Since the re-boot of the live event economy, following two horrendous years of pandemic-related struggle, event organisers have been left with two options. One, return to their normal pre-pandemic methods of promotion. Or, two, integrate what many interchangeably call ‘crypto,’ ‘web3,’ or ‘the blockchain,’ into their events. Relative to other consumer facing industries, the live event industry has predominately opted for option two – positioning themselves at the forefront of such adoption.
Whilst a great number of promoters have chosen to embrace web3 technology, their rationale behind implementation has drastically varied. Some saw it as an opportunity to streamline processes and cut-out unnecessary intermediaries. Others saw it as a tool to provide value to their fans, or to make additional revenue.
Here comes the BEAR market
Unfortunately for some, the crypto market has recently retreated from what many called its ‘bull run,’ and is beginning to resemble a ‘bear market.’
So, what implication does the current ‘crypto bear market’ have on the live event industry’s adoption of web3?
The promoters that adopted web3 technology for short-term gains, may struggle to realise the value that they anticipated would transpire. This is due to the value of mainstream coins such as Bitcoin (BTC) and Ethereum (ETH) falling up to 75 percent, when compared to their all-time highs in 2021.
However, those that chose to adopt new technology for the purpose of rewarding their fans, creating value for their sponsors, streamlining their processes (and more), have lost nothing. These are the event promoters who have chosen to move the entire industry forward and cut-out unnecessary intermediaries, whom ultimately cost both themselves and the fan.
We Salute You!
Despite being in a bear market there are many players in the live event industry that continue to build. These are the players that will change the landscape of the industry, ensuring that the entire ecosystem is appropriately rewarded for their contribution.