The city of Berkeley is recognized for its openness to new developments. This is why the town was selected to host Our Music Festival, the pioneering music event driven by a digital currency. The event will occur at the Greek Theater at the University of California Berkeley
Our Music Festival is scheduled to take place on Saturday, October 20. As mentioned above, it will be held at the Greek Theater that can accommodate a maximum of 8,500 people. Notably, the festival will use its cryptocurrency token, called the OMF token. Attendees will use the token to acquire products, services and experiences within the event’s network. According to the theatre's website, the token will be usable for branded events and a wide range of services. Precisely, the token will open up endless opportunities for consumers, musicians and event organizers.
In addition to its on-site uses, the OMF token intends to develop a technology that will combat ticket inflation, scalping, counterfeiting and other vices affecting the music sector.
Several prominent musicians are exacted to grace the one-day event, including Big Sean, Zedd, Charlotte Lawrence, and Matt and Kim. So far, the event has already sold out 75% of the general admission tier tickets, as well as a third of the VIP tickets. Reportedly, the festival will have a dedicated space known as the ‘crypto corner' where attendees can interact with blockchain companies to acquire additional knowledge of digital assets.
Besides setting the industry precedent, the Our Music Festival will also act as a point of reference for other music events that intend to integrate a digital currency ecosystem. Presently, leading music festivals such as Bonnaroo and Coachella have not yet adopted crypto. Regardless, Indio, the home of Coachella, has an installed cryptocurrency ATM.
Lately, the culture of integrating crypto has been growing in the entertainment industry. In this year’s edition of the Burning Man Festival, a substantial amount of Bitcoin was involved. Though experimental, these methods are an indicator that the concept of cryptocurrencies is growing within the entertainment industry.
Blockchain technology has the potential to solve most of the challenges faced in the music sector. For instance, musicians will have increased control over their content. As a result, there has been an increase in the number of blockchain-driven music platforms.
In the future, the prevalence of crypto-powered music festivals is likely to increase. This is because cryptocurrencies epitomize the values on which music is built, such as innovativeness.