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Everyone enjoys music. Regardless of any genre, music has become an integral part of life and an effective medium for exchanging culture. Music is not just entertainment; it is a large, capitalised industry. It is estimated that the global music industry amounted to $53.77 billion and is estimated to rise at 10% every year for the next 5 years. The music events industry is projected to have a 4 times higher growth rate than any other entertainment industry in the world These are all generated from ticket sales, albums, digital, etc.
The music industry has great potential and will continue to grow in the future. Though the music industry, especially the live shows and events, seems to be running smoothly, many complications prevail among the musicians, event organisers, and the general public who are fond of music.
Why is the Music Industry Ripe for Innovative Interventions?
The current state of the music industry is highly fragmented, with everyone’s networks limiting their reach and potential. Despite the significant growth and popularity, the music industry is largely old-fashioned and undigitalised. Music events reveal a surprisingly chaotic ecosystem: where slow and manual negotiations are the norm, with no forecasting and data analytics. Scalping and ticket forgery steal value from organisers, and a lack of data mining and collection in the industry makes revenue predictions inaccurate, which in turn makes events risky ventures – hurting artists, venues, and fans equally. The music industry is lagging far behind other industries in adopting open digital solutions.
Sometimes, music organisers also find it difficult to get help in organising their events, because of their limited network. This is a common problem in organising music events. When you visit a music event where the artist you like is performed, you may meet thousands of people who want to see the performance of their favourite artist. You may feel that this is like bread and butter for the music organisers, but this is stressful for them because it is too complicated to organise music events; for example, such as inviting artists, promoting music events, selling tickets, etc.
Crypto for the music industry? The advent of blockchain technology has disrupted the conventional flow industries. It digitalised everything, making the systems decentralised. With the increase in the number of tech-savvy and digital-savvy customers, enterprises are urged to make their digital presence a better one. And this suits the music industry as well.
BeatBind Fills The Gaps with BBND
BeatBind is one the most-awaited innovative crypto projects for the music industry, with BBND being the cryptocurrency token used for all transactions. BBND is a token launched by BeatBind. These new crypto coins serve as a utility token to be used for music events. These crypto coins allow users to make payments safely, quickly, and securely. BeatBind plans to design this token so that it can be accepted in the music event industry, so that people don’t need to use physical chips, cards, or dozens of different currencies for every music event, just BeatBind tokens for all music events.
BeatBind is the industry’s long overdue platform for organising a music event. The BeatBind platform aims to create an ecosystem that will connect musicians, venues, event organisers, and fans for music events. BeatBind will capitalise on the high demand for the best artists, organisers, and venues, and increase artist booking rates significantly using various auction models. BeatBind will give rising artists more opportunities, both locally and globally. Furthermore, fans will be able to directly purchase tickets from organisers of all events created on BeatBind using these new crypto coins, preventing fraud, forgery, and ticket scalping. With BeatBind, everyone can organise a music event easily, cheaply, and quickly, or just buy tickets for music events, and many other things that can be done with BeatBind.
Musicians, venues, event organisers, and fans can connect and support one another with BeatBind. There is no problem regarding quality performers, lack of connections, agencies, etc., because with BeatBind, venues and organisers can bid on artists, artists bid on the event organisers and venue owners, and can outsource event organisation to the managers. In this way, all parties in the music events industry will benefit.
Let’s do a Quick BeatBind BBND Review
BeatBind is developing a multi-stage business model with each level being foundational and accretive to the following platform level, to tackle each of the industry’s four prevailing issues with the creation of BeatBidder, BeatBuy, BeatX, and BeatAI.
BeatBidder: Platform that connects venues, DJs, artists, and all other parties involved increase revenues for artists and venues. BeatBidder is beneficial to all the parties in the music industry:
– Music groups – BeatBidder let venues and organisers bid on you, increasing your revenue
– Event organisers – BeatBidder let musicians bid on your opportunity, so you lower your expenses, and get the best
– Venue owners – BeatBidder outsources event organisation to the most passionate managers
BeatBuy: The ticketing platform is available by default for every event created on BeatBind. With this feature, it is possible to solve the problem of ticket scalping and forgery. It provides seamless ticketing, as well as seamless crowdfunding for all BeatBind events. The potential benefits for the same are:
-Direct access to tickets for all BeatBind events
-Transparent pricing, no chance of fraud, forgery, or ticket scalping
-Fans can pre-purchase, return tickets, and get refunded
-The platform supports the pre-purchase of tickets allowing an initial inflow of capital to organisers, and gives smaller venues the means to bring in big stars. All money is refunded to the fans if the event doesn’t materialise.
BeatX: BeatX is a mobile application to enjoy event-oriented experiences like dating. The organisers can share clips and promos of the events to keep the fans engaging with the event they are about to attend. To protect all parties involved in the event creation and to ensure integrity, BeatX has a rigorous escrow protocol for refunding the money in case of disputes and failed transactions. BeatX allows the fans to connect and date like-minded people who attend the same event.
BeatAI: The lack of data mining, collection and analytics in the traditional music industry has failed to produce proper insights and projections for the industry players. BeatAI uses bespoke technologies like machine learning and artificial intelligence to make accurate revenue estimations that will help participants in decision making for the event.
