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With over 60 million concert tickets being sold in the US annually, the demand for world class music artists is higher than ever. In 2016, the live music industry was estimated at $25 billion globally.. As the music industry continues to evolve, shifting from physical to digital sales, virtual reality (VR) has grown into a high-level revenue opportunity for artists. By 2035, CitiBank estimates that the VR and AR market could reach $1 trillion.
The downside is international performers like Lady Gaga, Katy Perry, The Killers, and many others receive thousands of requests per year and cannot honor them all. Most fans miss out on the unique opportunity to see their favorite artist perform live in a venue close to their location, whereas celebrities deal with missed revenue opportunities.
One of the main goals of a live concert is to strengthen the local community, bring people together, and give fans an opportunity to see their favorite star in person. Since many people cannot afford to travel hundreds of miles to attend a concert and enjoy the thrilling atmosphere of their favorite artist singing live, Blockchain technology and VR have a unique opportunity to bridge this gap.
Building an entertainment metaverse on Blockchain
Currently, the closest thing fans have to connect with their favorite celebrities is through live streaming or recorded show; but these don’t compare to the live experience. To cater to this growing demand, award-winning VR developer Ceek is on a journey to creating a decentralized entertainment metaverse that brings artists and fans together in VR, on a new platform powered by Blockchain.
Ceek will launch its own cryptocurrency on a decentralized VR platform that puts “Ceekers” (token holders) in control. The mission is to empower celebrities to access new revenue streams by selling VR tickets, proprietary virtual collectibles, and other merchandise they can tokenize by creating their own custom Ceek token. For fans, the opportunities are endless. They can buy concert tickets to attend VR concerts, spend the tokens on collectibles, and even earn new tokens by participating in contests or selling purchased merchandise.
“Ceek City” – a decentralized virtual ecosystem
“Ceek City” is the decentralized virtual ecosystem of the Ceek platform. It includes several virtual arenas and concert halls with immersive experiences in 2D and 3D. Designed to accommodate a wide variety of concert experiences, the environment is governed by smart contracts on Ethereum. Token holders can participate in all sorts of tokenized “in-world” interactions including contests, celebrity concerts, sports events, and charity fundraisers.
Ceek also targets developers who can join “Ceek City” and leverage the Ceek SDKs, VR authoring tools, and open APIs to create customized virtual venues, environment, or digital goods. “Ceekers” (Ceek token holders) can earn tokens by creating gift cards, gaming items, virtual goods, and other digital merchandise which can be sold on the Ceek VR marketplace.
On the other hand, celebrities can leverage the “Celebrity Coin Mint” tool to create their own unique customized coins and sell personal items (virtual and physical) or virtual concert tickets.
Building a demand engine for the music industry on the Blockchain
The native features and overall value of the Ceek token are offered through the Global Rights Clearance and Celebrity Coin Cast that no other coin can provide. By boosting demand in creating customized coins, celebrities and artists can tokenize the rights their have on their music, which can result in increased revenue and expanding global awareness.
By building a demand engine that removes inefficiencies, Ceek aims to use Blockchain technology the way it was intended: to simplify real world problems with a decentralized, transparent VR marketplace for celebrities and their fans.
Ceek’s business model lies in its existing VR product (headset and app) already on the market and available for purchase at Amazon, Target and Best Buy. The company has closed deals with major names in the industry such as T-Mobile, Universal Music, Apple, and Baptist Health, leveraging their users to ensure demand.
The Ceek VR Token Sale begins on April 5th of 2018. Ceek tokens are available for purchase starting at $0.25/token.