Fissacoin is a standard payment solution that seeks to unify the live music based on the blockchain technology. Fissacoin functions as a cryptocurrency, which stakeholders in the live music industry can use to transact business on the platform. It seeks to transform the music industry by availing benefits that no other payment processing system worldwide has ever done. It allows its users to exchange their Fissacoins for services or goods on music events and websites across the world.
Developers of Fissacoin understand that the live music arena is a significant industry that employs thousands of people globally. The estimated worth of the industry is over 25 billion Euros every year, according to IFPI. With this in mind, this sector provides constant livelihood to artists and musicians, with revenue arising from the sales of recorded music.
However, since there has been dwindling returns on recorded music in the recent years, many artists have suffered in the industry, forcing them to rely on the money they get from their live performances. While streaming can provide substantial income to the artists, live events also play a major role in income generation in the live music industry. Information shared with Music News reveals that ticket sales in live events account for 43 percent of all the revenue collected.
Against this backdrop, developers of Fissacoin believe that the 25-billion dollar market is ripe for change through the decentralized opportunities brought by the blockchain technology. The company seeks to bring the largest transfer of wealth to this industry.
They believe that the live music sector has been considered expensive due to high fees mounted by payment providers and banks, which put pressure on the artists’ hard-earned cash. Fissacoin seeks to eliminate this problem by designing a universal payment solution that operates on the blockchain technology. The crypto unit will be available for both individuals and businesses in the live music industry.
Fissacoin Proposed Solutions
Ticket scalping: this activity happens when individuals buy several tickets and resell them in future t make profits. Usually, this happens due to lack of transparency in the sector, which sometimes lead to fake tickets sold to fans who would like to attend the event.
High transaction fees: Many methods used for payment processing in the industry charge exorbitant fees, sometimes going up to 25%. This eventually affects the revenue opportunities for other players in the industry.