Blockchain is breaking down the doors in the electronic music community

Electronic music is big business. According to a report by the International Music Summit, by 2021, the electronic music sector was valued at $6 billion, and that sector is poised for significant further growth. This $6 billion figure marks a 71% increase from the industry’s 2020 valuation, which was understandably much smaller due to the effects of the pandemic. While revenues are down from where they were in 2019, barring further massive disruptions, the industry is on pace in 2022 to surpass its pre-pandemic heights.

This should be good news for artists and music lovers alike, but there is a caveat. As electronic music continues to flourish, access to festivals and concerts – the heart of the electronic music scene – has become increasingly exclusive. The price of concert tickets is up across the board in the entire music industry. Earlier this year, there was outrage when tickets for Bruce Springsteen, an artist with a committed working-class following, went on sale at astronomical prices. The high prices were blamed on algorithms used by ticketing platforms, but this was not an isolated incident.

Take Tomorrowland, one of the biggest electronic music festivals. In 2022, a general admission ticket to the festival cost around $280. These tickets sell out very quickly, leaving only the more expensive packages, which can cost several thousand dollars. And that basic price does not take into account travel, food and all the other expenses that go into attending one of these events. The total cost of going to one of these events can be anywhere from $1,500 to $50,000. It’s simply not something most people can afford.

Restoring the electronic music scene to its roots

Electronic music festivals are about more than just the music. These are events that will bring together people from all walks of life in a common setting. The way things currently work, it becomes more of a privilege to go to these events.

However, a blockchain project has decided to do something about this and use its platform to bring electronic music back to its roots. Klubcoin bills itself as the “first cryptocurrency for all clubbers, festival goers and electronic music fans.” The project’s goal is to create a currency that is accepted by everyone in the electronic music scene. By using the Klubcoin currency, music fans get rewards that include access to VIP events, meet and greets with famous DJs and artists, and more.

Klubcoin and the Pary-to-Earn model

The operating model is called “party-to-earn”, and has been positioned as a means of decentralizing the music and festival scene in a similar way that play-to-earn games have shaken up the gaming industry. Klubcoin gives clubbers and festival goers the opportunity to earn rewards and access exclusive events by doing what they love. Now fans will not only be able to get into sold-out events at affordable prices, once there they will also be eligible for discounts on food and drink, get cashback on all their purchases and have access to parties and meetings exclusive to Klubcoin- community. By introducing a medium of exchange tailored for electronic music creators and fans, the project aims to bring these creators and fans back into focus.

Klubcoin has already met with some success in its efforts, partnering with some of the biggest music festivals and DJs in the world. The project’s list of partners now includes Amnesia Ibiza, Bootshaus, Caprices Festival, DJ Mag, Pacha Barcelona, ​​Opium, Motel Particulier and many more. As it progresses, Klubcoin will look to integrate into even more festivals and partner with more artists to expand the ecosystem and offer more people alternatives to the current status quo.

For music creators, Klubcoin represents a unique opportunity to expand their audience and contribute to a more direct relationship between fans and artists. The continued success of Klubcoin could have a profound impact on an industry that is becoming increasingly unrecognizable to its original creators.