Tokenization Introduces a new Dynamics to the Entertainment Industry

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The technological solution to the shortage in capacity of local arenas for hosting celebrity events is being stepped up to another level by the introduction of celebrity minted coins on the CEEK platform.

The virtual reality (VR) concept

Until this time, the global capacity problem at celebrity events, especially concerts where physical tickets are constantly sold out have been tackled by using the virtual reality (VR) technology. This system as offered by CEEK platform affords users the opportunity to experience the exact feel of live events, being able to connect emotionally with the actual environments.

Besides concerts, VR technology has been employed in more conventional areas like education, sports and gaming. However, this new innovation that combines VR and blockchain technology further opens up the industry for extended opportunities.

Multiple benefits of tokenization

By implementing the concept of tokenization, CEEK affords artists and celebrities the opportunity to “mint” their own coins which will be attached to specific contents. This enables the industry to indulge the global unlimited reach of blockchain technology, thus improving accessibility and opening up the revenue potential for artists and event organisers.

These celebrity minted coins and virtual objects can also gain their own inherent value inside of CEEK. For example if Ludacris issues a custom VIP virtual ticket for private party access to an exclusive event, the market demand for this event according to the total supply will dictate the ticket price and inherent value inside of CEEK VR. This is made possible by the transparent and trusted nature of the blockchain protocol.

Therefore, celebrities can also enjoy other benefits such as custom Coin or Virtual item creation in minutes without the regulatory “red tape” of an ICO. All coins and virtual items are handled by a monolithic smart contract that reduces the gas cost of these transactions by up to ten times.

A robust and effective network

The token will use the ECR20 adapter and will be Bancor smart tokens. This allows them to connect with the Bancor network. Also, A Bancor Token Converter can be launched for each smart token with a CEEK reserve using a configurable “weight”. Once the tokens are minted, the total number of custom tokens may fluctuate and the price will dynamically adjust based on market sentiment and demand.

This robust system therefore bring a multiple series of solutions to an industry that is growing at a very fast rate. Fans and followers are offered the opportunity to participate in events and follow their stars from any part of the world, while event creators and artists also find an opportunity to maximize the benefits of their works in terms of revenue and followership.

Blockchain technology and tokenization is indeed an innovation that is bound to disrupt industries and change the way things are done.