- DAO and NFT can help the struggling event industry, according to organizers of the Circus Maximus music festival.
- y are planning to make the event the first DAO festival and hope that others will follow suit.
On a sun-drenched platform, over crystal clear waters and under an open sky, 5,000 music lovers will soon gather for the Croatian festival. Circo Máximo Music Festival. In the splendid setting of Zrce Beach, on the island of Pag, you can enjoy 360-degree views of the Adriatic Sea to a soundtrack of electronic beats.
But this year, while the festival still features a stellar cast, it’s a different party, one that Circus Maximus organizers hope to pave the way to a decentralized future of “putting the party back in the hands of the people” and the widespread adoption of a new ticketing process to make is possible.
Two emerging technologies, decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) are at the heart of what festival organizers say will be a ‘party renaissance’ and they hope other festivals will follow in their wake.
Circus Maximus strives to be the world’s first DAO music festival. This means that the rules governing the organization will be decided by the DAO members and encoded in smart contracts, which will also contain the festival budget. community, music fans, will vote to decide the festival location, artists, budget allocation, future direction, and much more.
” idea is that DAO will help develop new solutions and provide support for the underfunded and often underdeveloped festivals and events that the DAO community finds most valuable,” said Josipa Žižić, media director of the organizers of Grupo Noa festivals. decrypt Via email.
cryptoshitcompra.com/wp-content/uploads/2021/08/Entradas-Sun-Sand-y-NFT-se-acercan-los-festivales-de.jpg »alt =» Circo Máximo »style =» max-width: 100 %; overflow: hidden; width: 100% »/> Circus Maximus 2021 headliners include Da Tweekaz, Regard, Brennan Heart, Imanbek and Harris & Ford. : Circus Maximus
DAOs can be organized around any kind of common goal or interest. Most focus on development or finance, VentureDAOs for example, allowing independent investors to pool their funds and vote on which projects to invest in.
Now, Circus Maximus is exploring how to organize a music festival in the form of DAO “that allows everyone to express their opinion,” according to the project statement.
idea was devised by two brothers: Ivan Jokić, one of the founders of the Noa Group, and Nikola Jokić, the self-described ‘crypto guy’ of the project and CTO of the fintech platform Krypto Investment Partners.
By email, Nikola Jokić deciphered that the team was not just building a DAO, but a “global protocol for organizing future music festivals.”
DAO has organized events and parties in the past; Jenny DAO and the MetaCartel DAO holidays were two of the featured events at the Ethereum EthCC developer conference. But a DAO has never been behind “a true music festival of this magnitude and duration. Not that we know of, ”Jokić said.
A toolkit for festival DAOs
It is an ambitious plan and the first step is to enroll the community in the business.
To become members, they must purchase a ticket to this year’s event, which, for the first time, will also come in the form of a non-fungible token (NFT), a cryptographically unique type of digital asset.
NFTs are dynamically priced, transferable, and provide a permanent digital record of the ticket purchase. Basically, they also ensure that the holder is part of the future Circus Maximus DAO.
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“We are creating tools so that anyone in the world can create their own festival, with their own rules, their own place and their own DJs.”
project team found that current NFT chain-selling solutions lacked the dynamic pricing characteristics they needed, so they developed a mathematical formula, called the Bezier bond curve, to determine ticket prices. His solution adapts the formula to tokens for the sale of goods, instead of financial products.
y also created a series of smart contracts, dubbed Bondzier for this year’s Circus Maximus, using ERC-1155, the standard symbol for the x come on blockchain. technology is open source, allowing anyone to create and sell NFT-based tickets at a dynamic price.
“We are creating tools so that anyone in the world can create their own festival, with their own rules, their own venue and their own DJs, as decided by the organizers and the community,” said Jokić.
technology is designed to bring more transparency to the ticketing process, eliminating agents, resellers, and other intermediaries who profit from ticket sales, often at the expense of the community and the artists, artists, and DJs who are in it. center of each event.
An NFT in a few clicks
In 2019, Holland’s most popular comedian Jochem Myjer was told to figure out how a token-based ticketing solution transformed his sales performance. His programs had been a prime target for ticket resellers, who ruthlessly raised prices.
