Decentralized live music marketplace Viberate, who wants to help musicians sell gigs to event organizers in exchange for cryptocurrency, recently hit another deadline in its roadmap, as it added 50,000 new music venue profiles, and over 200,000 event profiles to its database.
Viberate had previously announced its plans to map the entire global music industry, as it already had over 120,000 musician profiles at the time it announced venue profiles would be added. The marketplace was founded by a group of music executives who’ve been working in the industry for 15 years, and want to solve problems they’ve previously dealt with.
Viberate’s goal is to give every musician in the world a chance to sell gigs, while helping music fans and event organizers as well. Its founders and advisors, including Charlie Shrem, have recently been interviewed:
Viberate’s Vibe token
Viberate had previously announced a public crowdsale, in which Vibe tokens (Vibes) would be sold. The company has worked hard on giving these tokens beneficial uses, such as helping musicians get paid for their gigs.
As blockchain business development expert Peter Moricz put it, musicians without professional representation often get taken advantage of by club owners who don’t want to pay previously agreed-upon amounts if their night doesn’t go as well as planned. With the token, an escrow solution can be used through an Ethereum smart contract.
Moreover, Vibes won’t just be used by event organizers to pay for gigs, as its possible uses will also include rewarding users who help improve and grow the platform, and granting musicians access to premium industry contacts. Viberate currently has over 5,000 premium music industry contacts, including agents and managers, and Musicians who wish to contact them directly will have to pay a fee in Vibes.
Finally, a Google AdWords-like solution will be implemented, so musicians can buy premium positions on top of charts using Vibes, effectively allowing them to stand out. To increase its token’s value and liquidity, Viberate will use a portion of its revenue to buy back Vibes from the market.
Viberate recently hit another deadline, as venue and event profiles were set up before the company’s public crowdsale, according to its roadmap. The crowdsale is set to begin on September 5, and will end on October 4. A total of 120 million Vibes will be sold on the crowdsale, as developers aim to raise $12 million to help fund further development of their platform.
One Vibe token will initially be worth $0.1, and can only be purchased using Ethereum. To keep up with the project, follow Viberate on Facebook, Twitter, and join the discussion on their Slack channel.