How does blockchain and NFT change the ticketing system from the real cases of 12 ticketing suppliers around the world?
In this article, we will answer the following key questions:
- What is blockchain?
- What is NFT?
- What are the benefits of using blockchain technology and NFT in the ticketing system?
- Which events can bring the greatest benefit to users?
- What are the opportunities and challenges?
We are going to answer the most pressing question in this field, namely how to use blockchain technology and NFT in event ticketing, and list the main operators in this field.
What is blockchain technology and what is NFT?
First of all, we need to figure out, what is a blockchain? What is NFT?
Blockchain is a complex concept, so here we focus on analyzing its characteristics related to the ticketing field.
Blockchain is a kind of database. In traditional conventional databases, a computer is required to store the master copy of the data. In the blockchain, the database is shared among multiple computers interconnected in the network. Therefore, multiple computers store the same copy of the data in a distributed manner. Most blockchain systems are decentralized, which means that there is no central entity with control and decision-making capabilities.
Blockchain is best known for powering Crypto (including Bitcoin and Ethereum), but blockchain is also widely used in banking, healthcare, and many other industries.
NFT stands for non-homogeneous tokens, they are the only digital tokens of information stored on the blockchain. Unlike the interchangeable Crypto, NFT is unique. (Editor’s note: Crypto is homogenized, meaning that two tokens are equal and interchangeable, but NFT is non-homogeneous, just like two different paintings, they are not interchangeable) NFT can be used to represent the identity and attributes of objects and people in the physical world. Due to such characteristics, they are ideal for ticketing systems.
What are the benefits of using blockchain technology and NFT for the ticketing industry?
The main advantage of using blockchain and NFT for the ticketing industry is that it enables event organizers to track the status of tickets after they are sold. All tickets are securely linked to the only purchaser, and these transactions and any transactions on the tickets are recorded in the blockchain. Any further sales or transactions involving tickets will also be listed on the blockchain. The blockchain retains a shared database of all transactions involving each ticket, and even eliminates the possibility of reselling, uncontrolled prices, and fraudulent transactions.
There are other benefits of controlling ticket transactions through blockchain technology, including ensuring that fares are fair, even when reselling them, and having the opportunity to pay royalties on each transaction to artists or event organizers.
On the basis of these advantages, NFT can also provide additional income in the form of trading old tickets as collectibles. At the same time, NFT can be produced quickly at a lower cost, which is not necessarily the case in other use cases of blockchain technology.
Which transactions can benefit the most from blockchain technology?
With the continuous development of blockchain technology, they may become part of all ticketing and registration. At present, blockchain technology and NFT are more suitable for certain types of events.
Consider the following criteria to see if ticket sales with blockchain is suitable for your event:
- This event has a huge fan base
- This event has great ticketing potential
- You want to know who will sell tickets twice
- Your event has an active fan community
These standards reflect that for event planners, safety and controllability are their most important advantages. It also reflects that music and sports events can benefit from ticket sales based on blockchain technology, because ticketing, reselling and unregulated secondary markets are common problems in the entire ticketing industry.
Commercial activities are usually not plagued by problems such as scalpers and unregulated secondary markets, so the demand for blockchain technology in commercial activity ticketing may not be so great.
Blockchain and NFT technology provide benefits for large-scale public events with management issues. Security issues are an area of increasing concern for event planners. Strict control of business activities has never been more important than it is now, and there are strict safety regulations in many parts of the world.
It is relatively easy to forge registration or obtain abandoned admission tickets, and considerable caution is required in identifying participants in commercial activities. The ticketing and registration platform provides various identity checks and security functions, but it does not always guarantee that the ticketing matches the identities of the on-site participants.
Although the issue of confirming the identities of those participating in business activities may not be considered a high-risk security issue, the impact of people with malicious behavior may be disastrous. From sexual harassment to gunman incidents, the ticketing industry managed by blockchain technology can effectively prevent unnecessary individuals from entering activities. It is worth noting that blockchain technology and NFT are not the only solutions to the problem, but the core of these technologies is security and controllability.
What are the opportunities and challenges?
