ConcertVR is owned by a Berlin based Company, Goodstuff-Media. They bring the experience of a concert directly to a user through VR technology. The company is looking to raise about $30M USD through the sale of their own CVT Token at 0.00015ETH each for a total of 60,000 ETH. The token enables users to purchase concert tickets, on-demand events, songs, and more.
Their pre-sale sold out in less than 4 days and raised about 1.1M € through 1,200 ETH. Originally the company was planning on launching their ICO on April 2nd, 2018. But due to Google’s Message regarding ICOs, they have delayed this decision by two weeks. Their main ICO will be now open from April 15th to May 15th, 2018. The company has already won multiple awards, and is currently increasing the roster of artists and partners, with new ones every week.
With VR, we no longer have to travel halfway across the globe to experience an event when we can do it right in our bedrooms. And this is exactly the premise that concertVR is built upon. By creating the first blockchain based cross-platform marketplace for high-quality
VR content from the music and entertainment sector, concertVR strives to revolutionize the entertainment industry one concert at a time.
Statistics show that audiences attending concerts and festivals are reaching record highs and are expected to generate sales of over $1.1 billion annually in Germany alone. Nevertheless, this potential is still not fully reached. Due to popular demand, concerts of artists like Bruno Mars and U2 are usually sold out in hours, if not minutes. This results in thousands of potential concertgoers unable to purchase any tickets.
But what if it is possible to sell an unlimited number of tickets for a live concert? The music industry could generate a substantially higher revenue stream if a larger audience is reached.
With concertVR, all this is possible.
ConcertVR’s idea is straightforward. They want to bring concerts and festivals to Virtual Reality. Their attempt to make this market a reality includes the utilization of their cryptocurrency to enable artists, vendors, and and ticketing platform to communicate and trade with each other in an ecosystem. The purpose is to make the visual and economic experiences much better for multiple players in the music industry.
ConcertVR utilizes a standard ERC20 Token, the company subtly points throughout the white paper, that they will initially use Ethereum, which may mean that the company is ready to utilize other platforms in addition or substitution of just using Ethereum smart contracts. This probably points out to some concerns regarding the scalability of the Ethereum network in the upcoming years.
The company is planning on hosting a big portion of the data in a decentralized fashion through the Ethereum Virtual Machine. The company is planning to use a strategy similar to filecoin to decentralize the user information using ethereum. The concertVR will not be holding user information themselves.
The company has built a prototype that enables mobile users to watch concerts using 360 degree cameras, and also technologies like Google Cardboard. The company has mentioned that the current version of the software also enables the use of VR headsets such as Occulus Rift, HTC Vibe, and others.
ConcertVR has also mentioned that they have developed an eye tracking technology that would enable the user to be “anywhere in the concert hall”. The company currently provides three points of view:
The Stage: The users will feel what it’s like to be a rockstar by essentially looking at the audience and seeing what artists see
The Audience: Users will be able to experience the concert from the usual point of view as the audience
The Back: This section is a general way of seeing the concert as a whole and experience its size
ConcertVR wishes to make this possible by ensuring fans get to enjoy real-time live concerts from all over the globe at the comfort of their homes. Fans also get to choose their position in the hall even sitting right next to their favourite artists. Fans also get to share the good news of which concerts they are watching on their social media sites. The artists and sellers of the tickets will also be able to sell an unlimited amount of tickets for existing live concerts and on-demand content.
The unique product from ConcertVR will create a win-win situation for both the artists and the fans. Fans will watch live concerts from their homes at an affordable price. The solution will also have additional features such as backstage coverage, 1-1 performances and social media integration that will enhance the user's experience, ConcertVR will establish long-term contracts with artists and organizers of concerts which will ensure that there are always shows and music available for the fans. Viewers will need to download the concerVR app or buy a code via the standard payment systems or cryptocurrencies and enjoy the concerts while wearing their VR glasses. Users can purchase the access codes from the app, from the concertVR website, from ticket vendors, or the merchandising concert booth.
TOKEN NAME: CVT
Total tokens: 400,000,000
The fixed cost of a token: 0.00015 ETH
Pre ICO had a hard cap: 1,200 ETH
Main ICO will lead to a market capitalization capped at 60,000 ETH
Pre ICO sold out in less than 4 days
Main ICO will last for 31 days or until hard cap has been reached
Based on their white paper this is how their token distribution looks like:
55% sold during token sale
18% used to develop the platform and maintenance
12% will be given to advisors
10% held by the company
5% will be reserved for partnerships with artists and others
The biggest challenges the company will face will be to convince users that they will continue to grow as fast as they need to, and the fact that they are arbitrarily fundraising at a valuation of over $50M USD pre-revenue, may bring considerable difficulties to the companies ability to fundraise.
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