Concerts in the Metaverse could lead to a new wave of adoption – Cointelegraph Magazine


Colin
Fitzpatrick
is
a
Dubliner
based
in
Dubai
who
turned
a
bad
time
during
quarantine
into
a
business
that
promises
to
bring
your
favorite
artists
to
a
metaverse
near
you.
His
company
Animal
Concerts,
which
launches
in
January,
is
in
the
process
of
signing
world-class
artists
to
perform
in
the
decentralized
worlds
of
the
Metaverse.


Among
the
first
to
get
the

Animal
Concerts

treatment
was

Grammy-winning
rapper
Future
,
who
performed
at
an
in-person
Animal
Concerts-themed
Halloween
party
in
Miami,
which
was
filmed
in
such
a
way
that
it
can
later
be
broadcast
in
the
Metaverse.
In
this
startling
new
land,
there
are
no
COVID
restrictions
nor
travel
bans,
and
artists
can
sell
NFT
memorabilia
to
fans
with
little
overhead,
investment
or
middlemen. 


Virtual
concerts
have
already
begun
to
appear,
most
notably
Ariana
Grande’s
October
2021
performance
in
Fortnite.
Around
78
million
Fortnite
users
attended
Grande’s
show,
with
some
commentators

speculating

that
she
was
set
to
earn
over
$20
million
from
the
virtual
gig.


Travis
Scott
pulled
in



$20
million


for
a
Fortnite
performance
in
2020,
and
Ed
Sheeran
similarly
took
to
the
virtual
stage
of



Pokemon
Go


in
November
2021.
When
Swedish
star
Zara
Larsson
held
a
concert
on
Roblox,
she
earned
seven
figures
for



sales


of
“in-game
items
like
hats,
backpacks
and
sunglasses”
which
started
at
just
$1.


When
we
speak,
Fitzpatrick
says
that
he
is
in
the
last
stages
of
signing
a
concert
with
a
top-100
Grammy-winning
artist.
This
turns
out
to
be
Alicia
Keys
and
Animal
Concerts
participated
in
an
exclusive
private
event
where
Alicia
announced
her
new
album
KEYS,
with
more
details
on
the
collaboration
to
come
in
quarter
one.


In
preparing
for
the
concert,
she
would
“go
into
a
green
screen
studio
where
she
does
our
performance,
and
we
record
it
and
then
we
can
essentially
turn
her
into
an
avatar
where
she
is
properly
in
one
of
the
decentralized
blockchain-run
worlds,”
he
explains,
regarding
the
process
of
concert
digitalization.


Holding
concerts
in
the
Metaverse
comes
with
a
slew
of
advantages
for
artists,
according
to
Fitzpatrick.
Whereas
streaming
services
like
Spotify
are
reducing
music
revenues,
Animal
Concerts
allows
performers
to
earn
50%
of
the
revenue
from
both
ticket
and
NFT
sales.
With
celebrities
benefiting
directly,
they
have
a
big
incentive
to
entice
their
fans
into
the
Metaverse,
where
many
of
them
will
encounter
blockchain
for
the
first
time.

FUTURE
performing
at
MAXIM’s
Halloween
party
in
Miami
in
collaboration
with
Animal
Concerts


A
former
DJ
who
has
been
passionate
about
music
from
a
young
age,
Fitzpatrick
points
to
a
cupboard
behind
him
where
he
keeps
a
box
with
“ticket
stubs
and
flyers
from
gigs
that
I
went
to
when
I
was
in
my
youth.”
For
him,
they
are
priceless
mementos
of
his
formative
experiences.

A
changing
industry


Just
as
the
idea
of
a
Metaverse
powered
by
virtual
reality
(VR)
was
gaining
steam
along
with
the
explosion
of
NFTs
earlier
this
year,
Fitzpatrick
realized
the
two
could
be
combined
to
offer
solutions
to
a
struggling
music
industry,
which
he
says
has
seen
declining
revenues
with
countless
concert
tours
canceled
since
the
beginning
of
the
pandemic. 


The
platform
will
soon
allow
people
at
home
to
stream
VR-augmented
concerts
live
and
experience
them
as
an
interactive
event
rather
than
as
one-sided
TV
broadcasts.
NFTs
can
be
given
out
as
Metaverse-age
equivalents
of
the
ticket
stubs
in
Fitzpatrick’s
memory
box. 

Colin Fitzpatrick
Colin
Fitzpatrick
sees
the
Metaverse
as
the
ultimate
touring
destination.


