This company is proof that blockchain, as a distributed ledger technology (DLT), creates a platform upon which an infinite number of money-making ideas and business solutions can be layered.
Introducing VVIP, Dubai’s first events social network, on its way to becoming a virtual reality for lifestyle aficionados.
Recently, VVIP and Pecunio, a leading blockchain investment platform, announced securing an investment of $2.5 million to accelerate capital raising, growth, and speed-to-market before a Q1, 2019 services launch, locally and globally.
VVIP is building a blockchain-based social network powered by live experiences at global events.
“We think people should engage more face to face in real life, and not just through social media, and building a social network powered by unforgettable live experiences is the best way to make people connect again,” Saber Ghaith, Founder, and CEO at VVIP, told AMEinfo in an exclusive interview.
How this works is truly visionary, and revolutionary.
Idea behind VVIP
VVIP, a prominent social network, is exclusively devoted to entertainment in the Middle East with an existing community of more than 2 million members.
“We want people to feel connected and inspired by those magical moments that only occur when you are surrounded by other people, living something special together,” said Ghaith.
“VVIP has the potential to lead the social networking space and there exists a huge potential for doing the work, especially through a private and secure way that only the blockchain technology can grant,” says Reinhard Berger, CEO of Pecunio.
It all starts with VVIP encouraging live attendance of events, via the VVIP App.
VVIP ensures that event attendance is rewarded allowing content creators and celebrities to have better chances at monetizing their content and engaging with their audiences.
“VVIP Tokenization will help us establish a sustainable business model and maximize the motivation and engagement of the VVIP’s users, and will also motivate users to be more active in the app and their real life, increasing the social value of our product,” said Ghaith.
The blockchain behind VVIP ensures the privacy of members’ information and profiles, using a decentralized platform spread over a truly private encrypted network.
How does the VVIP work?
On a B2C level, the VVIP is very user-friendly and acts like a digital passport providing users the ability to attend events, or book a restaurant, for example, if they choose to.
“We are the first social network that is rewarding people to go to live events,” said Ghaith.
“So what we provide for our members are 2 things: Search capabilities to events, and ability to book them from their mobiles, and in return reward them.”
Ghaith adds: “We are introducing a token where you earn your rewards and later use it for different events, buying merchandise, or trade as the VVIP token rises in value.”
So let’s say you live in Dubai and go to Paris for a couple of weeks. Unfamiliarity with the events scene there, not speaking the language, or not being able to afford black market fees, often costing 2 to 3 times the original tickets, is what the VVIP solves for basic level users.
Can you be the guest of honor?
“With the help of the VVIP, and how data is stored and shared, event organizers will greet our members by name, just like celebrities, bringing attendees more intimately to these events instead of merely crossing anonymously through a ticket booth without any special interaction with, or recognition from, anyone,” explains Ghaith.
VVIP has 2 layers of membership: The first is regular where you don’t have to pay a dime, but still receive services never before offered on the market.
The second is, well, a social club where members get the VVIP treatment.
“So you pay a yearly membership that provides access to members-only events, meet with celebrities, attend product launches, be present at movie premieres and other services,” says Ghaith.
“Additionally, VVIP social club members receive top of the line international-quality concierge services, from booking a birthday party at a restaurant to renting cars, booking hotels and even reserving private jets.”
But VVIP also plans to play a crucial B2B service.
A vibrant market
VVIP will not be conducting an initial coin offering to raise funds, and instead will raise cash through private placement from select investors, and by distributing the VVIP token via membership bought on the platform, with the digital coin accruing value through multiple means, including mass use and adoption.
“From Day 1, for more than 1 reason, we chose Dubai as a launch pad for VVIP, but mostly based on the fact that there is high social media traffic driven by a substantial amount of mobile users,” says Ghaith.
He says the Middle East is a massive market for a product like VVIP, given the fact that nearly 65% of the population, around 400 million people, is younger than age 30 and with around 83 million of these being avid social media users.
“We have been watching Snapchat, Twitter, and Facebook, and these companies have the biggest team here outside of the US.”
Graphs courtesy of Arab Social Media report 2017- Mohammed Bin Rashid School of Government
He adds that Dubai has over 3500 events per year, and sells almost 3 million tickets.
infographics by “The state of ticketed events in Dubai 2016- Dubai tourism”
“If we can change them to be paperless, on mobiles, that’s the first goal and then we can export that experience to other markets.”
Ok, but where is the money aspect of the business?
VVIP: More than just ticketing
Ghaith points to a reality shared by the entertainment industry, which is that events are highly expensive to organize.
He says that the smallest concert runs anywhere from $0.5 million to $1 million, and includes the cost of securing the artist or performer, and the venue, but excludes traditional above the line advertising to promote the venue.
“And this would only cover the country where the event is taking place, like the UAE, for example, and does not include positioning ads in Saudi, Lebanon, or Egypt, etc.,” clarifies Gaith.
“That is a huge challenge that we are fixing with our media company VVIP.”
Here, VVIP goes beyond being an events platform, to becoming a social network.
Smart business opportunity
“If you partner with us as event organizers, to bring an event to Dubai, we will give you visibility in the entire region, straight from the platform, and in doing so, you, as organizers, cut your costs and increase the target niche audience for your events, reducing the risks associated with the high costs of organizing the event,” says Ghaith.
Even though VVIP’s focus is on building a robust, healthy and vibrant community, with entertainment at its core, it is working on building strong partnerships with leading global brands that help bolster win-win income opportunities.
For more info visit the site: http://www.vvip.club
About Pecunio For more info visit the site: https://pecun.io/