Source: Decrypt
Source: Decrypt
By Adriana Hamacher
According to the organizers of the Circus Maximus music festival in Croatia, they are working hard to become the first music festival-style decentralized organization (DAO). DAO and NFT can help the struggling event industry."The right to gather is back in the hands of the people"。
On a bright beach platform, 5,000 music lovers will gather for the Circus Maximus music festival in Croatia. While the festival still features its stellar lineup this year, it's destined to be a different kind of party. Circus Maximus organizers hope it will pave the way for a decentralized future, with a new ticketing process enabling a festival-style DAO.
Two emerging technologies, decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs), are what music festival organizers say"party revival"They also hope that other music festivals will follow suit and promote these technologies.
Circus Maximus chose the path of going DAO, which also means that the rules governing its organization will be determined by DAO members and encoded in smart contracts, which will also precisely control the festival's budget. The community, the music fans, will vote on the festival's location, performers, budget allocation, future direction, and many other aspects.
Speaking to Decrypt, Josipa Žižić, chief media officer at festival organizer Noa Group, said,"The idea is that DAOs help develop new solutions and support festivals and events that the DAO community deems most valuable, yet often underfunded and under-appreciated,"Tell Decrypt by email.
DAOs are suitable for any organization centered around a common goal or interest. But for now most DAOs are focused on finance, for example, VentureDAO allows independent investors to pool their money and vote on which projects to invest in.
Now, Circus Maximus is exploring how to organize a music festival in the form of a DAO, the project states"Let the whole world have a say"。
The idea was developed by two Jokić brothers. Ivan Jokić is one of the founders of Noa Group, Nikola Jokić is the so-called"crypto guy", and is also the CTO of Krypto Investment Partners, a financial technology platform. Nikola Jokić told Decrypt that the team wants to not only build a DAO, but also create a global protocol for organizing future music festivals.
DAO has also organized some well-known events and parties in the past: for example, Jenny DAO and MetaCartel DAO parties are two well-known organizations at the Ethereum developer conference EthCC. But the DAO mechanism has never been applied to a music festival of the same size and duration.
Circus Maximus DAO plans by the Jokić brothers
It's an ambitious plan, and the first step is getting the community on board with the venture. To become a member, users will need to acquire tickets to this year's event, and for the first time concert tickets will come in the form of non-Zhihu tokens (NFTs).
NFTs are dynamically priced, transferable, and provide a permanent digital record of ticket purchases. Most importantly, they also ensure that holders are part of the future Circus Maximus DAO.
"We're creating tools so anyone in the world can create their own festival,
The project team found that current solutions for selling NFTs on-chain lacked the dynamic pricing capabilities they needed, so they developed a mathematical formula, called a Bezier bonding curve, to determine fares. Their solution adapts that formula to tokens used to sell goods, rather than financial products.
They’ve also created a set of smart contracts, dubbed Bondzier, that will be used at this year’s Circus Maximus, an open-source contract that uses ERC-1155, the xDai blockchain’s token standard. It also allows anyone to create and sell NFT-based tickets with dynamic prices.
"We're building tools so that anyone in the world can create their own festival, with their own rules, their own venue, their own DJ," the Jokić brothers said.
The technology aims to bring more transparency to the ticketing process, cutting out agents, scalpers and other middlemen who profit from ticket sales and often do not create additional value.
Back in 2019, Jochem Myjer, the most popular comedian in the Netherlands, said in an interview with Decrypt that token-based ticketing solutions have changed the box office issues of his shows. His previous performances have always been the main target of scalpers, and the ticket price market has skyrocketed, which not only affects his own reputation, but also damages the interests of the audience and his team. And a token-based ticketing solution means tickets to his shows are no longer snapped up by scalpers. Myjer said:"They're addressing a problem that has always stumped me. I think in two or three years, everyone will be using this system for ticket sales."
Last March, rock group Kings of Leon released an NFT to commemorate their latest album. It is divided into different package levels, among which the top package includes tickets for band performances.
Festival and concert tickets can rely on NFTs for anti-counterfeiting efforts, and the music industry has slowly discovered other advantages, including new revenue-generating opportunities and the ability to reduce costs.
Considering that NFTs have only been mainstreamed since the beginning of this year, the practice of using NFTs instead of tickets is rapidly gaining popularity, with platforms such as NFT.Kred now allowing any event organizer to easily create an NFT ticket of their own.
Fred Chesnais, CEO of gaming giant Atari, is also a fan of NFT technology. In an interview with Rolling Stone, he said that for its Metaverse, the gaming multinational is working on including NFT-related concert tickets to create in-game celebrities and them. fan meeting,
Club Activities in the Post-COVID World
As the pandemic continues to rage around the world, festival organizers face an extremely uncertain future. During the epidemic, any organized event may "die", for example, the vast majority of live events in 2020 were forced to be canceled or postponed.
This year, too, we have reason to fear the worst. Across Europe, a surge in cases due to the Delta variant has forced some countries to tighten restrictions, with countries including Spain and the Netherlands imposing curfews and extending bans on mass gatherings.
In the United Kingdom, Prime Minister Boris Johnson suggested promoting "vaccine passports", which are health certificates that must be worn to participate in any gatherings and to enter and exit any public places.
Across the ocean, Florida now ranks among the nation's top cities in terms of new infections and hospitalizations, yet the hip-hop music festival Rolling Loud opened Friday to nearly full capacity. According to the festival's website, while there are few restrictions (outside those imposed by the state), festival-goers are still encouraged to wear masks.
Croatian authorities have announced that there will be no new restrictions on events, and all 400 Circus Maximus employees have received a double dose of the vaccine, according to organizers. Additionally, only festival goers who have been vaccinated or who can demonstrate immunity and who test negative on entry will be allowed into the venue, they said.
blurred lines
Harnessing the power of the community to create their own festival is indeed a powerful force. However, the DAO is a nascent technology after all, and its complexities still have to be untangled. Incentivizing community members to vote on proposals is also a hurdle to overcome.
Decentralization and lack of hierarchy are the hallmarks of this new organizational structure. But the degree of decentralization in the project is a topic of debate. Nikola Jokić says,"The technology stack that runs the Internet is deep, and decentralization is not only a technical concept, but also a social concept. By way of example, he pointed to a hypothetical situation. What's the point of a decentralized smart contract if there's a group of people who all live in the same apartment and they can control all contract parameters?"
The DAO industry is highly dynamic so there are many unknowns, but earlier this month the US state of Wyoming recognized the first legal DAO. In the future, the impact of this type of organizational structure on the festival industry could be huge.
During a recent panel discussion on the future impact of NFTs on the music industry, festival planner, presenter and DJ Michail Stangl said,"In the value creation of underground music culture, the distinction between who is the consumer and who is the artist or marketer is often very blurry, and when you're talking about event promotion, in 99% of cases, that promoter isn't really A promoter in the sense that they are someone who engages with the music community and puts their money into the culture."
This vague distinction becomes irrelevant when ported to the non-hierarchical structure of DAOs. Leaderless governance is a feature where decision-making power is often proportional to the degree of contribution of participants, which can be monetary, based on participation, or other factors.
The Circus Maximus DAO is still "under construction"."This article is from Bitpush.News, reproduced with authorization."
This article is from Bitpush.News, reproduced with authorization.