Sand-and-NFT-festivals-are-coming-of.jpg »alt =» Jochem Myjer »style =» max-width: 100%; overflow: hidden; width: 100% »/> Dutch entertainer Jochem Myjer. Token-based ticketing means that resellers are no longer buying tickets for their shows. : Jochem Myjer
“y are solving a problem that really saddened me,” he said. “I think that in two or three years everyone will sell with this system.”
Most recently, this past March, the rock band Kings of Leon have released an NFT to commemorate their latest album. Three tiers of tokens were sold, and the tier one package included tickets to the band’s shows.
Festival and concert tickets rely on non-fungibility to help prevent fraud, making them prime candidates for NFT adoption and the music industry has slowly adapted to the other perks including new opportunities for revenue and cost reduction.
Considering that NFTs have only seen widespread adoption since the beginning of the year, the use of tokens instead of tickets is rapidly gaining traction and platforms like NFT.Kred now allow any event organizer to create an NFT ticket with just a few. clicks.
Fred Chesnais, CEO of Atari, is a fan of NFTs as tickets; For its metaverse, the gaming multinational is working on ideas including NFT-linked concert tickets that unlocks an in-game encounter between celebrities and their fans, Rolling Stone said this week.
At the disco in the days of Covid
But festival organizers face an uncertain outlook as Covid-19 continues to ravage the world. pandemic has been particularly rude to the events industry, with the vast majority of in-person events in 2020 being forced to cancel or postpone.
Again this year there may be reason to fear the worst. Across Europe, an increase in cases due to the delta variant has forced some countries to increase restrictions, such as Spain and the Netherlands. Massive nightly curfews and festival bans are extended.
In Britain, Prime Minister Boris Johnson has suggested that vaccine passports could become mandatory in a wide range of contexts, including festivals, which also deal with last minute cancellations due to staff shortages.
Masked dancers in the Ukrainian city of Kharkiv. : Shutterstock
Across the pond, Florida now leads the US in new infections and shelters, but the Rolling Loud hip-hop festival opens at capacity on Fridays. Although there were few restrictions (other than those imposed by the state), festival goers were encouraged to wear masks, according to the festival’s website.
Croatian authorities have not announced any new restrictions on the events and the 400 employees of the Circus Maximus have received a double dose of the vaccine, according to the organizers. In addition, they said that only festival goers who are vaccinated or can demonstrate immunity and who tested negative upon entry, will be admitted to the venue.
Blurring the boundaries
Allowing Covid to harness the power of communities to take control of their festivals could prove to be a powerful force. But DAOs are a nascent technology, with complexities that have yet to be resolved. Encouraging community members to vote on proposals is just one of the obstacles to overcome.
Decentralization and the absence of hierarchies are characteristics of this new type of business. degree of decentralization in projects is a very controversial issue, said Nikola Jokić. ” technology stack that operates the Internet is deep and decentralization is not just a technical concept, but also a social one.” As an example, you indicated a hypothetical situation. “What does a decentralized smart contract mean if there is a group of people who live in the same apartment and who can control all the parameters of the contract?”
DAO industry is very dynamic, so there are many unknowns, but the first legal legal DAO was recognized in the US state of Wyoming earlier this month. impact on the festival industry of this type of organizational structure could be immense.
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“In the value creation of underground music cultures, the distinction between who is the consumer and who is the artist or marketer is often very blurred,” he said. Michail Stangl, festival curator, host and DJ, speaking at a recent panel on the future of NFTs for the music industry. “When it comes to promoting events, 99% of the time, that promoter is not a promoter, he is someone who is so committed to the music community that they invest their money in populating the culture,” he explained.
This fuzzy distinction conveniently becomes irrelevant when transposed into the non-hierarchical structure of a DAO. Leaderless governance is a characteristic and decision-making power is often proportional to the size of a participant’s contribution, which can be monetary, depending on the size of the stake, or other factors.
precise operation of the Circus Maximus DAO is still ongoing. “What we are sure of is that festivals will be organized, music will be played and the dance floor will be trampled on. what, where, how and when will be decided by the community, ”said Jokić. “What we hope is to provide the tools to help the community organize their festival as they see fit and have a DAO to support them when needed.”
Between August 8 and 13, his great experiment will begin to take place. y hope it will lead to more DAO at festivals and more freedom to have fun.