Sensorium Galaxy, a not-yet-released virtual reality platform, has signed famous French DJ David Guetta. The platform hosts its own ERC-20 token, known as SENSO.
"In a similar fashion to in-game currencies like Fortnite’s V-Bucks, SENSO is used for all value transactions within the Sensorium Galaxy," Sensorium Corporation's deputy CEO of IR, blockchain and technology, Alex Blagirev, told Cointelegraph. "While that is the first blockchain application in our alternate universe, we’re working on other applications of the distributed ledger technology," Blagirev noted.
"One application we’re currently exploring is related to how users will save their profiles on the platform. Unlike with other social VR platforms, Sensorium Galaxy avatars are powered by Artificial Intelligence, meaning that they identify behavioral patterns of their users and can act autonomously based on that learning. As time goes by, avatars become a surprisingly accurate virtual representation of oneself. That said, saving that profile on the blockchain will provide higher security and immutability."
Guetta expressed excitement in working with Sensorium, explaining that the platform is much better than current standard screen-based event viewing methods, according to his comments in a press statement.
Expected to hit the market in the first half of 2021, Sensorium touts funding from former Brooklyn Nets owner and Russian billionaire Mikhail Prokhorov, as well as TIDAL, a subscription media streaming platform owned and revamped by celebrity rapper Jay-Z. Sensorium sold TIDAL a share of the platform's SENSO tokens, valuing $7 million in total, the statement said.
The VR platform positions itself as a digital ecosystem in which participants can interact with each other, view concerts and participate in other activities, all represented by self-created digital formations of themselves.
Sensorium will boast shows constructed by Guetta, who already has adapted to the digital world in a year plagued by COVID-19 and subsequent restrictive measures. The DJ has worked multiple highly trafficked livestream events for pandemic aid funding in 2020, including a Miami-based livestream show in April.
"As the first step in this multilevel collaboration, he will create a series of exclusive performances [for] Sensorium’s alternate universe that can be accessed solely through SENSO tokens," the statement said of Guetta.
As for the rationale behind creating its own token for the platform instead of simply using Bitcoin, Blagirev noted flexibility, security and compatibility. "The Ethereum network is by far one of the most popular blockchains on the market, supported by nearly all cryptocurrency wallet providers, exchanges, etc," he explained, which means users can more easily use and store the asset.
"Moreover, the Ethereum network offers much faster transactions than Bitcoin," he added. "Smart contracts have also played a decisive role in the development of SENSO, since they help us build trust and enhance transparency for end users."
Sensorium, however, does expect a move off the Ethereum blockchain onto its own native network at some point in the future, Blagirev said.
Guetta is not the first music industry celebrity to move into the crypto space. Several other players have interacted with the industry in one form or another, including rockstar Gene Simmons.