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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

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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Projects

The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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