The popularity of creating and watching VR/360 content is contributed by the proliferation of consumer-grade 360 cameras, video auto-stitching tools, video hosting platforms, and efficient post-production workflow. According to Facebook, millions of VR users watch 360 videos everyday. 360 videos on YouTube also receive millions of views with highly positive reactions. Goldman Sachs projected that VR will be bigger than TV within the next decade generating about USD110 billion in revenue. IDC’s The Worldwide Semiannual Augmented and Virtual Reality Spending Guide predicts that the AR/VR market will grow to over USD162 billion by 2020. The VR users base has grown exponentially from only 200K in 2014 to 43M in 2016 with a projected number reaches 171M by 2018.
However, the massive AR/VR/360 market adoption will not grow without a sustainable monetization model. That can’t happen without advertisers. CyteCoin exists to bridge the gap among all key players that include brands, sponsors, content producers, event organizers, advertisers, KOLs, users, and merchants, to form one atomic unit to capitalize the burgeoning VR advertising market.
CyteCoin is the only solution on the market that empowers brands, content producers, event organizers, advertisers, KOLs, audiences, sponsors, and merchants to capitalize in AR/VR/360.
CyteCoin is designed to decentralizing the buying, selling, and rewarding of viewing in VR by removing the intermediaries out of the equation. This is accomplished by using CyteCoin Smart Contracts.
An advertiser can use CyteCoin via a smart contract associated with the target content. This content is now active, or “live, which means content producers, viewers, and influencers can engage with that advertiser through the smart contract and be rewarded with CyteCoin for driving attention to that content. Every ad view, click, and reward that happens is communicated to the CyteCoin Smart Contract through VirtualCyte. The CyteCoin Smart Contract will then autonomously distribute CyteCoin to the users participating in that engagement. By utilizing smart contract, a publicly verifiable blockchain, and trusted, can directly disintermediate the “trade” of attention. It enables advertisers to execute ad campaigns by directly rewarding the content producers, services providers, and influencers of attention instead of going through an agent. Advertisers can target their smart contract to a much wider genre of content or even one specific media item. Advertisers choose the budget of their campaign by committing the exact number of CyteCoin that they want to be dispersed. Advertisers can also set custom conditions for the smart contract, e.g. 1 CyteCoin rewarded per ad click or 5 CyteCoin rewarded per ad click. This supports a transparent, competitive marketplace, where participants compete for the highest-rewarding smart contract. Advertisers can then visibly aim for low-cost, or suitable and effective cost campaigns. This provides a reward opportunity for all participants.