Backstage is leading the crypto revolution in the events and entertainments industry, and $BKS is the token that fuels the Backstage ecosystem.
On the decentralized Backstage platform, $BKS simplifies operations, facilitates payments, drives investment, and enhances liquidity. The token is a powerful tool for financing the event industry and enabling a trusted ecosystem powered by community.
In this article, we’ll discuss how $BKS can be a liquidity provider for your event or project.
The Backstage Ecosystem: Designed for Sustainability & Liquidity
As we’ve discussed before, COVID-19 has decimated the events industry. Many traditional investment funds won’t go near the industry, due to the uncertainty of the pandemic.
This is why Backstage and the $BKS token will be game-changers.
$BKS allows for the industry to fund itself more sustainably, as Backstage tokenomics creates an ecosystem that enables fair distribution of value and efficient financial operations.
For instance, the Backstage point-of-sale system will automatically buy back BKS tokens so venues will have access to immediate liquidity. After those tokens are bought back, Backstage will block their use for a period of time, which will help strengthen the token and ensure the future value of the project. The buyback mechanism thus benefits our partners, venues, community members and investors.
A Better Financing Option for the Events and Entertainments Industry
One of the most useful purposes for the $BKS token is to provide an opportunity to event organizers to easily find working capital. This will be done on the Backstage Launchpad — our dedicated fundraising platform.
Here’s how financing and fundraising on Backstage will work:
- Organizers apply for approval to seek funding on Backstage’s financing platform.
- Organizers set terms and conditions of an investment, such as expected ROI or interest amount.
- Organizers present their project or event to the community on the Backstage platform.
- Community members and investors put money into the project or event.
- After the event, $BKS tokens are distributed according to the agreed-upon terms and conditions.
*Every investment carries risk, and investors could lose all the money they put into a project. Backstage will put a disclaimer for each project to ensure our community understands the risk and knows to do their own research.
What else can the $BKS token do?
Beyond financing and immediate liquidity after event sales, the $BKS token can benefit event and project organizers in a variety of ways. After all, the $BKS token will be the fuel that powers the backstage ecosystem.
Project and event organizers can boost liquidity with the $BKS token by:
- Selling NFTs to increase revenue: Fans use $BKS to buy NFT collectibles and NFT tickets with special features (backstage access, early access to new content, photoshoot sessions with artists, etc)
- Using NFT tech to prevent ticket counterfeiting: This minimizes losses and risk.
- Allowing investors to stake $BKS: Investors earn passive income, while organizers get funds for the event.
- Accepting $BKS for services: Accepting $BKS for tickets, food and beverage, equipment rentals, reservations, merchandise and more offers access to the liquidity of the Backstage ecosystem. As we’ve noted, Backstage will buy back tokens after purchases, which enables event organizers to exchange for fiat in an instant.
- Faster operations: Thanks to BKS Crypto Wallet for Businesses, enterprises can easily use $BKS and get paid in fiat, crypto or both with the click of a button. Everything from paying invoices to putting money in the bank becomes a breeze.
- Offering an NFT Marketplace: When events partner with artists and content creators, they can provide them access to the Backstage NFT marketplace — another avenue for sales and revenue.
Backstage and the $BKS token are designed to ensure cash flow is never an issue with your event. From the initial idea to the day of launch, your event project will have the tools on hand to maintain solid liquidity and achieve success.
The Road Ahead
From the business wallet to the NFT marketplace, we’ve been busy building the Backstage platform. We’ve also been signing strategic partnerships, which will enable us to gain more recognition and adoption in the industry.
As discussed, we’re also building the Backstage Launchpad — the first decentralized fundraising platform for events. We’ll have more details later, once this is almost ready to go live.
Backstage is powering the crypto revolution in the events industry. Through the BKS token and our blockchain ecosystem, we aim to solve the current challenges facing the events and entertainment sectors. From financing and payments to NFT ticketing and marketplaces, Backstage will take the events industry toward a more sustainable, profitable and fair future.