The music industry is dominated by scalpers looking for arbitrage opportunities to resell tickets. Although the phenomenon is not new, it has only become clearer with the impact of the pandemic, making the market even more centralized than it had been in the past. The sad reality is that now artists’ insiders, automated bots, partnerships with used ticket dealers and those who want to get tickets resold for their business have used these actions for their own personal gain. Unfortunately, many still do not recognize the impact this has on their favorite artists.
The result has been that artists now have a harder time living properly. Typically, an artist’s album sales will go directly to their record company, making them more dependent on revenue from performing with live shows, which is further enhanced by artists who will lose a good portion of the revenue from their efforts when tickets are resold. Many artists are then forced to go on exaggerated tours, take on unnecessary fire deals and put themselves in other situations that can lead to burnout.
Centaurify aims to address these concerns directly, allowing artists to take control of their independence in the music scene, eliminating the middleman and protecting their fans from exploitation. This effort is made possible with a solution built on blockchain, where nonfungible tokens (NFTs) are used to replace each ticket sold. As traditional characteristics of this technology indicate, tickets become 100% traceable, impossible to counterfeit and programmable for resale conditions that can protect both the artist and their fans.
This initiative is led by 14 platinum award-winning DJs, CLMD and CEOs, David Rootwelt-Norberg, with the mission of empowering artists and enhancing the music experience through leadership and live events.
Saves the music industry
Centaurify is built on the Cardano (ADA) platform and uses its proof-of-stake (PoS) consensus. This gives users a greener choice along with fast transactions, low transaction fees and greater scalability. As code execution becomes increasingly important, the platform also utilizes a Haskell programming language as the functional language to guarantee the best results for proper execution. This effort is being carried out in collaboration with mlabs.city, a Haskell, blockchain and artificial intelligence (AI) consulting firm. The Centaurify team has also had the opportunity to present their project to the public at the Cardano Summit at the Oslo Hub.
With a strong foundation, the platform then operates on three key pillars. The first is dependent on each pillar ticket being stamped as their own NFT, so that their actions become traceable from their issue to sale. In combination with this pillar, artists also have the opportunity to determine their own rules and values for the resale price of the ticket, so that no one can benefit from their fans.
Finally, artists based on the rules laid down by issue can also ensure that a portion of each sales proceeds goes to the rightful owner instead of a malicious third party. Other concerns are also eliminated, such as buying fake tickets, which with Centaurify can become 100% traceable and impossible to counterfeit, so used buyers have confidence in their purchase.
Looking at the project’s prospects, a member of their team,
“Centaurify is the future of music, a live event & music NFT universe. By tokenizing tickets with NFT & smart contract technology using the Cardano network, Centaurify will prevent scalping, fraud and control the secondary market back to the organizers and artists. We are empowering music! “
Therefore, artists, wherever a ticket is sold, will receive a value increase of 2%, although the number may change. However, it is already an improvement from the 0% currently received.
A path towards adoption
Faced with initial success, the team has since expressed enthusiasm for their token launch, which takes place on November 16, with announcements including the release of their NFT ticket platform and niche marketplace to be built after this event. In fact, users expect at the end of 1. quarter 2022 that the NFT ticket platform is set for real-life testing.
Although Centaurify’s plan is to start in the music industry, the idea of disrupting other industries, including sports and other entertainment, is not off the table.
Disclaimer. Cointelegraph does not endorse any content or product on this site. While we aim to provide you with all the important information that we could get, readers should do their own research before taking any action related to the company and bear full responsibility for their decisions, nor can this article be considered investment advice.