In this section, we asked Eric Rozenberg, an expert in related fields, what are the opportunities and challenges facing the ticketing industry controlled by blockchain technology in his eyes?
Eric Rozenberg is the founder and CEO of Event Business Formula. He is also a coach, speaker, best-selling author, and host of the “The Business of Meetings” podcast. He has helped thousands of entrepreneurs grow and manage their businesses better.
Blockchain technology solves many major problems faced by venues and organizers, can make the entire ticketing system more secure, can fight gunmen and eliminate scalpers, and can also increase targeted marketing and so on. Thanks to the use of smart contracts, blockchain technology allows organizers to set a series of conditions such as ticket prices and whether the tickets can be transferred or resold, which is beneficial to true fans.
The only limitation of blockchain technology in the ticketing industry may be its scalability and cost, especially for a small number of tickets. After the epidemic, most users hope to get their tickets through their mobile phones. It is an economical solution to enhance their security by uploading the ticket data to the blockchain.
Blockchain ticketing provider
If you are convinced that blockchain technology is suitable for your event, the next section will give you an overview of the current major existing blockchain technology ticket providers in order to sell your event tickets.
We list them in alphabetical order, in no particular order.
BAM Ticketing Company is an Austria-based company that provides tamper-proof ticketing services for live events through blockchain technology.
BAM’s ticketing service system (TaaS) can be integrated with any existing ticketing system on the basis of paid subscription, without the event organizer changing its original ticketing system.
The company stated that its performance is better than any ticketing system that uses other blockchain technology, and can meet current and future ticketing business needs, unlike ordinary distributed ledger or blockchain systems (such as Bitcoin, Ethereum, EOS) ). The BAM mainnet provides the ability to process 650 transactions per second and a fast response time of 0.8s. The mainnet can be used in more than 35 areas.
BAM provides on-site node hosting services for ticketing companies, organizers and venues to improve the availability of ticketing services, while further reducing delays while maintaining the privacy of transaction data.
2 、 Blocktix
The Blocktix platform is a platform that directly connects to an active community and encourages users to participate in local activities in the community. Through a single system to create related activities, and conduct ticket distribution, ticket transfer and activity promotion activities, to provide lower costs for distributors and promoters who use these services.
Blocktix provides a ticket trading platform for event promoters, enabling them to fully control the primary and secondary market ticket transactions. Sales can set different rules for each ticket, including the percentage and time at which the artist and promoter can get the revenue when the ticket is transferred.
ComeTogether relies on the power of blockchain technology to hand over the control of the entire ticket life cycle to the event organizer. The ComeTogether network provides the infrastructure for ticket transactions, fraud elimination and secondary market revenue management.
The EOSIO blockchain ticketing engine controls the entire life cycle of the ticket. The use of smart contracts provides the functions of issuance, sale, and verification of tickets, as well as rules for resale. The blockchain ensures the security of the ticket and effectively resists hacker attacks and system failures to maintain the privacy of customer data, and the digital ticket can be used as a digital collectible.
The Crypto.Tickets platform is based on blockchain technology and adopts a transparent decentralized ticketing system, which is open to event organizers and existing ticketing systems. The Crypto.Tickets ecosystem integrates all possible ticketing-related services while optimizing time series and capital use. It provides viewers with the smartest event admission technology claimed by the company.
Crypto.Tickets provides a valuable possibility for controlling the entire life cycle, pricing and collected data of tickets. The blockchain technology embedded in the platform can resist even the most sophisticated scalpers. The smart ticket has a dynamic code that cannot be copied or hacked. Therefore, it provides the audience with complete trust, even if the ticket is purchased on the secondary market.
Essentially, this improves ticket sales. The company has its own Ticketswallet, can use white labels, and provides the option of using external wallets via API.
EventX is an accessible and intelligent platform that provides payment services. Its feature is to provide blockchain ticketing (NFT), and provide access control services with age checking and registration of visitors. Blockchain technology is used to ensure the security, speed, transparency and immutability of payment, ticketing and access control. EventX is built on blockchain and open source technology, so that it can run a complete solution without the need for the Internet.
