ConcertVR Certification Report
A review of the http://concertvr.io website, white paper (WP) and encompassing information was conducted by the team from CryptoCentral.io (CC). This process is going to speed up the process of the ICO by becoming officially certified by the CC team, with our stamp of approval.
By being ICO certified, potential investors will have the confidence they need to know that the ICO information has been studied, and a thorough investigation into the ICO was conducted. By showing the stamp of ICO certified, it will give extra credibility to the team, and persuade investors to trust the team.
The investigation was conducted with utmost care and is understood to be above what the average investor would conduct during a due-diligence investigation. All information from the website, WP, and provided information is taken as true and factual.
We are living in the times where digital and real world are getting intertwined at a rapid pace. Concert VR is aiming to integrate blockchain technology along with virtual reality and build a cross-platform marketplace for music and entertainment content. By simply downloading the Concert VR app, one will be able to stream high quality VR content live from a concert any where in the world or also able to access the Concert VR content library. The fact that from the comfort of ones home, one would be able to watch 3D quality streaming on a VR headset with a 360 degree view of the concert, simply put, that is going to be epic. To add to this, there are going to be some amazing features such as 1-1 performances, backstage coverage, social media integration and so on. Users will be able to watch the stream on a VR device, or even watch it on a PC, laptop, smartphone or a tablet.
According to industry sources, the Virtual Reality hardware and software is projected to increase from USD 6.1 billion in 2016 to more than USD 215 billion by 2021. During the above-mentioned time period, the number of mobile virtual reality users worldwide is forecast to grow to more than 130 million users. As per industry sources, the concerts and festivals are expected to have generated approximately USD 1.1 billion in 2017 in Germany alone. The global expected revenue in 2017 is a staggering USD 8.8 billion with a year on year growth of 12% till year 2022.
However, the implementation of VR technology has some technical and financial challenges that need to be overcome before it can be implemented on a wider scale. The current infrastructure is lacking for wider adoption, as there are issues related to band with at the user’s end even in countries such as USA. Also, currently its only possible to stream lower resolution of videos over the HMD’s due to technical limitations.
The global concert and music industry has various challenges that Concert VR is aiming to tackle. Limited access due to fans not able to travel or live in metro cities and artists only performing in specific countries and regions also compound the issue. Cost of additional expenses such as travelling, boarding and lodging is also a deterrent for avid fans.
White Paper Review
The WP reviewed was Concert VR – Version: 1.4
White Paper is one of the most important aspects of an ICO. An effective White Paper should provide all the commercial, technological and financial details of the new coin offering in a clear, concise and professional manner. Considering the fact that all investors do not have technological prowess, all the relevant information should be put across in an easy to understand format. The idea is to provide a comprehensive, yet easy to understand document, that would convince the potential investor to go ahead and invest in the project.
The Concert VR’s WP is a well drafted document, with various sections providing a good sense of the vision of the project. The document provides relevant information about the concert and music industry and the challenges it faces currently. The information related to the VR industry’s market growth is also presented and discussed. The WP then discusses how the Concert VR platform aims to solve the issues facing the concert industry through live and on demand streaming of past events through the VR HMD’s and PC’s, laptops etc. The document scores well on providing graphs and charts for industry information and business model.
The business model is well documented and explained in detail with the pricing, sales allocation, sales forecast and profit and loss statement. The charts are also presented with figures of the industry and market participants. However, the document lacks any text based or diagrams and graphical representation of the how the Concert VR technology will function. Also, there is no mention and explanation of Ethereum’s smart contract technology that will have to be used. One of the major road blocks in the wider adoption of the VR technology is the need of excessive bandwidth and high internet speeds. These challenges can be overcome by exploiting of the latent capabilities of the peer to peer blockchain network. This is an important aspect that has been missed out as there is no explanation of how the blockchain technology will be used to overcome the technical roadblocks facing the VR space. The technical information gives the potential investors a better understanding and thus more confidence about the technical soundness of the project.
The team details with images and Linked In links are provided in the WP.
The White Paper provides all relevant information about the pre ICO and the main token sale. There is also a graph projecting the future token value. However, the projected future value should be based on calculations pertaining to the usage of the token on the platform as it is a utility token.
Business Key Products
The Concert VR is integrating blockchain and VR technology to build a cross platform marketplace for music and entertainment content.
This is an ambitious project, and one with a massive potential. With a little research, it becomes evident that the AR/VR space is ready to explode over the next few years, with projections worth billions of dollars over the course of next few years. The concert and music industry is also set for substantial growth in the future which bodes well for the envisioned platform.
There are substantial challenges going forward for wider adoption of the AR/VR technology, but we will discuss that in the SWOT analysis section.
By integrating blockchain and VR/AR technology, Concert VR’s platform is positioning itself for the expected boom in both the concert and virtual reality sectors. The Concert VR platform’s aim is to enable unlimited number of tickets for concerts and music festivals, thereby creating a significant value addition for the music industry as a whole. The Concert VR platform will provide various services for the users to choose from, such as monthly subscriptions, live concert streaming, on demand streaming and also single song streaming. The users who cannot afford to buy the tickets for concerts and festivals will be able to attend the event from their home though the various services available on the platform while keeping their costs to the minimum.
The business model is documented in the WP along with charts for the sales forecasts and the P&L forecasts.
However, the CVT token’s future price valuation depends on the tokens utility on its platform. If the platform gains traction in the form of users, that should enable the price of the token to increase over time as it will be required for making purchases for various services on the platform. Ideally, the token should be the only form of payment on the platform, and additionally, there should be more functions or features that are only unlocked for the users by staking the CVT tokens in order to incentivize the users to hold them.
