{"id":3032,"date":"2021-12-27T19:12:27","date_gmt":"2021-12-27T19:12:27","guid":{"rendered":"http:\/\/egrowonline.com\/?p=3032"},"modified":"2021-12-27T19:12:27","modified_gmt":"2021-12-27T19:12:27","slug":"concerts-in-the-metaverse-could-lead-to-a-new-wave-of-adoption-cointelegraph-magazine","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=3032","title":{"rendered":"Concerts in the Metaverse could lead to a new wave of adoption \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><strong>Colin Fitzpatrick is a Dubliner based in Dubai who turned a bad time during quarantine into a business that promises to bring your favorite artists to a metaverse near you. His company Animal Concerts, which launches in January, is in the process of signing world-class artists to perform in the decentralized worlds of the Metaverse.<\/strong><\/p>\n<p><span style=\"font-weight: 400\">Among the first to get the <a target=\"_blank\" href=\"https:\/\/animalconcerts.com\/\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">Animal Concerts<\/a> treatment was <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/List_of_awards_and_nominations_received_by_Future\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">Grammy-winning rapper Future<\/a>, who performed at an in-person Animal Concerts-themed Halloween party in Miami, which was filmed in such a way that it can later be broadcast in the Metaverse. In this startling new land, there are no COVID restrictions nor travel bans, and artists can sell NFT memorabilia to fans with little overhead, investment or middlemen.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Virtual concerts have already begun to appear, most notably Ariana Grande\u2019s October 2021 performance in Fortnite. Around 78 million Fortnite users attended Grande\u2019s show, with some commentators <a target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/paultassi\/2021\/08\/02\/ariana-grande-should-earn-a-fortune-from-her-fortnite-rift-tour-concert\/?sh=493b4fbe130b\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">speculating<\/a> that she was set to earn over $20 million from the virtual gig.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Travis Scott pulled in <\/span><a target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/paultassi\/2021\/08\/02\/ariana-grande-should-earn-a-fortune-from-her-fortnite-rift-tour-concert\/?sh=241a16da130b\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400\">$20 million<\/span><\/a><span style=\"font-weight: 400\"> for a Fortnite performance in 2020, and Ed Sheeran similarly took to the virtual stage of <\/span><a target=\"_blank\" href=\"https:\/\/www.thegamer.com\/ed-sheeran-pokemon-go-ariana-grande-fortnite\/\" class=\"broken_link\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400\">Pokemon Go<\/span><\/a><span style=\"font-weight: 400\"> in November 2021. When Swedish star Zara Larsson held a concert on Roblox, she earned seven figures for <\/span><a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/entertainment-arts-59163449\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400\">sales<\/span><\/a><span style=\"font-weight: 400\"> of \u201cin-game items like hats, backpacks and sunglasses\u201d which started at just $1.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Zara Larsson Roblox Launch Party Recap\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/FRa7ain_aPE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Fitzpatrick says that he is in the last stages of signing a concert with a top-100 Grammy-winning artist who I agree not to name. In preparing for the concert, she would \u201cgo into a green screen studio where she does our performance, and we record it and then we can essentially turn her into an avatar where she is properly in one of the decentralized blockchain-run worlds,\u201d he explains, regarding the process of concert digitalization.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Holding concerts in the Metaverse comes with a slew of advantages for artists, according to Fitzpatrick. Whereas streaming services like Spotify are reducing music revenues, Animal Concerts allows performers to earn 50% of the revenue from both ticket and NFT sales. With celebrities benefiting directly, they have a big incentive to entice their fans into the Metaverse, where many of them will encounter blockchain for the first time.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<figure id=\"attachment_10184\" aria-describedby=\"caption-attachment-10184\" style=\"width: 512px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-10184 size-full\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/unnamed-7.png\" alt=\"\" width=\"512\" height=\"382\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/unnamed-7.png 512w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/unnamed-7-300x224.png 300w\" \/><figcaption id=\"caption-attachment-10184\" class=\"wp-caption-text\">FUTURE performing at MAXIM\u2019s Halloween party in Miami in collaboration with Animal Concerts<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">A former DJ who has been passionate about music from a young age, Fitzpatrick points to a cupboard behind him where he keeps a box with \u201cticket stubs and flyers from gigs that I went to when I was in my youth.\u201d For him, they are priceless mementos of his formative experiences.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<h4>A changing industry<\/h4>\n<p><span style=\"font-weight: 400\">Just as the idea of a Metaverse powered by virtual reality (VR) was gaining steam along with the explosion of NFTs earlier this year, Fitzpatrick realized the two could be combined to offer solutions to a struggling music industry, which he says has seen declining revenues with countless concert tours canceled since the beginning of the pandemic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The platform will soon allow people at home to stream VR-augmented concerts live and experience them as an interactive event rather than as one-sided TV broadcasts. NFTs can be given out as Metaverse-age equivalents of the ticket stubs in Fitzpatrick\u2019s memory box.