“With
360-degree
cameras
on
stage,
you
can
use
a
VR
headset
to
get
an
immersive
experience

like
you
are
dancing
on
stage
with
your
favorite
bands,
from
your
living
room
anywhere
in
the
world.
We
want
to
enable
you
to
enjoy
the
concert
with
friends
by
seeing
their
avatars,”
he
explains.
The
goal
is
to
become
the
“Netflix
of
live
streaming
concerts.”


“There’s
been
a
lot
of
very
high
profile
concerts
already
in
various
different
Metaverses”. 


Fitzpatrick
explains
that
virtual
concerts
are
desirable
from
the
artist’s
perspective
because
they
do
not
require
travel
and
the
number
of
viewers
is
not
limited
by
venue
size.
There
is
naturally
also
an
economic
driver,
as
virtual
venues
do
not
demand
the
same
amount
of
stagehands,
security
or
other
costly
infrastructure,
and
also
because
the
number
of
middlemen
is
reduced. 


With
the
view
that
different
scheduled
events
are
happening
in
various
virtual
worlds,
the
idea
of
the
Metaverse
as
a
reality
consisting
of
numerous
intertwined
virtual
worlds
is
becoming
increasingly
current.


What
these
metaverses
have
in
common,
whether
games
like
Roblox
or
blockchain
worlds
like
Decentraland,
is
that
“they
have
a
huge
user
base
and
they’re
going
to
be
selling
digital
assets
in
one
way
or
another,”
Fitzpatrick
says.
While
most
centralized
worlds
will
require
a
user
account,
decentralized
worlds
allow
access
via
wallet
software,
such
as
MetaMask.
The
major
difference
between
centralized
and
decentralized
worlds
is
their
interoperability

items
purchased
in
Pokemon
Go
cannot
be
transferred
to
Roblox,
whereas
NFTs
can
be
displayed
in
a
large
number
of
different
decentralized
virtual
worlds.


“Today’s
kids
are
used
to
purchasing
skins

digital
assets
in
games.
It’s
a
very
simple
step
for
them
to
look
to
purchase
NFTs
released
by
their
favorite
musicians,”
Fitzpatrick
says.


The
need
for
a
wallet
can
be
a
barrier
for
those
who
are
new
to
crypto,
Fitzpatrick
admits.
Similar
to



Beeple,


who
wanted
to
make
sure
his
NFTs
can
be
purchased
by
credit
card,
Fitzpatrick
sees
a
future
where
virtual
concert-goers
have
the
option
to
“go
to
a
website,
putting
in
the
credit
card
details
and
purchasing
tickets
and
then
purchase
an
NFT
without
worrying
about
a
cryptocurrency.”


In
many
cases,
these
NFTs
could
be
combined
with
physical
memorabilia,
such
as
an
NFT
and
a
physical
copy
of
handwritten
lyrics
by
the
artist.
They
might
also
be
combined
with
virtual
meet
and
greets

specifics
are
largely
up
to
the
artists.

Dublin
to
Dubai


Fitzpatrick,
41,
began
on
his
path
in
1999
when
he
began
studying
business
management
at
Portobello
Institute
in
his
native
Ireland.
He
immediately
began
doing
freelance
web
design
work,
soon
expanding
to
DJing
and
working
as
a
nightclub
organizer. 
“I
used
to
organize
club
nights
and
do
festivals,”
he
recounts
of
his
younger
days.


He
chose
the
corporate
path
upon
graduation,
joining
Dell
as
a
relationship
manager
in
2002,
and
in
2006
took
an
enterprise
sales
job
with
Oracle
where
he
spent
five
years
until
2011.
After
about
two
years
with
Salesforce
and
HubSpot,
Fitzpatrick
returned
to
Oracle
for
seven
years,
which
saw
him
rise
through
the
ranks
from
a
sales
strategy
manager
to
a
leadership
position
in
the
“Multi-Cloud
Ecosystem”
unit,
with
the
latter
promotion
taking
him
from
Dublin
to
Dubai
“to
build
new
business
here
for
them”
in
late
2018.


Fitzpatrick
discovered
Bitcoin
at
around
$100
in
2013,
but
he
was
“sadly
persuaded
out
of
it
by
a
friend,”
he
recalls.
He
got
back
in
the
game
in
late
2016,
however,
becoming
“a
full
convert”
when
the
concept
of
blockchain
clicked
for
him.
Soon
enough,
he
started
chatting
with
another
employee
at
Oracle
who
was
interested
in
crypto,
and
“then
we
found
someone
else,”
and
it
started
to
“spread
like
wildfire,”
he
recounts
with
a
laugh.


