The festival project is the brainchild of a group from within the non-Fungible Token (NFT) community resulting from a partnership between leading NFT marketplace KnownOrigin, NFT agency BEAR NFT, and the Illumino NFT collective.
The partnership was formed in response to the decline in live music events during the course of the Covid-19 pandemic, which has seen the cancellation of major festivals such as Glastonbury.
The festival will be hosted in KnownOrigin’s virtual headquarters in Decentraland – an Ethereum-based virtual reality world – and will present a number of live online musical performances including artists such as Ookay, Fred Thurst, SNBRN, Autograf, and Win and Woo.
👽 MetaVerse Music Festival
Live DJ Sets, dancing & kick ass visuals!
— KnownOrigin.io (@KnownOrigin_io) July 4, 2021
Attendees can anticipate more than just music, with organisers announcing a collection of exclusive NFTs available during the course of the festival.
They will also be able to claim a virtual token for their Decentraland account utilising Proof of Attendance Protocol (POAP) technology, alongside exclusive avatar items such as virtual hats.
The festival begins at 6pm UTC on Sunday July 11.
Bad ass party and firework show by @category5music and @lastraum in @decentraland. Happy July 4th everyone! @y_youmack @Nicole29Nixon @KirzozDCL @AndrewMease @juxton @PeanutbuttaDCL @HiImBobDCL @CosmicEndo pic.twitter.com/JU5pQ6kZNc
— MorrisMustang (@AviAisenberg) July 4, 2021
Decentraland is a VR platform that hosts a 3D world where people can buy, sell and manage virtual real estate called LAND. These plots of LAND – which are digital assets maintained in an Ethereum smart contract – are owned by members of the community, giving users complete control over what they do with their slice of the virtual world. Users can later navigate, build upon, and monetise their plots.
The amount of LAND is capped and each plot is 10m by 10m (33ft by 33ft), but there’s no limit to the height. If you own adjacent plots, you can bond them together. Decentraland is home to Genesis City – a metropolis created by the development team to encourage centralised development.
Decentraland experiences are currently being built by thousands of LAND owners. Once they’re ready, you’ll be able to explore the world on your computer, phone, or VR headset.
Owning LAND gives you full control over the environments and applications you create. This could range from static 3D scenes to more interactive applications or games.
You can design 3D environments via a tool called the Builder – and you don’t actually need to own LAND or hold $MANA to use it. Anyone can jump in and start landscaping parcels and estates.
The Builder doesn’t take the place of an editor – it aims to make Decentraland accessible to ordinary folk.
Testing ideas is at the core of Decentraland, but it’s also caught the attention of investors who are snapping up plots of LAND in the hopes of turning a profit.
Today $Mana was trading at $0.55, with a 24% change of -4.5% during the time of writing and a trading volume of $48.4m.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.