The organisers of Circus Maximus have announced plans to convert the electronic music festival in Croatia into a so-called Distributed (or Decentralised) Autonomous Organisation (DAO), allowing ticket-holders to play a bigger role in how the event is run.
With DAOs, all agreements and transactions are carried out transparently through code and held in a shared ledger, enabled by blockchain technology and smart contracts. There is effectively no governance structure, allowing a cooperative of ‘shareholders’ to decide on numerous aspects of the organization.
This means that, in the future, Circus Maximus will have a smart contract that holds the festival’s budget, leading to a community-governed festival where venue location, performers and budget distribution are decided by ticket-holders.
DAOs have been increasingly prominent in financial markets over recent months, but Circus Maximus’ organisers claimed that it would be the first music festival worldwide to deploy such a model.
NFT tickets for this year’s event, which will take place at the Noa Beach Club in the Croatian resort of Novalja from August 8-13, are available online and via cryptocurrency payments.
Ticket-holders for this year’s event will be invited to participated in the DAO in the future, organisers added.
“The accomplished team behind the well-established Circus Maximus wants to transform the festival industry by making attendees an integral part of the story,” the organisers added. “The first step on this path is to put the festival in the hands of the community, who will then determine its continued existence with the help of new technologies, the crypto industry and DAO.”
Around 5,000 people are expected to attend this year’s festival.
Image: Supplied by Circus Maximus
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