Bringing ticketing to defi and defi to the finances of musicians, freeing them of the shackles of the music industry using smart contract based NFT tickets.
It is wildly known and acknowledged that music artists are the subjects of the oligarchs of the music industry, and them, their talents, and their products are exploited for the financial gains of these profit driven corporations.
Moreover, an artist and their fans are at the mercy of ticketing companies and ticket touts. Ticketing companies control the ticketing market and take a large cut of each ticket’s face value before it reaches the artist. These companies also add on what "fees" they see fit.
The consumer is also affected by common ticketing industry practices because purchasing tickets solely for the purpose of resale, at highly inflated prices, is a common practice. These secondary markets are now also run, but not limited, by the ticketing companies that sold the original tickets. Here these companies are capitalizing on the price gouging done by those profiteering from the secondary market, but the artist never sees any cut of these profits. The result of this system, initially built to serve the artists and their fans, is the shameless exploitation of both the artists and their fans.
Blockchain has provided the foundations for the decentralization of the ticketing industry that is often referred to as DeTi, decentralized ticketing. Centaurify is a ticketing app that gives artists and the managers of events the ability to control the sale of tickets, to realize the profits of those sales, and to set parameters on, and earn from, the secondary market.
Through the Centaurify platform artists can create highly customizable NFT tickets. NFT tickets reduce the viability of counterfeiting and fake ticket scams because a ticket can be verified by tracing it back to the source. When creating their tickets artists have multiple variables they can set:
- Ticket quantity
- Ticket Face Value
- Maximum and minimum ticket resale values (putting a cap on price gouging)
- A percentages royalties on future ticket sales (meaning that when a ticket is resold the artists receives the percentage of the resale value. This is set at a default of 2% but can be adjusted)
Artists also have control over their whole ticketing release schedule and can design their own tickets.
Users can use fiat money on the Centaurify platform to help ensure that the platform is friendly to those unfamiliar with cryptocurrencies.
They can also pay with ADA thanks to Centaurify's ADA Pay integration.
A music industry orientated NFT marketplace will allow artists to upload NFT artistic creations related to their music and their brand and to sell them to the users of the Centaurify platform.
Staking and The CENT Token
Users can stake their CENT token and receive rewards and early access to tickets and NFT sales. There are 3 tiers of staking, based not explicitly on the volume of tokens staked but instead the value, in USD, of the staked tokens.
Assumingly, this means that if the CENT tokens decrease in value the users staking on the platform will be required to purchase more in order to retain their tier status.
Each tier provides users with a different level of early access to tickets. Whilst this can allow fans of an artist to ensure they get tickets to concerts, this function also creates a niche, similar to the bots used during current ticketing releases, for those looking to resell tickets for a profit on the secondhand market.
Stakers also receive varying percentage rebates on their NFT ticket purchases and early access to NFT releases by artists. This early access also creates a drive for those who want to take advantage of the secondary NFT market as, for NFT artworks, there will be no limitations on resale value.
The entire Centaurify platform is being built by MLabs