Croatian music fest launches NFT ticketing, aiming to become world’s first DAO festival
Circus Maximus is set to become the First DAO (Distributed Autonomous Organisation) approach festival in the world.
What exactly does that mean?
A DAO is based on rules encoded in smart contracts, which can be organised around common goals or interests. Most DAOs are – at least currently – focused on finances, but Circus Maximus is aiming to change that. One day, Circus Maximus plans to apply a smart contract to the festival budget. In effect, that means the community (in this case, music fans) will have the main say – about everything from venue location to performers, plus how and where the budget will be distributed.
As a first step on this ambitious journey, the festival has introduced a non-fungible token (NFT) ticketing system. Circus Maximus will issue transferrable NFT ticket tokens as a cryptographic token enabled by an ERC1155 smart contract on xDai chain (with prices determined by the Bezier bonding curve). After acquiring a ticket, festival-goes can check-in via an app to receive an NFT as a permanent digital record of their purchase. NFT ticketing also means ticket touts (and fake tickets) will be obsolete for the event. Instead, each ticket will be authentic and unique to the holder.
New technologies like crypto and approaches like DAO may well, one day, become the norm for events like music fests. Either way, Croatian-produced Circus Maximus is applying innovative methods that will certainly remain memorable in its field.
Circus Maximus will take place from August 8-13, 2021 with full COVID-19 measures in place.
Headliners include the likes of Da Tweekaz, Regard, Brennan Heart, Imanbek, and Harris & Ford.
The setting of the festival is beachside, open-air Noa Beach Club on Pag Island. The club features two stages and dance floors, 11 bars, and exclusive VIP areas with pools, local boat parties and more.
True to its name, the festival will have a circus theme.
Published By : Timeout