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Jeff's Vision on VR.NFT.Crypto

Jeff's vision for expanding into VR/ NFTs/ Cryptocurrency. The stuff he was talking about passionately at TopGolf. Capture some of that passion and brand us as extremely forward thinking/innovative.

The biggest revolution in history is unfolding right before our eyes. Web3 and the new internet is upon us, blending the two worlds of digital and physical. Today's science fiction is tomorrow's science fact, through blockchain technology. 

In this article we are going to explore the noise and discern between hype and hope. We are going to unpack the pros and cons of the metaverse, NFTs, virtual reality, augmented reality, cryptocurrencies, and much more.

What does the word Non-Fungible mean? The simple definition means non-replaceable. It’s unique and only one individual has access to this one item. So when you hear the phrase NFT, just remember that It’s simply Non-Replaceable and there is only one of it in existence.  

Now let’s explain the last word in NFT, which is Token. Now the word token isn't as simple as the above paragraph discussing the word Non-Fungible. The Token is actually a lot more complex because of blockchain technology. 

Blockchain technology is very similar to our existing financial services system as they hold transactional information to verify your personal financial transaction, and the Bank can approve and deny your transitions based on the amount of money you have in your personal or business account. Now this financial institution has been recently disrupted by a new technology called blockchain, where a group of individuals, not a bank, has access to how much coins or currency you have in your account and can approve and deny transactions based on the amount of funds you hold in your personal or business blockchain account. Now when you connect the word Non-Fungible with Token, you simply get a unique item verified by a group of individuals in the blockchain network.

What makes a Non-Fungible Token so special in the age of the internet? This means we can purchase Non-Replaceable digital media content verified in a blockchain network. Allowing customers and fans acquiring internet meme’s, sport highlights, and music online through a verified NFT. The opportunity to own a collectible meme is like purchasing a rare Pokemon card in the late 1990’s. The value and rarity of this new digital media is worth millions of coins if the purchase is valued by the public. 

This concept of collectibles it’s new to the public as the art and science industry is famous for its rare antiquities owned by private collectors. Although many have speculated that the top auction houses have been infiltrated by the worlds best counterfeit artists such as the Spanish Master in the art world and the recently convicted Rudy Kurniawan who developed a new technique of counterfeiting rare wines to be sold to the wealthiest wine collectors in the world. 

If only we had a technology that can prevent fraud to be authenticated by the blockchain technology, Bingo! I think we may have found a solution. An NFT, is not just a modern hype but a long term solution to prevent fraud in the world of art, science and entertainment. The long term hope for the NFT is to build trust and prevent fraud in the private marketplace. Authenticating your digital media can be a game changer if you acquire the correct item behind the purchase.

 One company pioneering the way of NFT’s is the NBA, the NBA Top Shot is ushering in a new era of digital basketball collectibles in the form of non-fungible tokens (NFTs). This marketplace combines an experience akin to collecting traditional sports trading cards with the blockchain technology used in other NFT platforms. The NBA has created an NFT marketplace where sports fans can buy, sell and trade basketball video clips online. 

This project launched in 2020, along with Dapper Lab to attract High-profile investors include the NBA legends Michael Jordan, Kevin Durrant and Klay Thompson. The platform is run using Dapper Labs’s Flow blockchain, and gives users the ability to trade digital assets based on video clips from NBA games. The Flow blockchain supports transactions on a range of other sports NFT marketplaces, like NFL All Day and UFC Strike.

As of September 2021, NBA Top Shot had more than 1 million registered users. Data from NFT marketplace tracker DappRadar suggests that more than half a million NBA Top Shot had exchanged a total volume of nearly $1 billion on the platform since its inception. The video highlights clips are sold as NFTs on the NBA Top Shot platform. Much like conventional sports trading cards, These sporting moments increase value based on their rarity. The rarer the video clip, the higher its potential value as a collectible.

On its surface, it’s just a video clip, so why would anyone pay money for video highlights they can watch for free on YouTube? Because moments are more than highlights. Like other NFTs, which represent real-world items to entertainment items like music, each Moment is licensed by the NBA and minted with a unique serial number and data, including game and player stats.

There’s also the cachet of owning a piece of basketball history. NFTs are like a certificate of authenticity: The technology behind them makes it difficult to replicate or counterfeit them. Think of it like owning a piece of art. You can go online and print a copy of the Mona Lisa, but it’s nowhere near as valuable—or prestigious—as owning the real thing. It’s that pride of ownership that sets NBA NFT’s apart. Like all NFTs, a Moment is only worth what a buyer is willing to pay in the secondary market. Rare Moments from top players can go for hefty sums, while others sell for just a few dollars. A Moment of a LeBron dunk against the Houston Rockets, for instance, fetched $387,600 last year. One of the most valuable NBA Top Shot Moments is a LeBron dunk from a Nov. 15, 2019 game, with 49 minutes. One of those minted Moments is currently on sale for $1 million.

