There is almost no chance of you never heard of the FYRE festival disaster. Or the #fyrefraud as some call it.
Especially If you are a vivid event goer and festival attendee or just a cool marketer who now has a fyre-fraud inspired workshops. Netflix and Hulu released two amazing documentaries on the popular topic both of which inspired us to dive in the obstacles and what could have happened if this epic event actually was organised on blockchain with the help of smart contracts.
Organised by Ja Rule, the two-weekend festival promised to be a celebration of pure, unadulterated luxury. Guests would be flown on custom “VIP-configured” jets to the Exuma islands, where they would stay in modern, “geodesic” domes. They would sunbathe, swim around the private cays, and survey acts like Blink 182 as the sun set over the ocean.
This dream, as we all know, never really happened. None of the promises were kept which made the FYRE festival (check another article by Business Insider)one of the top disastrous festivals ever created. The event madness, as some people refer to it, actually became a simple guide book of “Lean marketing strategies” and some other “how to do” and “not to do”s.
As a result, the organizers are the subject of at least eight lawsuits, several seeking class action status, and one seeking more than $100 million in damages.
What actually went wrong?
The event was promoted on Instagram by “social media influencers” including socialite and model Kendall Jenner (who actually was paid around $250K just for one single instagram post in a social media influencer campaign conducted by FUCKJERRY), Bella Hadid, and model Emily Ratajkowski, many of whom did not initially disclose they had been paid to do so. During the Fyre Festival’s inaugural weekend, the event experienced problems related to security, food, accommodation, medical services and artist relations, resulting in the festival being postponed indefinitely. Instead of the luxury villas and gourmet meals for which festival attendees paid thousands of dollars, they received prepackaged sandwiches and FEMA tents as their accommodation.
The attendees — who paid between $4,000 to $12,000 for their tickets — were apparently greeted by half-built tents, rubbish heaps, and “feral dogs” when they arrived on the site. On Reddit, complaints of “burning tents” and aggressive security also emerged. “TELL MY PARENTS I LOVE THEM AND I AM SORRY FOR EVERYTHING,” typed one desperate user. “Somebody please! Find Ja Rule!”, were just some of the twitter posts.
Festivalgoers were promised luxury, eco-friendly domes and villas to stay in that were included in the ticket prices. But one guest described it as a “disaster tent city.”
You can also check the amazing coverage by Dazed and Confused, as well as the Twitter coverage of the infamous FyreFestivalFraud.
But would that disaster have been avoided if the event was actually organized on blockchain?
Apparently FYRE festival had some major issues concerning poor organisation and management, lack of funding for the proper execution of the project. Those core issues actually were inevitable and even the transparency of the blockchain technology wouldn’t have saved the event. Apart from that, the ticket refund and the use of better business connectivity would have saved them money, making the process of the whole organisation easier and more efficient.
So now, imagine FYRE festival organised on the Evedo platform. Evedo is a blockchain solution which gathers in the same ecosystem artists, their managers, event organises, rental and equipment companies, sponsors, events software companies and festival goers.
FYRE festival attendees didn’t receive any of the their money back. But if the event was organised on blockchain, the function of the smart contracts would have helped them here. When a person purchases a ticket in the evedo ecosystem, typically, the money is held until the end of the event, and only if there is consensus between the partners that the event has completed successfully do we cash out the full revenue from the ticket sales. In some cases, those transactions can be sent right back to the sender and their ticket void. Peer to peer, direct, quick, and with no fees.
Better B2B connectivity and suppliers
Another major failing point of the FYRE festival was the validity, or trust, of the promises made to the artists. Their loss of trust started the landslide, once the artists and their middle men managers dropped out publicly, everything else fell after it.
The industry standard today requires that artists be paid upfront to ensure that their contractual obligations are ment. Using evedo, all cash put up to the event in secured in the events smart contract until all partners, the organizer, and evedo come to consensus that all terms have been met (without dispute) and all partners are paid out automatically. Companies representing their artists in evedo would have an interest in the smart contract from beginning to end, and all parties can see the current state of investment, sponsorship, ticket and merchandise revenue sales, including everyone’s take away, in real time on the block.
What if the artist cancelled the last minute?
Would that have had happened if the event was done on Blockchain using smart contracts? There is no easy answer to this question. If its a large artist in a big stadium, a percentage if not a full refund could be sent directly to the account of the sender and the ticket void. If the venue is smaller and a replacement is needed, say you have a jazz bar and you need someone to fill in, you can just substitute that entertainer in that evening’s event! Seamless to your workflow and to your audience.
There is a better way.
Evedo Alpha solves many of these issues for us. We can create events, issue tickets, advertise to your audience, and engage your events community through social media outlets while building reputation and merit in the system.
Our Beta will include the Events Management Saas (B2B) platform for organizers to manage their events, for venues to manage the events/staff/entertainment, for managers to manage their entertainers, for staffing companies to schedule and pay their staffing services, for equipment providers to inventory and schedule their hardware services.
You can find and replace partners, allowing the to negotiate, sign off on, monitor their stake on the blockchain, and everyone transparently see’s who is in, and who is out. Look forward to the Alpha in the Coming weeks and the Beta with full blockchain integration by the end of 2019.
Interested in Evedo? Events will soon be done better.
Join us at: https://www.evedo.co
Join our Telegram community: https://t.me/evedoco
Check out our Medium blog for further news: https://medium.com/@evedo
Cool pics from our Thailand journey: https://www.instagram.com/evedo.co/
#evedo #evedtoken #blockchain #fintech #events #fyrefestival #fyrefraud #jarule #netflix #documentary
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