“Fast
forward
a
couple
of
months

halfway
through
2017,
there
was
more
cryptocurrency
trading
being
done
in
the
office
than
there
was
selling
Oracle
software!”


Spending
much
of
his
time
researching
cryptocurrencies,
he
“wanted
to
go
work
for
a
blockchain
company,
but
there
was
nothing
in
Dublin,”
and
“virtual
jobs”
were
not
as
common
as
they
are
post-COVID,
he
explains. 


COVID
wreaked
havoc
on
Oracle.
The
company,
despite
having
recently
moved
Fitzpatrick,
an
employee
of
13
years,
to
a
new
country,
“made
me
redundant
smack
bang
in
the
middle
of
COVID,
which
absolutely
sucked

it
was
just
when
the
lockdown
started,”
he
recalls
with
a
hint
of
shade.
“I
was
in
big
trouble”
as
almost
no
companies
were
hiring
at
the
time,
but
Fitzpatrick
managed
to
find
work
as
a
director
of
business
development
with
Eastnets,
“a
local
company
who
do
payments
and
software
compliance.”


A
year
in,
however,
he
quit.
It
was
time
to
strike
his
own
path
as
an
entrepreneur. 

Fan
tokens
for
music


Fitzpatrick
says
that
the
average
Animal
Concert
will
cost
between
$10
and
$30
to
attend,
with
tickets
available
on
sites
like
Ticketmaster
as
if
for
any
event
taking
place
in
the
“meatspace,”
as
some
Metaverse
proponents
humorously
like
to
call
the
physical
world.
Those
purchasing
tickets
with
Animal’s
native
token
will
receive
discounts,
“so
if
you
want
to
buy
with
our
token,
it
will
be
cheaper,
so
that’s
an
incentive
to
use
our
native
token,”
he
adds. 


There’s
always
a
token,
of
course,
and
the
Animal
token
will
also
function
as
a
governance
token,
allowing
fans
and
artists
to
engage
in
interesting
new
ways,
such
as
by
“voting
on
which
songs
artists
will
play
or
what
outfit
they
will
wear.”
Fitzpatrick
believes
that
a
highly
engaged
fan
base
is
“sticky,”
and
will
attend
numerous
concerts
while
purchasing
artists’
NFTs.
Those
staking
the
token
will
be
eligible
for
“first
access
to
the
hottest
NFT
drops,
or
you
get
free
tickets
to
future
concerts,”
he
adds.


This
model
can
be
compared
to
the



fan
token
phenomenon
,
of
which
Socios
is
the
market
leader.
Socios
has
a
tradeable
native
token
which
comes
with
various
utility
functions,
and
the
fan
tokens
created
by
the
firm
for
different
sports
teams
gather
more
chatter
from
fans
who
seem
to
view
them
as
akin
to
investments
in
their
favorite
teams.
Such
tokens
can
also
provide
sports
clubs
with
massive
liquidity,
as
they
can
slowly
release
them
as
fans
open
their
wallets. 


Could
Animal
become
the
Socios
of
music?


“We
have
a
plan
to
create
a
token
for
each
artist,”
Fitzpatrick
responds,
explaining
that
each
artist
has
a
group
of
very
loyal
fans
who
would
be
sure
to
be
interested
in
holding
tokens
based
on
their
idol.
Looking
through
the
lens
of
NFTs,
which
are



non-fungible
tokens


that
cannot
be
subdivided,
a
fungible
token
can
be
imagined
as
a
single,
fractionalized
NFT
which
represents
the
name,
idea,
or
concept
it
pertains
to. 


As
such
a
hypothetical
“Ariana
Grande
Token”
could
quite
possibly
be
expected
to
rise
in
value
in
relation
to
her
star
power,
and
investing
in
the
coin
of
an
emerging
artist
could
prove
fruitful.
Just
as
with
Socios-created
sports
tokens,
music
fan
tokens
could,
in
the
future,
function
as
a
sort
of
quasi-share
of
the
artist.


Star
power
is
sure
to
have
a
big
impact
on
any
future
tokens,
as
Fitzpatrick
agrees
that
fans
“won’t
necessarily
care
about
the
Animal
Token,
but
they
would
care
about
the
Ariana
Grande
Token.”

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