Wondering how you can snag a Moment of your own? First, you need to sign up and get verified on the official NBA Top Shot marketplace. Only verified users can make purchases with a credit or debit card (Visa or Mastercard) or their crypto wallet with Ether, Bitcoin and Bitcoin Cash, and the Ethereum variations of USD Coin. NBA Top Shot also hosts a healthy secondary marketplace where fans can buy, sell, trade, or gift packs or individual Moments. There’s no shortage of epic tales of iconic NBA Top Shot Moments selling for astounding prices. And if you’re a true fan and you’re willing to hedge your bets on the future success and popularity of the players, the Top Shot marketplace and NFTs, then investing in this new crypto craze could be for you. 

But if you’re new to crypto and NFTs, NBA Top Shot may be an appealing option because it’s easy to use and widely accessible. That said, the values of most collectibles, including NFTs, tend to be volatile. After all, a LeBron dunk NFT could be tomorrow’s Beanie Babies.

The future of Music and NFT’s may go hand in hand in the upcoming years. As consumers and music makers now demand more and more immersive and interactive experiences, which has prompted an urgent call for innovative designs. These innovations can take on many forms, including mobile phone apps like Augmented Reality (AR) and Virtual Reality (VR).

Some of the trends happening to music streaming and related technologies are evolving due to the demands of live music. While live music is borne to its situational real-time presentation context, new engaging elements such as AR and VR, can enhance the experience of music by targeting music consumers who crave the best of both worlds (live and home entertainment). Social media is often used for music streaming, and Live music streaming festivals have increased in recent years generating ongoing revenue streams for record labels in the music industry.  

Streaming technology services like Spotify and Apple Music, are known mainly for providing subscribed users with a wide range of available and streamable music, and have provided music video access along with exclusive deals with certain artists that allow users to access additional content. Furthermore, Spotify provides more social features as well. It allows its users to create shared playlists that they can add to with friends, and shows a stream of activity from a user’s friends, such as what music a person has listened to recently. 

While most publicity in music technology goes towards promoting services like Apple and Spotify, other lesser known services are pushing the industry into VR and AR technology. Some companies are using VR and AR technology to promote music promotion, discovery, and creation. The best example of this occurs on YouTube, where popular artists have begun to post music videos with a 360-degree scannable environment. Pop artists like The Weekend The Hills remix feat. Eminem (A Virtual Reality Experience), is one of the most well-known examples of this. The video currently has over 2.5 million views. Other companies pushing the envelope is VRTIFY. Which is focusing on connecting artists, venues, and music labels with their audiences using holographic, VR, and AR technologies. Current partners of VRTIFY include Lolapalooza, an American music festival with a maximum attendance of 400,000, and heavy metal band Metallica. The potential for VR can completely change the way music is both consumed and created is enormous. By simulating intense concert environments, or placing users in a recording studio, VR can provide someone with a fully immersive music experience from their living room. The ideas above could be joined with AR technology for an increasingly immersive experience. In addition to attending the concert in VR, AR capabilities could provide animated effects such as fireworks going off on stage, or even changes in the artist on stage themselves. 

Lastly, VR technology could be utilized for music creation. Rather than having to purchase expensive instruments, speakers, and other equipment needed to record music, a VR program could simulate this experience through a virtual recording studio. Similar to the VR games such as Rock Band, where players are given toy instruments, and a VR recording studio could allow full capabilities for someone trying to make music. This type of technology could completely change the way music is made.

At ReScope Marketing we strongly believe that VR and AR technology has the potential to entirely alter the way music is streamed, discovered, and created. Already existing services, festivals, and venues such as ticketing app StubHub, streaming services like YouTube, Spotify and Apple Music, and AR capable communication apps, could serve as future partners and launching pads in which our content creators can promote their music around the world with social media. We aspire to be on the cutting edge of this new technology as we are actively onboarding new music artists to the ReScope Records brand this year in 2023. Allowing local Salt Lake City artists a new platform to reach a global audience with VR/AR technology. 

The Music industry is a tricky business and it has its fair share of controversies, from monopolies to the limited earning potential for up-and-coming artists. While Web2 brought many positive changes to the music industry it still has a long way to go as we enter into Web3.

Over the last 15 years, the music business has drastically changed because of the internet and the growing popularity of social media platforms like YouTube which has helped boost artists like Justin Bieber to international fame. 

However, like most things within Web2, a select few artists own their own assets in the music industry, and large corporations have profited more than their users and artists. While they are still in their early stages, some blockchain projects are trying to take a shot at changing the industry from within. 

A new NFT company called seems to be taking the lead as we emerge into Web3. The music platform allows fans to share ownership of songs from their favorite artists through nonfungible tokens. The NFT platform has caught the attention of international DJ, Diplo as he just released an exclusive album that is profit shared with his fans on the platform. 

This new fan ownership has also caught the attention of the ReScope Marketing team as they launch their new venture ReScope Records in the emerging Salt Lake City Hip-Hop Music scene. This new music project is unlike your traditional record label. They are anticipating a Web3 revolution in the music business and have already signed on a talented team of hip-hop artists in the local Salt Lake City area. 

As projects like continue to grow, ReScope Records will be on the cutting edge of Web3 as they are heavily investing their new artist in the new Crypto, NFT, VR/AR Music space. We are truly living in the biggest revolution in history that is unfolding right before our eyes. If you want to stay updated on the latest news from ReScope Records, click the link here to stay updated on all your music and hip-hop news from ReScope on Facebook: 

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