Virtual reality is an innovative technology that had an amazing performance in 2019. According to Futuresource Consulting, the VR market volume is expected to reach an installed base of 168 million units worldwide. From Music and Sports to gaming, applications of VR are fast becoming a popular method of entertainment.
VR offers the possibility of experiencing the unimaginable, to enjoy a new form of entertainment that’s both accessible to all, fun and cost-effective. VR could easily be applied to pretty much any sector from education, to business, entertainment, art, healthcare and so on.
One company that’s focusing on combining this technology and blockchain is CEEK VR, a virtual events and streaming company that has created a platform for everybody to enjoy live performances of the most popular artists using smartphones and all the leading Virtual Reality headsets.
CEEK: Practical Reality Virtually
This is what CEEK VR—a blockchain-based virtual reality company actively focuses on. Setting their sights on reimagining entertainment distribution, CEEK VR enables an economical avenue for entry to live events, be it musical, sports-based or conferences. CEEK’s Ethereum based distribution platform allows artists and creators to directly connect with their audiences, providing them with transparent content viewership tracking on the blockchain
In recent years, performances from mega artists such as Beyonce and Taylor Swift reached an average of $200 per ticket. This is perhaps no surprise, given that most artists’ main form of revenue comes from touring. In addition, larger artists have capacity limitations. For example, Guns n Roses sold 1 million tickets in 24 hours with no physical capability to add more locations. When fans can not get tickets or are fans are priced out, artists fail to maximize their earnings. CEEK VR solves both of these issues, providing artists with extended reach globally, and fans access to their favorite artists from anywhere at a cost-effective price. CEEK VR’s content delivery platform also employs blockchain technology, payments for creator content tracked via an immutable ledger.
CEEK VR has partnered up with Microsoft to offer artists a new way to track their royalties and automatically get paid via smart contracts. Through the development of a distributed ledger blockchain built on Microsoft’s Azure Blockchain, content creators will be able to tokenize physical or digital assets. The tokenization of smart tickets for content creators will enable easy tracking of content viewership on the blockchain. This mechanism ensures royalty payouts to artists are based on trustworthy data, easily verifiable on an unaltered ledger. Furthermore, content creators will also be able to tokenize merchandise and track sales in real-time through the usage of blockchain technology. Artists would finally be able to be fairly and quickly compensated for their work, increasing their revenue by offering live performances to fans around the world.