Q&A session with Centaurify | Transcript
Q: Could you tell us what’s your project idea? What problem do you want to solve? What innovations will you bring to the crypto world?
A: Centaurify is a full-scale music niched NFT marketplace and NFT DeTi (Decentralized ticketing) solution. With NFT and smart contract technology using Solidity, Haskell, and Rust coding language. We offer a cross-chain ticketing solution and a multichain NFT music niched marketplace.
The biggest problem we are solving with our ticketing solution is fake tickets, ticket scalping, and an extremely overpriced secondary market.
The live music ticketing industry is forecasted to be $32 billion by 2025. $15 billion of these are tickets sold on the secondary market. It is not contributing to anything more than removing profits from the artists & organizers and ripping off almost 50% of all revenues in the music event market.
When it comes to fake tickets, our studies show that approximately 14% of all tickets in circulation are fake. With our technology of using NFTs as tickets, fake tickets will be a part of history since every NFT is unique and is impossible to counterfeit, and blockchain is fully transparent.
To provide a music-niched NFT marketplace, we are giving music lovers and artists a place to be, and at the same time, we will be able to act as the gateway into the NFT space for artists.
Q: You said the first part of the ecosystem that Centaurify is developing is called “Project Alpha Centauri A”. The second part of the ecosystem is called “Pandora”. Can you explain the difference between the two parts? Why do you make it into two parts and not directly?
A: It’s funny you know names as they are internal for the project’s different parts. “Project Alpha Centauri A” is what we refer to when it comes to the marketplace. “Pandora” is our ticketing solution.
The main reason we split them up and first launch the marketplace is the simple fact that there is a very long planning time for festivals and concerts. Usually 6 months plus.
So by first doing the marketplace, we can grow our community, onboard artists, and be their ticket solution for concerts. We have already partnered up with one of the largest records labels in the world. More about that partnership will be announced at a later stage.
Q: You mentioned on your website that holders could stake Centaurify tokens in liquidity pools to earn multiple rewards, access ticket pre-sales, and receive VIP offers. Can you explain what VIP offers you mean? Then what is the minimum amount of Centaurify tokens you need to stake to get all these accesses?
A: We will have VIP-staking pools for three tiers and different rewards:
- Tier III (Follower): staking $500 in $CENT;
- Tier II (Fan): staking $1500 in $CENT;
- Tier I (Superfan): staking $5000 in $CENT.
Depending on your tier, you will receive: early access to concert ticket drops, early access to NFT drops, rebates on re-sold NFT tickets, entrance to VIP parties, discounts on listing/buying fees, any other reward that is customized by the artists (like backstage access) and much, much more.
Q: I read that artists & organizers can sell on the Centaurify platform via the fiat gateway. But will fiat automatically be converted into Centaurify tokens to fuel the tokenomics? If yes, how does it work? Can you explain this in more detail?
A: Both yes and no. Part of it will be converted into CENT tokens, and some will be held in fiat for payments to the artists/organizers.
The fueling of the ecosystem of CENT tokens will be mainly for rebates and other community incentives, as we are not building our own blockchain. We are coding in Solidity, Haskell, and Rust enabling Ethererum and any layer two solutions, Cardano, Solana, and Polkadot.
Q: I love music too and am very curious about Centaurify’s project. My question is, what kind of musicians and music events can you accommodate? Will small musicians and small music events have a place too?
A: Everyone is welcome! Any genre. Whether you are big or small, Centauify will be the music platform for you.
Today, the music industry has become extremely centralized. Only a handful can make a reasonable good living by streaming their work due to low kickback from streaming platforms.
It has forced musicians to constantly be on tour, participating in reality shows, and taking on image-damaging commercial works.
As a result, they sacrificed their family and personal time as well as the time to produce what we all love, new music.
The COVID-19 pandemic has not helped in any way by limiting the musician’s possibility to be on tour, etc.
Our goal is to empower musicians again and, at the same time, build a worldwide community for our cause.
Re-empowering and giving back to the artists, organizers, and our stakeholders is what we are doing with our smart contract and its tokenomics.
Q: Can you tell us more about live event NFT tickets? Are these NFT tickets disposable for one event or reusable?
A: Our tickets will be 3D animated NFT tickets designed by our partner, Impossible Brief. So forget that old-school PDF tickets.
The ticket will be held in a smart contract with the variables/rules set by the artists/organizers to prevent scalping.
The tickets will be in your profile on our app and can not be reused after “check-in”.
We will have a timestamp in the smart contract. One hour after the show starts, you can move the tickets off to a decentralized wallet, and the maximum/minimum resale price function is lifted.
So you can trade the NFT tickets as a collectible in a free market. Basically, it’s tickets 3.0 and collectible stubs 3.0.
Q: What makes Centaurify NFT music different from other NFT music on other platforms? Why did Centaurify prefer the theme of NFT music? Why not NFT images or NFT games?
A: What makes our project unique and different is the Centaurify team. I am a professional artist at the top level, signed to the biggest label in the world, and therefore, well-connected in the music industry. David has a background in fashion and dressed many A-lists artists. There is also our hard-working tech team.
We are doing something no one has done before. We are solving a huge ticketing problem with a cross-chain solution and building a multichain music niched platform. We are not building two products. We are actually building 9.
The reason why we are doing this project for music is the simple fact that it is where we come from.
Q: What are the top priorities for the Centaurify project this year? What is stopping the project from achieving those priority milestones? And how does Centaurify overcome those obstacles?
A: The top priority for us is to get the final product done for both marketplace and the ticketing solution. Marketplace MVP (minimal viable product) is scheduled to be done at the end of April, and the ticketing solution should be ready by July.
Nothing is stopping us. We even handled the fact that 5 of our devs got set out of play as they come from Ukraine. So we got set back some weeks on our roadmap.
We work in a very agile way and always find solutions to obstacles coming our way.
Failure is not an option as our solution is needed badly and needed right now. We even have festivals, record labels, and artist line-ups to be test pilots for our MVP.