The Synthesis of Blockchain Technology and VR is a Win-Win for the Ticket Industry

Anyone who has gone to a live concert knows what a hassle it is to buy tickets. There are plenty of examples of shows that sell out within minutes, and even when there are tickets available, prices are ridiculously high. Third party entities like scalpers, brokers, and ticket “flipping” corporations buy en masse when tickets first go on sale, mark them up, and then sell them in the secondary market.

The sad reality is that the concert industry has two audiences who want to see their favorite artists in concert but can’t. The first are those who are in towns, states, or countries where the artist isn’t touring. This (usually) isn’t the fault of the concert industry. The second are those who would see the artist in concert were it not for sky high ticket prices. This is the concert industry’s fault, and not much is being done about it.

In one dramatic example from 2011, tickets for LCD Soundsystem’s farewell show reached $350,000 per ticket. For good reason, both the band and fans were extremely upset. The band tried to make it up to fans by holding four more shows at a smaller venue, but for many, the damage was done.

Unfortunately, scenarios like this one are common, though to a lesser degree. Die hard fans aren’t able to see their favorite artists either due to location or price, and sometimes both. One company, CEEK, a veteran in the VR industry, is synthesizing their VR kits with blockchain technology to create a lifelike virtual concert experience.

The defining mark of the blockchain platform is the removal of third parties like scalpers, brokers, and ticket salesmen. The implementation of blockchain technology means that fans can interact directly with their favorite artists and labels. The platform has a tool that allows artists and labels to create custom minted coins that function as virtual tickets. So, concert goers who are too far away from a tour or can’t afford tickets can still attend the concert.

For artists and labels, this means access to an untapped revenue stream. The costs are extremely low, because the virtual concerts will be venue-less. Though ticket prices will be much lower than regular concerts, the audience is theoretically infinite, so revenues have the potential to soar.

For fans, this means access to a previously impossible opportunity. Instead of forking over hundreds of dollars for nosebleed seats, users can view their favorite artists in a virtual concert at a fraction of the usual cost. For those who are too remote to see their favorite tour, this is the next best alternative.

But what about the concert experience of buying merchandise and being a fan? CEEK’s blockchain platform allows artists and labels to create virtual merchandise and goods for their fans to enjoy. The creation of virtual profiles and avatars gives the platform a lifelike experience, and the integration of a decentralized marketplace gives fans the opportunity to sell merchandise and earn platform tokens. These tokens can be used to see other concerts, or to purchase additional merchandise. The genius of the platform is that it creates a genuine concert experience without the headaches.

One final benefit of the blockchain integrated VR platform is its cost. A typical VR platform can cost thousands of dollars after including the kit and necessary accessories. In contrast, CEEK’s platform costs just $15. It is also compatible with mobile devices, desktops apps, and a wide variety of operating systems including Android and iOS. Thus anyone with a smartphone and a few extra bucks can enjoy a legitimate VR experience.

In terms of concert lineup, the app features concerts from top performers like Katy Perry, Lady Gaga, and U2. These concerts, which can sell out very quickly with tickets prices reaching thousands of dollars, will soon be available to audiences on a global scale. The combination of VR and blockchain technology has never been so appealing.