Viberate

Viberate (VIB) is an ERC20 token that operates within a blockchain-based live music ecosystem and marketplace. It is designed to connect musicians with booking agencies and event organizers. The platform boasts a comprehensive database that includes profiles of over 300,000 artists, 2,000 booking agencies, 90,000 venues, and 500,000 events. Viberate aims to revolutionize the live music industry by leveraging blockchain technology to facilitate direct interactions between music industry stakeholders.

• Total Supply:

• The total supply of VIB tokens is capped at 200 million.

• Initial Allocation:

• Information on the initial allocation of VIB tokens is not provided.

• Purpose:

• The VIB token is used as the atomic unit within the Viberate ecosystem, fueling the growth and relevance of the service. It is used for transactions within the platform, such as booking musicians and purchasing tickets.

As of today #{today’s date}, the price of Viberate is ₹6.69 INR or 0.0772 USD, with a 24-hour trading volume of 3302459.73 USD. The market capitalisation for Viberate is 15514392.04USD. The circulating supply is 199995000 Viberate, with the total supply also being 200000000 Viberate.

Pros:

• Niche Market:

• Viberate targets the live music industry, providing a specialized marketplace for artists and event organizers.

• Comprehensive Database:

• With a large database of artists and music industry entities, Viberate offers extensive networking opportunities.

• Blockchain Technology:

• Utilizes blockchain for transparency and security in transactions.

• NFT Support:

• Artists can issue and manage NFTs within the ecosystem, offering new ways to connect with fans.

• Analytics Tools:

• Provides powerful analytics for industry professionals to create engaging fan interactions.

Cons:

• Market Competition:

• Faces competition from established booking and event management platforms.

• Adoption Rate:

• Success depends on widespread adoption by artists, venues, and event organizers.

• Regulatory Risks:

• As with all cryptocurrencies, there is a risk of regulatory changes affecting operations.

• Volatility:

• The price of VIB tokens, like other cryptocurrencies, can be highly volatile.

• Technology Dependence:

• Relies on the Ethereum blockchain, which may face scalability issues or network congestion.

• Specialized Solution:

• Viberate offers a unique solution tailored to the live music industry, which could see significant growth.

• Growing Database:

• The expanding database of industry contacts could become a valuable resource for networking and bookings.

• Blockchain Advantages:

• The use of blockchain technology ensures transparency and security in transactions, which could attract users.

• NFT Integration:

• The ability for artists to create and manage NFTs could open up new revenue streams.

• Data-Driven Insights:

• The platform’s analytics can help industry professionals make informed decisions, potentially leading to better market positioning.

• Industry-Specific Marketplace:

• Viberate is specifically designed for the live music industry, differentiating it from generalist marketplaces.

• Crowdsourced Data:

• The platform’s database is crowdsourced, which can lead to a more comprehensive and up-to-date collection of industry contacts.

• Blockchain-Based Transactions:

• Utilizing blockchain for transactions within the music industry is a relatively new concept, potentially offering a competitive edge.

Viberate aims to solve the problem of fragmentation in the live music industry by providing a unified platform where artists, booking agencies, venues, and event organizers can connect and transact directly, bypassing traditional intermediaries.

Matej Gregorcic (CEOr), Vasja Veber (COO), and Uros Umek are the co-founders of the Viberate ecosystem. The platform was launched on December 9, 2015.

The ICO for Viberate took place on 5th September 2017. The ICO token price was set at $0.1 USD per VIB token.

• Industry Adoption:

• The platform’s success is highly dependent on its adoption by the live music industry.

• Regulatory Uncertainty:

• Changes in cryptocurrency regulations could negatively impact the platform’s operations.

• Market Volatility:

• The value of VIB tokens may be subject to high volatility, which can lead to significant investment risk.

• Competition:

• There may be other platforms offering similar services, which could limit Viberate’s market share.

• Technological Risks:

• Any failure in the underlying blockchain technology could compromise the platform’s functionality.

The Viberate whitepaper outlines the vision and mechanics behind a crowdsourced live music ecosystem and blockchain-based marketplace. The platform is designed to address the inefficiencies and centralization in the live music industry, which has remained largely unchanged for decades. Viberate aims to disrupt this industry by providing a decentralized solution that empowers musicians, event organizers, and other stakeholders.

Abstract

Viberate introduces a platform that leverages the Ethereum blockchain and smart contracts to resolve longstanding issues in the live music industry, such as demand generation, pricing, negotiations, agreement execution, and payment processes. The platform’s foundation is a vast database of artist profiles, ranked by social media popularity, and includes a tokenized incentive program, a talent booking process, and a blockchain-based contract and payment system.

Mission Statement

The mission of Viberate is to offer equal opportunity for musicians to gain exposure, regardless of their status in the industry. The platform aims to provide good representation for musicians, ensuring they can focus on their art rather than the business aspects of the music industry.

Vision

Viberate’s vision is to revolutionize the presentation and booking of musicians by decentralizing the discovery and booking processes through blockchain technology. This approach aims to open the live music world to broader participation.

Problem

The live music industry is dominated by a few major talent agencies, leaving many musicians without proper representation and struggling with exposure, marketing, sales, networking, legal issues, and payment collection. Viberate seeks to create an entity that can represent these musicians effectively and safely.

The Viberate Platform

Viberate acts as an IMDB for live music, where profiles are ranked based on online popularity and are curated by the user community. The platform’s database includes musicians, venues, and events, and is constantly growing thanks to community contributions. Viberate’s decentralized nature keeps it up-to-date with music industry trends.

Community Contribution

Contributors to the Viberate platform are rewarded with VIB tokens for various actions, such as adding profiles, curating existing ones, and writing editorial content. The bounty pool for contributors is sourced from the ICO and is distributed daily.

Matching Musicians with Event Organizers

Event organizers can book musicians directly through Viberate, similar to how accommodations are booked on Airbnb. The platform lists both demand and supply in the live music market, serving as a sales channel for established acts and a showcase for unrepresented musicians. Smart contracts are used during the negotiation process to finalize booking details.

VIBBridge

VIBBridge is a solution that creates entities (tickets) in DTX from the Viberate platform and serves as a bridge between blockchain events and social media. It also enables fans to crowdfund the fee for performers they want to see, leveraging the power of a decentralized economy to bring musicians to overlooked markets.

Market Potential

The music industry has an annual turnover of approximately $250 billion USD, with live performances accounting for a third of this amount. There are about 50 million music events globally each year, and while represented artists make up a small fraction, millions of smaller artists are unrepresented. The addressable market for unrepresented artist fees is estimated at $35 billion per year.

Competition

Viberate’s competition comes from traditional booking agencies, as blockchain solutions in the music industry have focused on royalty collection rather than live music. As a talent marketplace, Viberate is unique in its blockchain-based approach to live music.

Allocation of Contributions

The whitepaper details the allocation of contributions for product development and marketing phases. For instance, 40% of contributions are intended for technical development costs, 15% for non-technical product development, and another 15% for database curation and support center setup. Marketing phases include direct sales, PR campaigns, and global ad campaigns to increase userbase and marketplace liquidity.

In summary, Viberate presents a comprehensive solution to the challenges faced by the live music industry, offering a decentralized platform that benefits all stakeholders and has the potential to significantly disrupt the current market dynamics.