FanDragon is the technology behind the TixTo.Me service used by LiveNation France. It is an innovative SaaS tool powered by the Aventus blockchain protocol to provide convenient and safe mobile delivery for everyone in the ticketing ecosystem. The company provides ticket delivery support services for existing applications, using secure ticket synchronization and secure ticket transmission to ensure the authenticity of the ticket throughout its life cycle.
Once a customer purchases a ticket, FanDragon’s modular system seamlessly delivers the ticket to a single mobile device and securely locks it to the buyer using a secure ticket holder. The user has full visibility of the ticket throughout the life cycle of each ticket, and can activate, transfer and redeem the ticket at the venue. The system also allows fans to participate in events through FanDragon’s information center, and you can directly communicate with ticket holders before, during and after the event.
GUTS Tickets uses blockchain technology to issue real tickets to avoid false secondary market prices and fraud in ticket transactions. GUTS’ digital tickets have brought countless innovative benefits to fans and organizers that are not available elsewhere.
The company has developed a smart ticketing solution called the “GET Protocol”, as an important part of the GUTS Tickets system, which can be used by any ticket company in the world immediately, making their tickets true and transparent. The company stated that the use of their system and basic agreement will eradicate commercial-scale scalping.
8 、 PassageX
PassageX is a company that uses blockchain technology to repair ticketing events. As the first secondary ticketing network to eliminate fake tickets, PassageX allows consumers to check the validity of any ticket online or in person in real time. He combined the technologies of the private chain and the public chain to enhance the performance of the PassageX network, and make it transparent and developed, which can be used for secondary ticket sales for any event.
This allows venues, artists and producers to benefit from every sale, not just the first time a ticket is issued. PassageX allows unlimited (required) service fee splits, and their network provides a multi-level solution to eliminate fraud.
TicketHash is a platform focused on what the company calls “activity digitization”. The system includes a smart ticketing module, a smart voting module, a fan participation module, a digital collectibles module, and an innovative payment option module. The platform combines the security and transparency of blockchain solutions with the scalability and compliance of enterprise applications.
10 、 TIXnGO
TIXnGO is a secure mobile ticket holder, which plays an important role in eliminating fraud, improving operational agility and security, enhancing user data privacy, and elevating fan experience to a whole new level. TIXnGO is a sister company of SecuTix., a cloud ticketing solution.
As a mobile application, TIXnGO is an enhanced wallet where users can safely store, transfer, sell, resell or buy digital tickets. The API layer abstracts the blockchain and AI core engine. On this basis, functions such as ticket creation/delete, data privacy, integrated payment, identity verification and resale price adjustment are provided. Blockchain technology guarantees its security, transparency, immutability, and eliminates the need for trusted third parties.
True Tickets, developed by the IBM blockchain, provides a contactless digital ticket delivery experience that is both scalable and secure, while integrating with existing ticketing platforms and CRM to enable the purchase, sale and transfer of entertainment ticketing It becomes simple and safe.
True Tickets is a customer-focused startup that focuses on providing digital and customizable copyright management for contactless digital ticket issuers. The company works with venues and platform partners as a key solution, integrating with existing systems to provide a lasting business solution, whether in the primary or secondary ticketing market.
Yellowheart gives artists and fans full ticket transparency. The company is known for its NFT trading market and is owned by Ticketmaster, which provides ticketing solutions that surpass its own NFT market.
Interestingly, their product page lists the ticket price composition. As for the organizer, it verifies the identity of the fans and distributes the ticket revenue to the participants.
Blockchain technology is a promising technology and has obvious advantages for experienced event planners who want to ensure the safety of their events.
If your event is related to the secondary market and the demand is great, you want to ensure who can get the tickets, and you want to provide ticket resale functions only to trusted individuals or organizations, then it is very necessary to adopt blockchain technology of.
A large number of startups and established players in the large ticketing industry have adopted blockchain technology, which clearly shows the value of this technology.
Blockchain technology will create a new wave of services for the ticketing industry, and this is the moment we witness.
Author丨Eventmb studio team
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/how-does-blockchain-and-nft-change-the-ticketing-system-from-the-real-cases-of-12-ticketing-suppliers-around-the-world/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.