Good VIBes: How Can Blockchain Help Music Industry?

There is no doubt that blockchain has permeated through a number of various industries across the globe. However, innovators claim that the true essence of blockchain has barely scratched the surface. From finance to even banking & real estate, blockchain is now finding its way into a new industry; the music industry. One blockchain-based project, Viberate, is trying to ease the woes of the creators and their audiences. So what is Viberate and how does it work? Here’s everything you need to know along with a guide on how to buy Viberate with crypto.

What is Viberate Crypto?

What is Viberate Crypto?

Viberate is an Ethereum-based decentralized ecosystem for live music talent. Basically, it links artists, fans, event organizers, and talent management agencies all together on the same platform. Therefore, it’s both a Business-to-Business (B2B) and a Business-to-Consumer (B2C) marketplace.

To begin with, fans have the opportunity to look through the profile of musicians, see the dates of future concerts, purchase tickets, and receive other important information from the music industry. Simultaneously, event organizers have the opportunity to find artists and performers quickly. Artists and musicians, on the other hand, can have an inflow of standing orders.

Viberate recognizes that the music industry has been long dominated by a few management companies that control a vast majority of popular artists performing at prominent venues. At the same time, small artists are having difficulty getting recognition, therefore, failing to connect with venues that want their business.

Viberate (VIB)

How Does Viberate Work?

Viberate’s business model is multifaceted. As reiterated before, it’s both a B2B and a B2C marketplace. Therefore, it can be a little challenging to understand. However, we break down everything in this section.

B2C Model

  • Ticket Sales: Viberate intends to offer tickets for live concerts and festivals whereby fans can purchase tickets using crypto. The tickets are then sent to their wallets as tokens. Smart contracts are used to hold fees in escrow so that fans can get refunds if the event doesn’t happen. Additionally, reseller functionality is embedded into the smart contract, allowing tickets to be resold in case the original buyer can’t make it.
  • Crowdfund Performances: This functionality allows fans to crowdfund performances. Basically, fans can crowdfund to have their favorite artist come perform for them. To do this, they would have to stake VIB tokens until a particular threshold is met. If sufficient funds are raised, the artist performs and receives the share. If not, all those who donated receive a refund.

How Does Viberate Work?

B2B Model

  • Link Musicians with Event Organizers: Viberate plays a matching role between artists and event organizers. This enables any venue to locate and match with any artist, and vice versa. Payments are made in ETH or VIB, whereby smart contracts hold the artist’s funds in escrow. Viberate takes a booking commission out of the funds, however, at a lower rate.  
  • Link Industry Partners to PR and Artist Contacts: Those wishing to connect with artists for a business reason, will have to pay in VIB token or ETH for premium access.
  • Earn Rewards: All users on the platform can earn rewards from the VIB bounty pool. The rewards are based on what sort of activity is being conducted; registering for the service, referring friends, and maintenance of the database.

How Does Viberate Work?

Key Features of Viberate

  • Analytics: Viberate provides a lot of data that can help every user across the platform make profitable decisions. For instance, through music analytics, artists can get their tracks on the right radio stations & playlists. Managers can also measure promotional campaigns & track their rosters. Talent companies can scout for talent even faster. Good analytics simply save time & effort.
  • Compare Artists: Viberate monitors all major music and social channels (Spotify, Beatport, YouTube, Instagram, etc). Data covers every artist in the world. The platform then ranks, analyzes and updates this data on a daily basis. Therefore, you have the access to data that can help you compare a multitude of artists both locally & internationally.
  • Charts: Through Viberate, users can access unbiased and regularly updated charts ranking every label, festival, track, playlist, and artist all over the world.

Key Features of Viberate

Viberate Coin

Because Viberate is Ethereum-based, the Viberate coin is an ERC-20 token. There are currently about 198,135,000 VIBs in circulation with a supply of 200,000,000. The max supply is currently unknown. The current price of Viberate crypto stands at 0.02707336 USD. The coin ranks in position 1,160 on CoinMarketCap with a live market capitalization of $5,363,797 USD.

Viberate Roadmap

Viberate intends to roll out functionality in a series of stages. Initially, the company started in 2016 as a registry of DJs. However, by mid-2017, Viberate 2.0 launched after a venture funding of worth $440,000 USD. Later on, through a website, it raised over $10 million USD in venture funds. This allowed the creation of the booking agency & affiliate relationships with ticketing services. Future functionalities include the launch of the booking functionality along with the digital ticket booking platform.

Viberate Roadmap

How to Buy Viberate with Crypto?

If you are wondering how to buy Viberate, you came to the right place. Unfortunately, you can’t purchase VIB using fiat currency. Therefore, you will need to have cryptocurrency in your wallet before you can exchange it at Swapzone. Once you do have cryptocurrency inside your crypto wallet, simply head on to Swapzone and follow the following instructions to purchase VIB crypto:

  1. On the homepage, look for the “select pair” tab. In the “send” section, select the kind of crypto you wish to swap for VIB. Ensure that you specify the amount as well.
  2. In the “get up to” section, select Viberate cryptocurrency as the crypto that you wish to receive.
  3. Swapzone will automatically present you with a number of different exchange rate offers from several of its partners. You will notice that there is an option to filter out the results. Take your time and make the right choice.
  4. Once you find an offer that you want, simply click on it and hit “exchange”. This will trigger a new window to open asking you to fill out a few details such as your email address and a wallet in case of refunds.
  5. Once you’re done filling in this information, simply hit “proceed to exchange” to start the transaction.
  6. The Swapzone partner you selected will receive the transaction alert and begin to swap the cryptocurrencies for you. There might be a slight delay. This is normal. Be patient as the transaction finalizes.
  7. Once finalized, you will receive your Viberate coins at your wallet address. At this point, take a moment to rate the exchange partner. That’s it!

How to Buy Viberate with Crypto?