CEEK is a very unique and interesting blockchain project that is looking to revolutionize the way people consume entertainment and education.

The CEEK VR system allows users to virtually experience concerts and live shows, with plans to add other real life experiences such as educational seminars, as if you were right there. This is a new direction and great advance in virtual reality technology.

And unlike many other blockchain projects, CEEK already has a product. CEEK VR Inc., the developer of the hardware and software behind the blockchain project, has already won multiple awards for its work in distributing VR experiences.

In addition to creating their own VR experiences, they also curate and partner with other world-class companies to distribute virtual reality content. CEEK VR offers several channels of content, including some that is original content just for them, and other professionally licensed content.

What is Available to Watch with CEEK

CEEK already has a wide range of performers and concerts available on their platform, with more being added all the time. Partnerships have been created with Lady Gaga, Elton John, U2, Katy Perry and Megadeth, and most recently CEEK has announced a partnership with World of Dance.

Seek VR Headsets
Seek VR Headsets. Image via ceek.com

In addition to the world-class concerts there will also be charity fundraisers, sporting events, VR commerce, and educational materials added to the platform in the future. Once CEEK has added educational opportunities it will be possible for those in far remote areas to improve their knowledge and marketable skills, and give themselves a better chance for a better future.

One might even think that in the future entire degree programs will be delivered via CEEK.

CEEK VR Headset

As mentioned above, CEEK already has a functioning product, which puts it far ahead of other blockchain projects that have to rely fully on ICO fundraising. The CEEK VR headset prototype is available on Amazon, and at Target and Best Buy, as well as from other major retailers.

It retails for just $99, but when I looked at it in late June 2018 it was on sale for just $22.98 and it comes with a $10 iTunes gift card as a bonus, making the cost of the CEEK virtual reality headset just $12.98.

Users with both Android and iOS devices are able to use CEEK. The application is available in the Apple App store and the Google Play store for free. One the application is installed it can be used to purchase concert tickets for viewing in the comfort of your own home.

CEEK Benefits

There are benefits from CEEK, not just to the observers, but also to the artists involved in creating performances. Because partnerships with CEEK are paid, they benefit monetarily, but perhaps more importantly they are able to expand their fan base, and their reach to those who might not otherwise have access to one of their concerts. This can lead to increased sales of albums and merchandise.

It isn’t just the artists who benefit from CEEK. Obviously, the user base will also benefit. They will be able to virtually attend the concerts of their favorite artists, even if they never would have physically been able to see that artist.

Katy Perry Seek VR
Artist Benefits with Seek VR. Katy Perry via ceek.com

In fact, even those who could go to a physical venue might choose to attend via CEEK, since purchasing a concert ticket via CEEK is more affordable than an actual concert ticket, especially when you include the cost of transportation, parking, food, and any other expenses that might be incurred when attending a concert.

Probably the greatest benefit for users is that they get to have experiences that wouldn’t be possible otherwise. Right now that’s concerts, but in the future it might include special “behind the scenes” looks at movies, front row sporting events, travel experiences, and educational experiences.

The CEEK Token

The CEEK token was released to users on June 1, 2018 and it was developed with the intent to improve the CEEK user experience while also providing enhanced functionality. The CEEK token holders, called CEEKERS, will be able to access special immersive VR experiences, and will also have access to the tokenized rewards exchange that is CEEK enabled.

Finally, CEEK holders will receive voting rights as outlined in the CEEK whitepaper. Finally, there are plans in place that will allow holders to use the CEEK Token to make purchases, vote for content, control the programming and much, much more.

The CEEK token is an ERC-20 compliant token that utilizes Ethereum smart contracts to establish governance of the virtual reality environments. It is this smart contract enabled governance that will give CEEK holders the capability of having flexible “in-world” interactions that are tokenized, including rewards, voting, virtual goods, and contests.

CEEK Blockchain

As I just mentioned, the CEEK VR environments achieve governance through Ethereum smart contracts. This aspect of blockchain technology achieves the best user experience, and also allows for improved transactions, added security, transparency, and an immutable record of every transaction within the CEEK ecosystem.

CEEK Coin Performance
CEEK Decentralised Ecosystem. Image Source: CEEK Whitepaper

By putting CEEK transactions on the blockchain, users are able to manage, exchange and access all their digital assets at a fraction of the cost if there were no blockchain involved. In fact, CEEK uses a special standard for token transfers which cost roughly $0.001, which is an amazingly small fee, even for blockchain transactions.

The open standards used with CEEK will allow artists to create unique digital items, and CEEKERS will be able to purchase and own these items, with their ownership recorded on the blockchain. And because of the digital nature of the assets they will be easily transferrable across multiple channels which are digital ready.

CEEK Venues

The CEEK virtual reality experience begins in CEEK CITY, which is the jumping off point to several immersive virtual reality experiences known as CEEK Venues. This already established system of entertainment includes a concert arena, a sports complex, a theater and a place to simply hang out and chill with other avatars.

Celebrity Coin Minting

CEEK comes with its own Virtual Mint, which allows users and artists to mint their own tokens, virtual assets, coins and merchandise at a gas cost which is just 1/10 the cost of the items.

This custom minting tool is expected to be especially useful for artists, allowing them to create specially branded items, merchandise or virtual tickets that will give them an additional way to generate revenue within the CEEK ecosystem.

The Token Sale

The CEEK token sale took place over five weeks from March 26, 2018 to May 3, 2018 with a token price of USD$0.15. The ICO raised $17.3 million for CEEK as they sold 270,000,000 of the total supply of 1 billion tokens. Tokens were then distributed on June 1, 2018. U.S. residents were not eligible to participate in the CEEK ICO.

Since then the price of the CEEK token has fallen to $0.036568 (as of June 25, 2018). Tokens are currently only available on IDEX and Bancor Network, which is probably keeping the price muted. If the coin gets listed on a major exchange such as Binance or Huobi.pro the price would likely increase dramatically.

CEEK Coin Performance
CEEK Coin Performance. Source: coinmarketcap.com

In addition to the limited listing, CEEK VR tokens have a daily trade volume under $15,000 making them very illiquid right now. You can probably see this in the lack of continuity in the price above. The company may have extensive backing from traditional companies, but it hasn’t yet captured the imagination of the cryptocurrency world.

Conclusion

CEEK is an innovative new blockchain project that will give users the ability to attend concerts and other venues in a virtual reality, no matter where they might be located physically. The project has already created partnerships with several major entertainment companies, and has a working VR headset and environment, putting it ahead of many other blockchain projects with no product to offer.

With a product and backing from major entertainment companies, the potential for CEEK seems to be quite huge, but it hasn’t yet attracted the attention of the blockchain world, and that seems to be holding the cryptocurrency part of the project back from reaching even part of its full potential.

Perhaps all it needs is a push in the form of a major exchange listing, or perhaps it hasn’t garnered the attention from blockchain enthusiasts for a reason. The token is really too new to tell for sure, having been released less than 30 days prior to this article being written.

I think we’ll need to keep an eye on CEEK and check back on it in several months to a year. It’s undeniable that the entertainment being offered is already hugely popular, and virtual reality is gaining popularity as well.

The real question is whether this needs to be a blockchain project or not…

Image via Fotolia and Ceek

Posted by Steve Walters

Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies.