Applications for the blockchain technology keep growing and new innovations surface almost every day. After e-commerce and payments, airline and medical industries, the blockchain technology is now about to revolutionize music and festivals. At least, this is what SingularDTV, a “blockchain entertainment studio” based in San Francisco, California, aims to achieve. The company has already been actively promoting a tokenized entertainment industry and wishes to continue doing so with the launch of their own music festival.
The Our Music Festival (OMF) will take place in October 2018 in San Francisco and SingularDTV has recently announced the launch of its ticket sale. Boasting an impressive lineup that includes famous EDM artists Zedd and 3Lau, the technology behind it and the ecosystem are what makes this festival interesting.
The festival will have its own token, called the OMF token. It will rely on the ethereum blockchain and the total supply will be of 1 billion tokens. The first feature of the “first music festival powered by blockchain technology” will be the ticketing system. In order to purchase tickets, fans will have the option of paying in fiat, ethereum or the OMF token. The sale has started at the beginning of August 2018.
SingularDTV is also aiming to create a new fan experience, where individuals will be rewarded for their participation with tokens. In the long run, the company is also looking to involve fans in the decision-making process to make the festival truly decentralized, for the fans by the fans.
In its announcement, SingularDTV stated: “From a blockchain perspective, it’s all about proving the many ways in which blockchain can improve the fan experience.”
This initiative is very promising for the entertainment industry, the blockchain technology and the cryptocurrency space in general. It shows that companies are willing to adopt these newer innovations to solve existing problems and to improve the experience for paying customers. Will we see other music festivals follow the same path and adopt the blockchain technology in the future?
TLDR: The Our Music Festival, a blockchain powered music festival, has opened the sale of its tickets to the public. Customers can purchase them using the proprietary OMF token, ethereum, or fiat.