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<figure id=\"attachment_10471\" aria-describedby=\"caption-attachment-10471\" style=\"width: 568px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\" wp-image-10471\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick.jpg\" alt=\"Colin Fitzpatrick\" width=\"568\" height=\"320\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick.jpg 2570w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-300x169.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-1024x576.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-770x433.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-1536x864.jpg 1536w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-2048x1152.jpg 2048w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-750x422.jpg 750w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-1140x641.jpg 1140w\" \/><figcaption id=\"caption-attachment-10471\" class=\"wp-caption-text\">Colin Fitzpatrick sees the Metaverse as the ultimate touring destination.<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">\u201cWith 360-degree cameras on stage, you can use a VR headset to get an immersive experience \u2014 like you are dancing on stage with your favorite bands, from your living room anywhere in the world. We want to enable you to enjoy the concert with friends by seeing their avatars,\u201d he explains. The goal is to become the \u201cNetflix of live streaming concerts.\u201d<\/span><\/p>\n<blockquote class=\"pullquote align-center\">\n<p><span style=\"font-weight: 400\">\u201cThere\u2019s been a lot of very high profile concerts already in various different Metaverses\u201d.\u00a0<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Fitzpatrick explains that virtual concerts are desirable from the artist\u2019s perspective because they do not require travel and the number of viewers is not limited by venue size. There is naturally also an economic driver, as virtual venues do not demand the same amount of stagehands, security or other costly infrastructure, and also because the number of middlemen is reduced.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With the view that different scheduled events are happening in various virtual worlds, the idea of the Metaverse as a reality consisting of numerous intertwined virtual worlds is becoming increasingly current.<br \/><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Animal Concerts is honored to be working with 15-time GRAMMY Award winner <a target=\"_blank\" href=\"https:\/\/twitter.com\/aliciakeys?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">@aliciakeys<\/a> as she plays at her One Night Only event celebrating the launch of her new double album &#8220;KEYS&#8221;.<a target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/KEYS?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">#KEYS<\/a> <a target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/KEYSUnlocked?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">#KEYSUnlocked<\/a> <a target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/KeysOriginal?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">#KeysOriginal<\/a> <a target=\"_blank\" href=\"https:\/\/t.co\/YhzDPiPXiJ\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">pic.twitter.com\/YhzDPiPXiJ<\/a><\/p>\n<p>\u2014 Animal Concerts (@animalconcerts) <a target=\"_blank\" href=\"https:\/\/twitter.com\/animalconcerts\/status\/1471520936067174401?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">December 16, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">What these metaverses have in common, whether games like Roblox or blockchain worlds like Decentraland, is that \u201cthey have a huge user base and they\u2019re going to be selling digital assets in one way or another,\u201d Fitzpatrick says. While most centralized worlds will require a user account, decentralized worlds allow access via wallet software, such as MetaMask. The major difference between centralized and decentralized worlds is their interoperability \u2014 items purchased in Pokemon Go cannot be transferred to Roblox, whereas NFTs can be displayed in a large number of different decentralized virtual worlds.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cToday\u2019s kids are used to purchasing skins \u2014 digital assets in games. It\u2019s a very simple step for them to look to purchase NFTs released by their favorite musicians,\u201d Fitzpatrick says.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The need for a wallet can be a barrier for those who are new to crypto, Fitzpatrick admits. Similar to <\/span><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/2021\/02\/16\/nft-artist-beeples-mammoth-5040-day-artwork\" data-wpel-link=\"internal\" rel=\"noopener\"><span style=\"font-weight: 400\">Beeple, <\/span><\/a><span style=\"font-weight: 400\">who wanted to make sure his NFTs can be purchased by credit card, Fitzpatrick sees a future where virtual concert-goers have the option to \u201cgo to a website, putting in the credit card details and purchasing tickets and then purchase an NFT without worrying about a cryptocurrency.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400\">In many cases, these NFTs could be combined with physical memorabilia, such as an NFT and a physical copy of handwritten lyrics by the artist. They might also be combined with virtual meet and greets \u2014 specifics are largely up to the artists.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<h4>Dublin to Dubai<\/h4>\n<p><span style=\"font-weight: 400\">Fitzpatrick, 41, began on his path in 1999 when he began studying business management at Portobello Institute in his native Ireland. He immediately began doing freelance web design work, soon expanding to DJing and working as a nightclub organizer.\u00a0 \u201cI used to organize club nights and do festivals,\u201d he recounts of his younger days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He chose the corporate path upon graduation, joining Dell as a relationship manager in 2002, and in 2006 took an enterprise sales job with Oracle where he spent five years until 2011. After about two years with Salesforce and HubSpot, Fitzpatrick returned to Oracle for seven years, which saw him rise through the ranks from a sales strategy manager to a leadership position in the \u201cMulti-Cloud Ecosystem\u201d unit, with the latter promotion taking him from Dublin to Dubai \u201cto build new business here for them\u201d in late 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Fitzpatrick discovered Bitcoin at around $100 in 2013, but he was \u201csadly persuaded out of it by a friend,\u201d he recalls. He got back in the game in late 2016, however, becoming \u201ca full convert\u201d when the concept of blockchain clicked for him. Soon enough, he started chatting with another employee at Oracle who was interested in crypto, and \u201cthen we found someone else,\u201d and it started to \u201cspread like wildfire,\u201d he recounts with a laugh.<\/span><\/p>\n<blockquote class=\"pullquote align-center\">\n<p><span style=\"font-weight: 400\">\u201cFast forward a couple of months \u2014 halfway through 2017, there was more cryptocurrency trading being done in the office than there was selling Oracle software!\u201d<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Spending much of his time researching cryptocurrencies, he \u201cwanted to go work for a blockchain company, but there was nothing in Dublin,\u201d and \u201cvirtual jobs\u201d were not as common as they are post-COVID, he explains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">COVID wreaked havoc on Oracle. The company, despite having recently moved Fitzpatrick, an employee of 13 years, to a new country, \u201cmade me redundant smack bang in the middle of COVID, which absolutely sucked \u2014 it was just when the lockdown started,\u201d he recalls with a hint of shade. \u201cI was in big trouble\u201d as almost no companies were hiring at the time, but Fitzpatrick managed to find work as a director of business development with Eastnets, \u201ca local company who do payments and software compliance.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">A year in, however, he quit. It was time to strike his own path as an entrepreneur.\u00a0<\/span><\/p>\n<h4>Fan tokens for music<\/h4>\n<p><span style=\"font-weight: 400\">Fitzpatrick says that the average Animal Concert will cost between $10 and $30 to attend, with tickets available on sites like Ticketmaster as if for any event taking place in the \u201cmeatspace,\u201d as some Metaverse proponents humorously like to call the physical world. Those purchasing tickets with Animal\u2019s native token will receive discounts, \u201cso if you want to buy with our token, it will be cheaper, so that\u2019s an incentive to use our native token,\u201d he adds.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">There\u2019s always a token, of course, and the Animal token will also function as a governance token, allowing fans and artists to engage in interesting new ways, such as by \u201cvoting on which songs artists will play or what outfit they will wear.\u201d Fitzpatrick believes that a highly engaged fan base is \u201csticky,\u201d and will attend numerous concerts while purchasing artists\u2019 NFTs. Those staking the token will be eligible for \u201cfirst access to the hottest NFT drops, or you get free tickets to future concerts,\u201d he adds.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This model can be compared to the <\/span><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\" data-wpel-link=\"internal\" rel=\"noopener\"><span style=\"font-weight: 400\">fan token phenomenon<\/span><\/a><span style=\"font-weight: 400\">, of which Socios is the market leader. Socios has a tradeable native token which comes with various utility functions, and the fan tokens created by the firm for different sports teams gather more chatter from fans who seem to view them as akin to investments in their favorite teams. Such tokens can also provide sports clubs with massive liquidity, as they can slowly release them as fans open their wallets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Could Animal become the Socios of music?<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe have a plan to create a token for each artist,\u201d Fitzpatrick responds, explaining that each artist has a group of very loyal fans who would be sure to be interested in holding tokens based on their idol. Looking through the lens of NFTs, which are <\/span><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/13\/fidenza-tyler-hobbs-wrote-a-program-to-make-art-that-is-now-worth-millions\" data-wpel-link=\"internal\" rel=\"noopener\"><span style=\"font-weight: 400\">non-fungible tokens<\/span><\/a><span style=\"font-weight: 400\"> that cannot be subdivided, a fungible token can be imagined as a single, fractionalized NFT which represents the name, idea, or concept it pertains to.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As such, \u201cAriana Grande Token\u201d could quite possibly be expected to rise in value in relation to her star power, and investing in the coin of an emerging artist could prove fruitful. Just as with Socios-created sports tokens, music fan tokens could, in the future, function as a sort of quasi-share of the artist.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Star power is sure to have a big impact on any future tokens, as Fitzpatrick agrees that fans \u201cwon\u2019t necessarily care about the Animal Token, but they would care about the Ariana Grande Token.\u201d<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/12\/27\/vr-animal-concerts-metaverse-lead-next-wave-crypto-adoption\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colin Fitzpatrick is a Dubliner based in Dubai who turned a bad time during quarantine into a business that promises to bring your favorite artists to a metaverse near you. His company Animal Concerts, which launches in January, is in the process of signing world-class artists to perform in the decentralized worlds of the Metaverse. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[1157,68,2610,877,69,67,1366],"class_list":["post-3032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-adoption","tag-cointelegraph","tag-concerts","tag-lead","tag-magazine","tag-metaverse","tag-wave"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/magazine-Colin-Fitzpatrick-scaled.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3032"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3032\/revisions"}],"predecessor-version":[{"id":3034,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3032\/revisions\/3034"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/3033"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3032"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}