One key strategy under the business development category is to initiate important partnerships with companies specializing in specific fields. Concert VR should look at building key partnerships and associations with big players in the fields of VR/AR space, namely, Unreal Engine, Steam VR, Oculus, and Allegorithmic.
The section with the information about the Team is extremely important. Potential investors are always looking out for ground breaking projects and concepts to invest into, however the project is always as good as the team and its ability to rough out the challenges that come with launching a project from scratch. The teams past experiences and abilities are crucial in this context as this is the information potential investors are interested in. Hence, it is essential that the team information is accurate, up to date, and all information is readily available.
An in-depth review of the team was conducted in order to identify any potential weakness in the presentation or areas of concern. Investors will want to see that the team has the past experience, and strategic partnerships in order to fulfill the promises in the WP and deliver on the milestones set forth in the road map.
As per the information available in the WP, the Concert VR’s team consists of 7 Core members, plus 9 advisors. The core team is skilled in aspects such as Project Management, Content production, VR based content streaming, Advertisement, Social Media, Legal, Artist Aqcuistion and Management and Coding & Programming. The advisory panel is well rounded with experience in Finance, HR, Digital Marketing and UX/UI development.
The team member’s brief profiles are mentioned under their respective images alongwith Linked In tabs.
However, the team lacks specialized members in the field of programmers who have in depth knowledge and experience in Blockchain technology and building DAPPS on Ethereum’s smart contract technology. Plus, there is no core team member who has the coding and programming knowledge and experience to handle a project of such magnitude. Additionally, since the WP does not entail any detail related to technical implementation of blockchain and smart contract technology, this would be a big area of concern for any potential investor.
Another, area of concern is the fact that most of the advisor’s Linked In pages do not mention Concert VR’s details under their respective profiles. This is also a big red flag for any potential investor looking to peruse the team’s profiles.
The team’s LinkedIn profiles are provided on the website, however, having the team’s relevant profile readily available on the website will only provide better results.
Website and Social Media Review
During the preparation of this report, the Districts Project’s website was visited and reviewed on April 18th, 2018.
Website is another critical component in the launching of a successful ICO. A smooth and professional website is key, as this is the first landing space for a potential investor to start with the due diligence process. Think of the website as the space for interaction between the investor and the company. It should be visually up to par in representing the company’s vision, goals, while building a solid connect between the two.
It is advisable to provide easy to locate and manoeuvre links, pertaining to the ICO and the token sale event.
The Concert VR’s website, concertvr.io has a very attractive website, which goes with the space they are targeting. The website flows and maneuvers smoothly and the links to the ICO and contribution are available right at the landing area of the page. Other useful links such as Whitepaper, User, Team etc are available towards the top of the page. Useful video link is embedded right in front of the landing page under the contribution tab. All social media tabs are provided under the embedded video. By scrolling a little below one can also find the one pager pitch document alongwith a second link to the WP. The timeline chart is presented on the website as well.
For an ICO to be successful, the project needs to have solid support from the crypto community. During the making of this report, all the social media links were reviewed. The social media presence is a mixed bag as all the platforms have been activated with information, pictures and videos. But the community involvement is lagging.
The project’s Telegram group was viewed as well, and the number of members were found to be 2.4k+ with a decent level of community interaction. It ideally should be much higher in terms of numbers and interactions, especially towards the latter stages of the token sale.
A very inexpensive way to build a community supporting the project is to run a successful bounty campaign. By distributing tokens to the crypto community to promote and drive interest in the product, the odds are greatly increased for the ICO to be successful. It is advised that the team looks into the bounty campaign and assess where it is lacking, and also appoint more active bounty campaign managers who will work towards creating an organic community for the project.
It is very important that the team partner with a PR or marketing firm in order to create publicity and get organic growth and interest in the project while the token sale is still on.
The project is backed by an established company Goodstuff Media based out of Germany. The project has a first mover advantage with a MVP and trademarks across Europe. Key partnerships are in process with major labels and ticketing providers. The team has strong experience in the content production area and artist management etc. The platform has various kinds of services in terms of live concerts, on demand, single songs etc. which will be extremely valuable for the users.
The team lacks technical experts for integrating blockchain technology which could turn out to be a big challenge in the near future. Creating a platform with complex technologies such as VR/AR and blockchain is resource intensive especially in regard to having experienced developers and the technical team will have their work cut out as the project moves forward. The project has negligible traction within the crypto community on social media channels.
The project potentially has a massive opportunity as the first mover in the space of becoming the hub for the concert and music industry with VR/AR development. Both the music industry and the VR/AR spaces are expected to boom in the next few years. The potential for revenues is multifold once the platform is adopted by users. There are lot of very big names in the VR/ AR space, and this is an opportunity for Concert VR to collaborate with such companies in order to make advancements.
Technological barriers in the implementation of VR technology is a threat in the short term alongwith challenges in implementation of blockchain technology. Ethereum’s scaling issues are also a threat for the project in the short term. It will be critical to get traction within the community to raise the required funds during the token sale. The other threat comes from not many users adopting the platform for various reasons already discussed earlier in the report.
The Concert VR’s concept of bringing live and recorded music concerts to one’s home’s comfort is well founded. It has the first mover advantage with respect to integration of blockchain technology with the VR tech and implementing it for the music concert industry. Through the Concert VR’s platform, there are lot of potential benefits to the users and also to the artists and the industry as a whole which have already been discussed earlier.
However, as discussed earlier, there are numerous challenges that lie ahead for the team at Concert VR. Firstly, the project needs to start working on getting wider support of the crypto-community in numbers.
Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.