What Is The Utility Of BeatBind BBND Tokens?
BBND tokens are new crypto coins launched by BeatBind. The ultimate vision of BBND is to be a universal medium of exchange for the music events industry. BeatBind is a utility token, and allows users to make payments safely, quickly, and securely. BeatBind plans to design this token so that it can be accepted in the music event industry, so that people don’t need to use physical chips, cards, or dozens of different currencies for every music event; just BeatBind tokens for all music events. The Ethereum blockchain provides all the privacy, security, and decentralisation that such a token deserves.
The long-term goal is to achieve a stable value for BBND in future, which is not much guaranteed, and as they need to reach a point where BBND becomes a method that can also be used for activities outside the music community such as buying food etc., the platform will give an incentive in BBND for every user referred to the platform, as well as a percentage of all proceeds that the referee generated for BeatBind. In the earliest phases post-launch, there will also be an unconditional bonus in BBND for all users of the BeatBind platform.
These new crypto coins will be traded on public exchanges, but BeatBind platform users are protected from price volatility during everyday use. BeatBind has offered the BeatBind tokens to investors and the public through a public crowd sale. BeatBind tokens are listed on www.STEX.com to provide liquidity outside the BeatBind platform. BBND can also be exchanged with other assets and crypto coins such as Bitcoin and USD.
Again, as per BeatBind, the main thing that will ensure the long-term growth of the BBND is a healthy core business behind it. BeatBind plans to have a sound business model that is non-intrusive to the users, and the value capture on BeatBind will help it grow, and reinforce the fundamentals and the utility of the BBND tokens.
Core Strengths Of The BeatBind Project & BBND
BeatBind combines both blending-edge and tested technology to bring performance enhancement and flexibility to its ecosystem. These new crypto coins of BeatBind are implemented as an ERC20 standard token on the Ethereum blockchain network. Such revolutionary features of BeatBind makes it a promising innovative crypto project for the music industry. It will change the look and feel of the music industry, enabling people to experience live music like never before. The Ethereum blockchain network gives the following properties to the BeatBind platform transactions:
Security: Transactions will be secured by cutting-edge cryptographic protocols
Transparency: As all the transactions on the blockchain are verified and accessible by anyone
Immutabilty: As every transaction on the blockchain is permanent and cannot be reversed
These make all the transactions on the BeatBind platform open, browsable, and verified.
Another thing in the favour of this innovative crypto project is its sound business model. BeatBind is non-intrusive to the users, yet flexible enough to withstand market shifts and scalable enough to always capture a good part of value that is being created on the platform. The platform has different revenue streams. The core revenue will come from:
-Fees from all transactions on BeatBidder, including artist performances, event organisation, venue leasing, etc.
-Fees from ticket sales of BeatBind events
The other potential streams of revenue for the platform are:
-Fees from promoting artists and venues in platform search results
-Fees from crowdfunding for pre-event sale of BeatBind events
-Subscription-based revenue for enhanced fan app features like dating, live song bidding, memorabilia, etc.
-Fees from live song-bidding, backstage access bidding, etc.
-Revenue from advertising in platform and app feed
The BeatBind team is passionate for music and technology, and have a proven track record in finance, development, and marketing. The team of experts are working relentlessly to deliver their vision for the welfare of musicians, event organisers, venue owners, and fans.
Doc Ish, the Chief Innovation Officer of BeatBind, is a Grammy Award winner, VMA Winner, multi-platinum, producer/artist, producing Eminem’s comeback single “We Made You”, reaching top 10 on the US 100 Billboard charts. His creativity and exposure in the music industry delivers over 20 years of experience to the BeatBind team.
Conclusion
The RMRK association intends to decentralise the entire project in the years to come, requiring the RMRK token that will have utility and governance functionalities. Around 10 million tokens shall be minted, with nearly the entire supply being distributed through a fair drop while the rest have been kept aside for the development team, or use for the development of the ecosystem, or can be sold publicly.
Apart from governance, it shall be utilised for liquidity farming as well as stablecoin loan collateral on numerous platforms. It can also be used for minting assets and accessing the infrastructure. They can also be utilised as one of the currencies in the RMRK metaverse, in the form of a stake while developing fungible tokens for preventing spamming and for white labelling the RMRK products as well as applications, etc.
In a nutshell, the RMRK project is designed to shift the art NFT paradigm from assets that gather digital dust inside their owner’s digital wallets to non-fungible tokens having long-lasting use. These can evolve with time and design a unique system of RMRK NFT legos, making some of the most complex and creative non-fungible token projects possible.
Being a highly advanced NFT system, it allows non-fungible tokens to own several other NFTs, non-fungible tokens to take a decision regarding what can be shown to you based on certain conditions, non-fungible tokens to gather emoticons from other users in the form of early price discovery, as well as non-fungible tokens which can easily be governed like the DAOs that use their fungible shareholder tokens.
To learn more about RMRK NFT legos and project, visit, https://app.subsocial.network/@rmrkapp/dawn-of-the-art-legos-18289!
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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