Driven by blockchain technology
DCentralize Festival is a hybrid music festival and conference, set to take place at Prestwold Hall Estate in the UK in August 2023. The live event will be streamed simultaneously in a metaverse hosted by Passage. The event will also enable token-holders to participate in the decision-making and management of the festival, helping it to transition into a DAO (Decentralised Autonomous Organisation).
Unlocking events
FestivalPass, a live events subscription service, has unveiled an NFT (non-fungible token) that will give holders $1,200 worth of credits annually to redeem for any live events or hotels on its platform. FestivalPass credits can be redeemed for tickets on the platform for over 80,000 live events, including concerts, festivals, sporting events, Broadway theatre shows, and more.
Investing in virtual reality
South Korean entertainment company CJ ENM has invested in US-based virtual reality concert platform AmazeVR. The move hopes to enhance CJ ENM’s presence in the metaverse and expand opportunities for K-Pop. AmazeVR uses technology to capture hyper-real 9K+ live-action footage of an artist performing and offers fans a front-row seat to 3D stage environments.
NFTs expanding in India
NFTs have gained popularity in the Indian events market, demonstrated by a host of new multi-chain NFT-based ticketing platforms. These platforms create a transparent and decentralised system for the production and sale of tickets using blockchain technology. In India, Blocktickets and Metapass have enabled event organisers to sell tickets for both virtual and physical events, concerts and movies as NFTs.