation

Foundation, which bills itself as a “creative playground” for artists, currently has a total trading volume of slightly over $79 million. The NFT of popular Internet meme Nyan Cat, Edward Snowden’s debut NFT, and an audiovisual digital collectible made by producer Richard D. James, better known as Aphex Twin, have occurred there.

Foundation’s marketplace is straightforward to use once you’ve connected your MetaMask or other software wallet with WalletConnect. You can put bids on timed auctions just like you would on a standard auction site.

9.MakersPlace

MakersPlace is another niche NFT marketplace that prides itself on having several exclusive digital fine art collections. Although its total volume is minimal ($23.5 million at the time of writing), it contains many one-of-a-kind items that add to its exclusivity.

MakersPlace is another niche NFT marketplace that prides itself on having several exclusive digital fine art collections. Although its total volume is minimal ($23.5 million at the time of writing), it contains many one-of-a-kind items that add to its exclusivity.

It’s simple to become a buyer on MakersPlace, and you can even save time by logging in with your Google or Facebook accounts.

As part of the registration procedure, you’ll have to choose five artists to follow, and you’ll be able to buy their creations with either your MetaMask ETH balance or (more conveniently) your credit card. Then, if you’re a creator, you’ll need to fill out an online form to request an invitation to join the platform, which the curators will review.

10.Nifty Gateway

One of the first waves of large NFT marketplaces, Nifty Gateway, has a significant supporter of cryptocurrency exchange Gemini, which purchased the site in 2019. Nifty Gateway made waves during the NFT boom by brokering the sale of Beeple’s CROSSROAD for $6.6 million in February 2021, which was one of the first multimillion-dollar NFT deals. By May, the platform’s gross sales value had surpassed $300 million.

The portal hosts artists such as The Weeknd, Grimes, and Eminem and delivers a tightly curated selection of NFT drops on a tri-weekly schedule. It also features a marketplace where you may look through curated collections, verified artists, and a more extensive selection of work from unconfirmed artists.

Because of Nifty Gateway’s close connection with Gemini, getting started is a reasonably straightforward process. To begin, you’ll need to create an account on the site (and use Stripe to authenticate your identity if you wish to sell NFTs). Next, you’ll need to fund your account, either with a credit card or by sending ETH to a deposit address. After that, you’re ready to purchase NFTs from the marketplace.

You can also link your Gemini exchange account to your Nifty Gateway account, allowing you to make purchases and withdrawals using your Gemini exchange account balance (your Gemini account can be topped up using bank transfer, wire transfer, crypto deposits, and trades).

11.BakerySwap

BakerySwap is a more miniature NFT marketplace than OpenSea, but that’s not surprising given that most NFT markets are built on Ethereum, while BakerySwap was one of the first to start on Binance Smart Chain (BSC). One site element is the NFT marketplace, which allows users to trade and swap liquidity assets directly.

The NFT marketplace is simple enough to use, requiring only a MetaMask connection. However, because this platform is based on the Binance Smart Chain, NFT assets can only be acquired with BNB rather than the more commonly used ETH.

12.Binance NFT Marketplace

Binance NFT marketplace is, as you might expect, an NFT platform provided by Binance, the world’s largest crypto exchange. The company intends to create an NFT marketplace with exclusive offerings and collaborations to entice the exchange’s large user base to its platform.

If you already have a Binance account, you’ll be happy to know that it will operate with Binance NFT instantly. It’s as simple as bidding on any items that grab your eye after you’ve gotten in. Depending on what the producers have specified, you can use ETH, BNB, or BUSD.

13.Solanart

The most recent NFT mini-boom occurred on Solana, a blockchain that competes with Ethereum. On marketplaces like Solanart, collections like Degenerate Ape Academy, Aurory, and SolPunks have witnessed trading volumes of hundreds of millions of dollars.

Solanart, unlike OpenSea, is a selected collection of NFT collections, with a small selection of NFTs available for purchase.

To begin purchasing Solana NFTs on Solanart, you must first download a Solana wallet, such as Phantom or Solflare, and load it with Solana from your preferred exchange. Phantom has direct integration with the crypto exchange FTX, making depositing funds from that exchange a breeze.

It’s only a question of going to your preferred NFT, connecting your Solana wallet to the marketplace, and placing your bid from there.

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Rarestone Capital Makes a Strategic Investment in Rainicorn to Strengthen the Play-to-Earn NFT Farming Industry

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Rainicorn, a multifunctional platform that has established itself as a hub for innovation in the crossover between NFTs and DeFi, focusing on gamification, has received a direct strategic investment from Rarestone Capital, an active investment startup capital fund and accelerator.

The investment, which includes a direct purchase of Rainicorn’s native token (RAINI), is motivated by a shared desire to expand and enhance Rainicorn’s play-to-earn ecosystem in a community-centric manner. The contract includes hands-on marketing support under Rarestone Labs, the fund’s incubation arm, including community, social media, and viral marketing.

The popular play-to-earn trading card game The Lords of Light, which is presently completing its first public card pack drop thanks to significant community presales, is part of the Rainicorn ecosystem, termed the Rainiverse. Players can gather playable NFT cards and use them to build decks capable of decimating their opponents in turn-based combat in this competitive trading card game. The game also allows players to level up their cards and contains DeFi aspects such as the opportunity to stake high-level cards for passive income. Finally, players can acquire Photon, the game’s principal currency, by engaging in a range of strategic and competitive behaviors in-game.

“We are tremendously thrilled to develop a long-term partnership with Rainicorn. Even though the sector is still in its early stages, the top twelve play-to-earn games are currently processing approximately $1 billion in transactions. This cooperation is tremendously exciting for us, given the demand for Raini’s early releases and their team’s vision and execution ability.”- Charles Read, Rarestone Capital Co-Founder

“We envision our cooperation with Rarestone Capital as the game-changer that will push Raini to the next level,” says Rainicorn Co-Founder @Mindspheres. “The degree of assistance and contacts that Rarestone brings to the table are extremely beneficial to the Raini project and our goals.”

Rainicorn also has a cross-chain NFT platform, a launchpad, and a marketplace where participants may buy and sell NFTs. Raini’s mission is to build a broad and diverse interconnected ecosystem with a comprehensive roadmap of unique features and novel concepts to help drive the sector ahead, with staff across the globe, including Australian co-founders.

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