Art Blocks, CoinDesk Launches Microcosms for Supercharging IRL Events Using NFTs
The latest update coming from the crypto industry says that a new product called Microcosms, developed by the blockchain-based art platform Art Blocks and the New York-based cryptocurrency news site CoinDesk aims to boost in-person events using Non-Fungible Tokens (NFTs).
According to the report, the live events sector has seen substantial expansion in recent years, and by 2028, it is estimated to generate $1.55 trillion in sales. All significant event categories—from sports and music to conferences and business events—are expected to rise.
After gathering information from different industry experts on this development, it was gathered that a new paradigm was established with the merger of Ticketmaster and Live Nation in 2010, where bigger influential organizations have significant influence over everything, from ticket access and venue bookings to merchandise rights. Due to this consolidation, small event managers now find it more challenging than ever to compete in the market.
Some experts believe that by giving event managers a new tool to engage guests and monetize their events, Microcosms aims to level the playing field. It was also gathered that Microcosms enable event planners to generate distinctive digital assets linked to certain events, venues, or experiences by utilizing NFTs.
From the explanation given as to the workings of this new product, it is said that these NFTs can be applied in a number of ways, such as conferring VIP status, giving access to exclusive content or experiences, or permitting participants in a special event. Also, event organizers can add a new source of income to their operations by using Microcosms to offer limited edition goods or digital collectibles.
To maintain a consensus functionality, the producers of Microcosms: a product that gives every user a dynamic, rich event experience. While speaking to reporters, CoinDesk revealed that before they could come out with such innovative solutions, they had to form a collaboration with the best Web3 builders.
It was discovered that CoinDesk started exploring the Web3 space and its relationship with readers long before now. This is their first time bringing a web3 product into the public domain.
Snowfro, the founder of Art Blocks, said, “Microcosms is a strong tool that will assist event organizers in creating engaging experiences for their attendees while also opening new revenue streams for their business.” He further said that they are thrilled to work with CoinDesk to commercialize this technology and promote the expansion of the live events market.
The Market Prospects
It was said that the success of Art Blocks’ current platform, which enables artists to produce one-of-a-kind NFTs sold through auctions or fixed-price sales, forms the foundation for Microcosms. Some of these NFTs have sold for millions of dollars and are becoming increasingly well-liked in the art world.
In a report published on CoinDesk, the business has been a leader in reporting on the development of NFTs, which have gained popularity for producers and artists to monetize their digital property.
According to Kevin Worth: the CoinDesk CEO, while making a statement announcing the collaboration, he was quoted saying, “we are excited to be partnering with Art Blocks to bring Microcosms to market. We think NFTs will be crucial for event producers to engage consumers and monetize their events as the live events sector expands.”
From investigations gathered, early users have already expressed interest in the technology, which is anticipated to be released in the upcoming months. Event organizers can use the platform to build unique NFTs related to certain experiences or events, giving them a competitive edge over more established rivals.
Meanwhile, analysts believe that technologies like Microcosms will become more crucial as the live events sector expands, enabling smaller event producers to compete with larger organizations. Event organizers may develop distinctive experiences that attract attendees and open up new revenue streams for their company by utilizing the potential of NFTs.
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