Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
Startup Cultural Places brings culture and blockchain tech together aiming to change all industry’s aspects: from ticketing and crowdfunding to trip planning and mapping.
Given an obvious demand for travelling abroad to visit the world’s cultural wonders, tourism industry is expected to reach 356 million people by 2025. In fact, many people choose certain destinations solely because they’re drawn by the cultural spots they offer. Museums, historical sites, landmarks, and art galleries are widely appreciated by avid culture seekers.
The problem is that there’s no transparency when it comes to booking tickets. Agencies charge as much as 30% of fees on top of the original ticket price. Not to mention, there’s a rapidly spreading black market that impacts the official ticket selling process. The key to ending this faulty system may be Blockchain technology.
Cultural Places not only solves the issues connected with the ticketing, but also aims to become a holistic platform. The goal is to connect artists, visitors, donors and content creators on a social network that amends the relationship between stakeholders and creates newly improved business opportunities. Crowdfunding, ticketing and trip planning could be revolutionized through the development of a decentralized all-in-one platform targeted at the cultural world.
Developed by Austrian startup Oroundo, Cultural Place plans to leverage its very own Cultural Coin token to streamline all transactions on the platform. It will use smart contracts on Ethereum to ensure operations, such as purchasing museums tickets, are transparent. Among other things, this will encourage users to support art galleries and exhibitions with donations.
Blockchain-based Ticketing System
Venues, cultural institutions, and event organizations are unable to prevent ticketing fraud, and agency fees can be up to 30 percent. In addition customers often deal with poor customer experiences when booking their tickets online. Uncontrolled ticket sales and inflexibility with ticket transferring are harming the industry. Cultural Places leverages Blockchain technology to remove middlemen and intermediaries.
With its crypto token, the platform will streamline the process and make ticket purchasing more transparent. Apart from individuals, institutions can also benefit from the Cultural Places ecosystem becoming able to provide better user experiences via smart contracts on the Ethereum Blockchain.
Efficient user targeting and relevant content are core challenges in the field of big data analytics. User profiling is not generally targeted at the cultural community, thus Cultural Places aims to meet that demand by gathering qualified insights targeted at the cultural world. Institutions can use it to target their content at their audience, making sure their promotions and content live up to expectations.
Social Networking and Crowdfunding on Blockchain
Cultural Places targets avid travel seekers and culture buffs. The scope is to develop a holistic social platform where users become part of a decentralized, culture-based ecosystem. Organizations are able to raise funds and boost awareness in a transparent, scalable way via personalized content. The data can be used to set up precise marketing campaigns, allowing organizations better target ads and prevent financial losses.
A Concept that Benefits All Cultural Players
Purchases done on Cultural Places feature a minimal fee that starts at 6%. The end result is a transparent, assured revenue stream of up to 94 percent for institutions. The platform takes a 3% fee for all purchases made. The remaining 3% is split among all platform users as follows:
- User loyalty program: users get 1% of their spendings on tickets and donations back through the Cultural Places loyalty program. By collecting Cultural Coins, they can use them later on to get discounted tickets, or make further donations to cultural places they believe in;
- Opportunity program: all token holders get another 1% for their willingness to become part of the ecosystem, and help the platform implement its vision;
- Institution royalty program: is targeted at all participating institutions that receive Cultural Coins based on their participation, turnover rate, and contribution to the platform. This increases motivation for new organizations and institutions to join the mission.
Cultural Coins ICO
There will be 1.5 billion Cultural Coins available. 60% of the tokens are meant for the ICO and further development of the platform. The remaining 40% is reserved in a stability pool, and will be distributed among shareholders, partners, team members, and bounty program.
Avid culture fans and institutions are invited to participate in the Pre-ICO, running until March, 4, and receive a 50% bonus. The ascending price levels begin at 0.015 EUR until March 4, and ends at 0.030 EUR on April 5, 2018 (the final phase of the ICO).