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BeatBind

Erwin Crypto - 8:30 AM

 


BeatBind aims to be the long-awaited platform for music event organizations, with BBND being the cryptocurrency token used for all of its transactions. The state of the music program industry today is highly fragmented, each person's individual network limiting their reach. The internet proves that is not what the world needs to operate on - as other industries move towards open digital solutions, the music events industry is lagging far behind. Scalping and ticket fakes steal value from organizers, and the industry's lack of data collection and collection makes revenue predictions inaccurate, which in turn puts events at risk of becoming a venture - harming artists, venues and fans equally.

BeatBind aims to solve these problems one by one through the development of the Platform and the wider ecosystem. The main idea is to enable all participants in the event organization's ecosystem to connect and interact efficiently. We will take advantage of the high demand for the best artists, organizers and venues and significantly increase their rates using a variety of auction models. BeatBind will provide more opportunities for new artists both locally and globally. In addition, fans can purchase tickets directly from the organizers of all events created on BeatBind, preventing fraud, counterfeiting and scalping of tickets. The new freebies of a market like this will include the creation of a variety of events, from concerts and festivals to exclusive private parties. As the Platform scales, the barriers to entry will be significantly lowered for all parties. And finally, BBND as the official token will capture most of that new value, which will be created for the first time in the world on BeatBind.

PROBLEMS FACING THE INDUSTRY

"Humanity has an agricultural revolution, an industrial revolution, and now this third revolution, an information revolution."

―Masayoshi Son, CEO @ SoftBank, the 2nd richest person in Japan

Common practice that is commonplace in other industries is still missing in the music event industry, despite its worldwide revenue of $ 30 billion in 2018.

More than 375 million active fans create truly worldwide music events. Revenues of $ 30 billion are expected to increase by 10% annually over the next 5 years. Despite this growth and popularity, music shows reveal a very chaotic ecosystem: slow and manual negotiations are the norm, not the exception among event organizers; where it is widely accepted that ticket brokers and counterfeiters steal half of all income; where outreach and revenue projections are no more precise than forecasts due to lack of data; Where fans are disengaged, ignored, and helpless.

  • Venues and artists are limited in ways they can reach each other, access to opportunities for both sides being inefficient and segregated
  • Scalpers and ticket forgers make as much as artists and organizers who create events, amounting to $8 billion per year in lost value
  • Event organizers have no empirical data about their fans' preferences, trends, and wishes, making every event a highly risky venture
  • Fans lack event-oriented engagements such as dating, socializing, surveying, voting, and many others.

All these problems and more remain unaddressed. BeatBind is the first significant attempt at digitalizing and streamlining the music organization process since the birth of the nightlife culture. Through our approach, we aim to connect three key players in music events: venue owners, performers and fans. Our innovative solution will be supported with BBND - a universal cryptocurrency token for the music industry.

To see a relevant parallel to BeatBind can achieve, let's briefly look at the world of private equity, where our co-founder Bosko Gasic pioneered a business model for a liquid market for restricted and non-public companies.

This was exactly the type of market where deals were done haphazardly and opportunities were limited to one’s own connections. The business model was eventually launched by SecondMarket, a company which provided an open marketplace for private equity and restricted stocks and was eventually sold to NASDAQ under the name NASDAQ Private Market. Success came by creating a solution for a market in which all parties had an intrinsic need for exchange and cooperation.

That's exactly the type of change BeatBind brings to the music events ecosystem.

BeatBind platform

BeatBind is a long overdue industry platform for music event organization.

We are developing a multi-stage business, each level standing above the other, to tackle each of the 4 industry-prevailing problems:

  • BeatBidder: A platform for connecting venues, DJs, artists and all other parties involved in the process of organizing a music event. We connect DJs, artists, venue owners and everyone involved in the music event organization process to provide all with the best possible opportunity. By leveraging the auction system, we seek to both increase revenue for DJs and the most popular venues, while large market size cuts costs and lowers entry barriers for nearly everyone who takes part in producing music events. BeatBind also counts promotion, sponsorship, and organizational outsourcing of events among the services that the platform is ultimately interchangeable with.

  • BeatBuy: Ticketing will be a default feature of any event created on BeatBind, which will be immediately sold and offered to our fan base, thereby massively reducing entry barriers. This prevents ticket scalping, counterfeiting, and a secondary market boost that steals $ 8 billion annually from event creators. BeatBuy will eliminate this problem and put the money back in the pockets of artists, organizers, and all the businesses that actually create experiences.

  • BeatX: The app gives fans the leverage they need to shape even those attending, and experience oriented events like dating. Fans will have access to the news feed and will be involved in a variety of ways to help organizers better shape events that are attended by the same fans. To ensure the integrity of all transactions And to protect all parties, we plan to introduce a strict escrow protocol for refunds in the event of a failed transaction and dispute resolution.

  • BeatAI: Provides revenue projections and other heuristics that help all platform users decide who to hire, where to appear, etc. Our platform will use machine learning to generate revenue estimates to help you justify decisions in any part of the music event organization process. This will greatly reduce the risk and spur even more growth. We believe this is just a step the industry needs to take to get out of the darkness caused by a lack of data, and make better decisions.

