JAY-Z’s Music Streaming Service TIDAL Purchased $7 Million Worth of SENSO Tokens
TIDAL, high-fidelity music and video streaming service owned by JAY-Z, Lil Wayne, Rihanna, Calvin Harris, Daft Punk, and Chris Martin, has purchased $7 million worth of SENSO. This ERC-20 token functions as the in-platform token of Sensorium Galaxy — a social VR platform that allows users to communicate in a new way, attend concerts, dance performances in a virtual alternate universe.
This sizable purchase is the result of an exclusive partnership agreement signed between the companies to enable artists on TIDAL to stream their content in the Sensorium Galaxy. “Our relationship with Sensorium provides TIDAL with the opportunity to gain exclusive rights for its stellar artist roster to have their shows and music broadcast exclusively within Sensorium’s themed virtual entertainment worlds,” says TIDAL COO Lior Tibon.
As its name suggests, the Sensorium Galaxy consists of multiple worlds that serve as content hubs. The public launch of the platform is scheduled for the first half of 2021 with the release of two worlds: Prism and Motion. By immersing themselves with a VR headset, users can explore these different locations, socializing with other participants and attending events organized by the leaders of the entertainment industry. To ensure that everyone gets a chance to join Sensorium Galaxy, the platform will also be available for PC, Android, and iOS devices.
The collaboration between Sensorium Galaxy and TIDAL is one step forward in the development of the platform, which already counts on the support of Yann Pissenem, founder of Ushuaïa Ibiza and Hï Ibiza nightclubs, and the dance superstar Sergei Polunin.
Sensorium Galaxy works with Unreal Engine 4 to offer AAA graphics in a virtual reality set up. Platform developers also leverage artificial intelligence so that avatars can learn from users and subsequently exist autonomously, attending specific events, or establishing contacts with other participants based on the user’s preferences. The use of AI is a distinctive aspect of Sensorium Galaxy, as it could potentially help users achieve “digital immortality.”
At the core of Sensorium Galaxy are SENSO — ERC-20 tokens that function as currency inside the virtual ecosystem. With these tokens, users can purchase tickets to multiple activities, premium subscriptions, and add-ons to customize their avatars. The company plans to acquire over 1.8 million users by 2022.
To date, SENSO is listed on renowned cryptocurrency exchanges, such as Bittrex, KuCoin, Bitcoin.com and HitBTC.
Sensorium Corporation, the technology company behind this development, was founded in 2018 by billionaire Mikhail Prokhorov and has so far attracted over $100 million in private investments. In a recent interview with Forbes, Prokhorov outlined the huge potential of combining VR and AI technologies to “fix” what he described as a crisis in the current digital communications landscape. “The combination of VR and AI creates unique opportunities for developing new platforms where users can seamlessly interact with the virtual environments and between each other. We are confident that the development of a new way of communication in virtual setups, along with the limitless possibilities for individual and collective self-realization in those digital environments, will result in massive business opportunities”
In this regard, Tibon adds that “the Sensorium Galaxy is a next-generation platform for entertainment consumption which will elevate the connection fans have with their favorite artists and bring the artist’s vision to life in a new and exciting way.”