Viberate Is a Live Music Marketplace Based Entirely on Cryptocurrency

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If you’re actively trading cryptocurrencies, you’ve probably heard of Viberate.  The company aims to build a live music ecosystem based entirely on blockchain and its home-grown cryptocurrency.

We’ve written about a number of music startups betting big on blockchain.  Well, here’s a company that thinks the entire live concert industry should be based on it.  So that’s what they’re building — and they’re paying an entire community in cryptocurrency to help them build it.

This all became very real back in September, when Viberate raised more than $10.7 million in an ICO crowdsale.  An ‘ICO’ stands for ‘initial coin offering,’ a process that loosely resembles an IPO or crowdfunding raise and can generate huge returns for a brand-new coin.

In this case, Viberate generated their windfall in less than 5 minutes, resulting in a serious new cryptocurrency (VIB) and music platform.

Now, Viberate is allocating more than $1 million worth of their own cryptocurrency to pay site contributors.  

Currently, the site has more than 150,000 band profiles, 60,000 venues, and 500,000 events, with contributors constantly updating and promoting the site.  The contributors are actually paid for their efforts in VIB.  All of which introduces a different type of ‘mining’.  “We’ve rolled out a mechanism which will allow our contributors to receive a reward for helping us grow,” said Vasja Veber, COO and cofounder of the company.

A different kind of ‘mining’.

Mining is a major part of the crypto world, though Viberate is putting an entirely different twist on things.  After its smashing ICO, Viberate has decided to inject 5,000 VIB tokens daily to people that contribute, promote, or otherwise help to grow the site.  Actually, those injections will happen over the next 2,000 days, leading to an estimated value of $1.2 million (USD).

The company has a list of all of the activities that are rewarded here.

The Viberate platform is focused on the entire live concert space.  Transactions are in global VIB tokens.

Additionally, Viberate is partnering with DMN to help spread the word and eventually bring this to the superstar, stadium level.  That includes broadening the concept further outside of Europe, and into markets like the Americas.

Prior to their ICO, Viberate had raised $1 million over two rounds.  The Slovenian company rallied a number of local investors, with an angel investor contributing $440,000 in a second round.  All in all, they’ve done a pretty good job raising a lot of cash — so now the focus has shifted more heavily to the platform.

Ultimately, the goal is to create an entirely decentralized marketplace for discovering, booking, and paying artists for live shows.  And that goes for every type of venue, gig, festival or event.

Accordingly, Viberate is now working on a few major rollouts.  Currently, the team is preparing to launch a dedicated section for booking agencies and event organizers.  Down the road, Viberate hopes to deliver more advanced ticketing and blockchain features, including executable ‘smart contracts’.

Currently, on VIB token is worth 0.28451 USD.  Though of course, that valuation could change dramatically — and enrich a lot of early believers.