Next we will discuss some of the many planned features of our platform, and the benefits that BeatBind brings with each one.

BeatX Crowdfunding for Event Fans Mobile App

“We see our customers as invited guests to parties, and we are the hosts. It's our job every day to make every important aspect of the customer experience just a little bit better. "

The BeatBind Mobile App will help fans find out what their favorite artists and places have for them. They will immediately become interested in ticket sales, events or updates that are relevant to them. But BeatBind offers more than just buying tickets: they'll be able to access a lot more value in terms of offers for backstage access to artists.

Performers can even auction off concert-related memorabilia for fans.

There's also the power to be a BeatBind fan - you'll have the exclusive right to choose pre-concert music programs, and even choose to reduce artist compensation for poor performance. Every avid concert goer has at least one disappointment of the experience, where a drunken singer drunkenly mumbles one song before breaking into the crowd and disrespecting his fans - but not BeatBind fans. Our fanbase will be able to express their dissatisfaction in cases like this, through a voting process that will make the artist only partially compensated if he doesn't live up to the expectations of his audience. That's how fans can determine, to what extent, how much a player is paid for.

All of this brings up a lot of potential for an integrated experience during a music event. Imagine there is a song you want to hear at a concert, and you have the ability to express what you want at that time. You can bid any amount of money or BEAT tokens for the song. Then other fans will also bid more, but on a different song, start a competition with you. Finally, the DJ will see what song won the contest on his mobile app - and play it for you. Next, you make eye contact with someone but are unable to talk or exchange contact because of loud music, or crowds. you can do it send that person a digital wink in real time - or better yet, the next day check the profiles of people who have attended the event using BeatBind, and exchange contacts with people you know but can't be approached at the event.

By introducing integrated experiences, we were able to permanently change the look and feel of the industry, allowing people to experience live music like never before.

Technology

"Any sufficiently advanced technology is indistinguishable from magic."

BeatBind uses a blend of both bleeding-edge and battle-tested technologies to bring superior performance and flexibility to every part of its ecosystem. BBND will be implemented as an ERC20 Standard Token on the Ethereum blockchain network. Similarly, other Smart Contracts necessary for the working of BeatBind will be implemented on Ethereum, and will enjoy the full security of its blockchain.

This gives the following properties to all the transactions on the BeatBind Platform:

  • Security, because every transaction on the blockchain is secured with the latest cryptographic protocols
  • Transparency, because every transaction on the blockchain can be accessed and verified by anyone
  • Immutability, because every transaction on the blockchain is permanent, and no one party has the authority to change history.

Thus all transactions on our Platform will be open, crawlable and verified. This will be accomplished via the BeatBind transaction explorer. This will be done based on the current blockchain explorer, but more personalized for one's BeatBind account, and much more accessible from a UX point of view. BeatX will extract all necessary data when interacting with our Smart Contracts on Ethereum, so that anyone can confirm that any offer or transaction of the Platform is transparent and irreversible.

That doesn't mean the bids or transactions on BeatBind will be slow, as would usually be the case with technologies that provide the above properties. Quite the reverse: they will be completed much faster than any current blockchain can process them. This is due to BeatBidder Engine - our own custom bidding engine for open English auctions, specially designed for the needs of the music events ecosystem. Every interaction in the ecosystem will be processed at record speeds with BeatBidder, ensuring the highest reliability. Aggregates of all transactions will be eventually synced with the blockchain layer, in order to provide the above mentioned properties.

  1. Fixed price offers, where services are offered at a constant rate
  2. Open English auction, where services' market value is raised in a public bidding war
  3. Sealed Dutch auction, where everyone can send a private offer, and has no knowledge of other offers

All three negotiation forms that our technology offers are there to help utilize every ounce of potential available on the market in order to create value. The clients will be able to freely alternate between auction types as they are introduced onto the platform.

Concerning fixed price offers, the user will be able to choose from all the offers presented within a designated period of time - as all offers are equal monetarily, you will be able to completely focus on other factors of relevance, such as venue location and reputation, artist portfolio etc. For open English auctions, there will also be an option to reserve the
service immediately, which will cost a multiple of the starting price, and also represents a cap to the bidding process. We are strictly opposed to any form of penny auctions, and all auctions on BeatBind will include reasonable minimum increments, and fees will only be paid by the party which wins the auction. Dutch blind auctions will also be an eventual
option, perfect for leveraging situations where there is less consensus as to the value of an offered service. All bids made on the Platform will be legally binding as per our Terms of Service.

BBND Token

BBND token will be offered to the public in an IEO in Q2 2021


  • Marketing: Both organic and promotional activities aimed at boosting word of mouth and brand awareness

  • Development: Platform architecture, infrastructure, scalability, and iterative improvement

  • Research: technology innovation, business development analysis, and market research

  • Partnerships: Incentivizing big early adopters such as large venues, celebrity musicians, and promoters Legal: administrative and incorporation expenses, legal representation.

  • General Expenses: Equipment & office costs.

BBND Sale

BBND token will be offered to the public in an IEO in Q2 2021


For more information about this project you can see it below:

AUTHOR

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