We’ve interviewed Sebastian Deyle, founder and CEO of ConcertVR, to find out more about a project that leverages Blockchain technology and virtual reality to disrupt the entertainment industry. ConcertVR is the first Blockchain based cross-platform marketplace for high-quality VR content where users can enjoy their favorite concerts in real-time or on demand from anywhere in the world, at any time. In the interview, we’ve tackled potential risks associated with ICOs, possible scenarios post-ICO, as well as best practices for listing tokens on an exchange.
OCC: Tell us a bit more about your company’s business model, what problem are you solving?
Sebastian: There are basically 3 reasons why people DON’T go to a concert although they would like to do so:
1. Tickets have already been sold out
2. The venue is too far away (Berlin – Sidney, for example)
3. They can’t afford to attend their favorite concerts
With ConcertVR we’re solving all of the above mentioned problems.
1. We can sell an unlimited amount of virtual tickets
2. Users can enjoy concerts live from the comfort of their own home
3. Tickets are way cheaper and they don’t have to travel, so anyone can afford it!
Basically, with ConcertVR it’s a win-win situation for both artists and fans. Artists can reach out to fans who normally wouldn’t be included on their tour, whereas fans can enjoy the performances of their favorite stars live on stage without limiting factors like, distance, money or sold out tickets and venues.
OCC: What suppliers are you in most need of, but cannot find in Berlin (Germany)?
Sebastian: Honestly – none! Berlin is pretty ideal when it comes to finding creative staff. We love working here and consider it as a great basis for the following years.
OCC: Do you offer tokens only when collaborating with suppliers?
Sebastian: No. In some cases you still have to use good old fiat money, I’m afraid :-). But most partners immediately see the huge potential of our token, and are therefore they’re fine with getting rewarded in our own currency.
OCC: Please name three risks associated with having an ICO.
Sebastian: There are millions of risks! If you want me to pick the top 3 I would probably go for:
1. The authorities of your country can change the rules at ANY point without prior warning. So we decided to approach them voluntarily from our side and work together with them. But still – there are no guarantees!
2. The crypto market has been going down constantly for the past 12 months – I would say we are one of the few ICOs that still sell tokens. Many Blockchain-based projects with an ICO have just given up. As easy as it might have been last year to raise money through an ICO, today you have to fight for every single dime.
3. Don’t underestimate the running costs. Setting up an ICO might be hard work, but to keep it running for over a year is even harder. We constantly have a team of about 30 people just making sure that each division is doing their job.
… and I would add a 4th risks, which is also my favorite:
4. Beware the scammers!! They get smarter with every day that goes by, and it’s sometimes really hard to separate the sheep from the goats.
OCC: What are the possible scenarios post-ICO? (the good and the bad)
Sebastian: Well, I would say post-ICO there will always be a bunch of people who try to sell their token immediately, so we expect the course to go down at the beginning. That’s normal. Right now, we’re working hard on different cooperations to guarantee exciting content on our platform. If we can succeed on that, our token will have a bright future ahead.
OCC: How can companies that launch an ICO make sure that their tokens get listed on an exchange? More than 80% of all ICOs never list their tokens on an exchange.
Sebastian: Well, getting listed is not the problem. We get offers from exchanges that want to list our token almost every day. It’s more about the quality of those exchanges. There are a bunch of exchanges with a huge order flow, and still are willing to list you for free – Token.Store is just one example. I think the times where it made sense to spent hundreds of thousands of dollars on a major exchange are over.
OCC: What other industries do you believe will be disrupted by Blockchain in the years to come?
Sebastian: Almost EVERY industry! The idea of decentralized data storing is clearly the future.
OCC: Please share with our readers your company’s plans for the future. What is your roadmap?
Sebastian: As I said, we are currently working hard on different cooperations to guarantee exciting content on our ConcertVR platform. If we can succeed on that, I think our token will have a bright future ahead.