Chain Bazaar Make it easier for the blockchain to land
Chain Bazaar Make it easier for the blockchain to land
Picture丨From the Internet
Picture丨From the Internet
Picture丨From the Internet
Editor's note: The original report comes from Eventmb studio team, the world's largest event planning community. The Chinese version is compiled and organized by the Chain Market team, and the English copyright belongs to the original author. Please contact the editor for Chinese reprint.
In this article, we will answer the following key questions:
l What is blockchain?
l What is NFT?
l What are the benefits of using blockchain technology and NFT in the ticketing system?
l Which events can bring the greatest benefits to users?
l What are the opportunities and challenges?
We’re going to answer the most pressing questions in the space about how blockchain technology and NFTs can be used in event ticketing, and list the major operators in the space.
What is blockchain technology and what is NFT?
First of all, we need to figure out, what is a blockchain? What are NFTs?
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 a traditional conventional database, a computer is required to hold the master copy of the data. In blockchain, the database is shared among multiple computers interconnected in a network. Therefore, multiple computers keep copies of the same data in a distributed fashion. Most blockchain systems are decentralized, meaning there is no central entity with control and decision-making capabilities.
Blockchain is best known for powering Crypto (including Bitcoin and Ethereum), but it also has widespread applications in banking, healthcare and many other industries.
NFT stands for non-fungible tokens, and they are unique digital tokens for information stored on the blockchain. Unlike fungible Cryptos, NFTs are unique. (Editor's note: Crypto is homogeneous, meaning that two tokens are equal and interchangeable, but NFT is non-homogeneous, just like two different paintings, they are not interchangeable) NFTs can be used to represent physical world objects, identities and attributes of people, which makes them 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 NFTs for the ticketing industry is that it enables event organizers to track tickets once they are sold. All tickets are securely linked to a unique 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. Blockchain maintains a shared database of all transactions involving each ticket, eliminating even the possibility of scalping, uncontrolled prices, and fraudulent transactions.
Controlling ticket transactions through blockchain technology has other benefits, including ensuring fair fares, even when resold, and the opportunity to pay artists or event organizers royalties on each transaction.
On top of these advantages, NFTs can also provide additional income in the form of trading old tickets as collectibles. At the same time, NFT can be produced quickly and at a lower cost, which is not necessarily the case in other use cases of blockchain technology.
Which transactions can benefit most from blockchain technology?
Blockchain technology continues to evolve, and they have the potential to become part of all ticketing and registration, and currently, blockchain technology and NFTs are more applicable to certain types of events.
Consider the following criteria to see if blockchain ticketing is right for your event:
l This activity has a large fan base
l This event has great ticket sales potential
l You want to know who will resell the tickets
l Your event has an active fan community
These standards reflect that, for event planners, security and control are top priorities. It also reflects that music and sporting events could benefit from blockchain-powered ticketing, as ticketing, scalping and unregulated secondary markets are common problems across the ticketing industry.
Commercial events are generally not plagued by issues such as scalpers and unregulated secondary markets, so the need for blockchain technology in commercial event ticketing may not be as great.
Blockchain and NFT technology offer benefits for large public events with management issues, and security concerns are an area of increasing concern for event planners. Strict controls on business activity have never been more important, with strict safety regulations in place in many parts of the world.
It is relatively easy to falsify registrations or obtain discarded admission tickets, and considerable care is required in identifying participants in commercial activities. Ticketing and registration platforms offer a variety of identity checks and security features, but it is not always guaranteed that tickets match the identities of live attendees.
While the problem of identifying those involved in commercial activity may not be considered a high-risk security issue, the impact of someone acting maliciously could be disastrous. From sexual harassment to gunman incidents, the ticketing industry managed by blockchain technology can effectively prevent unwanted individuals from entering events. It is worth noting that blockchain technology and NFT are not the only solutions to the problem, but the core of these technologies are safe and controllable.
What are the opportunities and challenges?
Eric Rozenberg is the founder and CEO of Event Business Formula. He is also a coach, speaker, bestselling author, and host of "The Business of Meetings" podcast. He has helped thousands of entrepreneurs grow and manage their businesses better.
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Blockchain technology solves many of the major problems faced by venues and organizers. It can make the entire ticketing system more secure, combat gunmen and eliminate scalpers, increase targeted marketing, and more. Thanks to the use of smart contracts, blockchain technology allows organizers to set a series of conditions such as ticket prices and whether tickets can be transferred or resold, which is beneficial for real fans.
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2. Challenge
Perhaps the only limitations of blockchain technology in the ticketing industry are its scalability and cost, especially for small numbers of tickets. After the epidemic, most users hope to obtain their tickets through their mobile phones. It is an economical and affordable solution to enhance the security of tickets by uploading their data to the blockchain.
Blockchain Ticketing Provider
We list them in alphabetical order and in no particular order.
1、B.A.M
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BAM Ticketing is an Austria-based company that uses blockchain technology to provide tamper-proof ticketing for live events.
BAM's Ticketing as a Service (TaaS) can be integrated with any existing ticketing system on a paid subscription basis without requiring event organizers to change their legacy ticketing system.
BAM provides on-site node hosting services for ticketing companies, organizers and venues to improve ticketing availability, further reduce latency while maintaining the privacy of transaction data.
2、Blocktix
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Blocktix provides a ticket trading platform for event promoters, giving them complete control over primary and secondary market ticket transactions. Sales can have different rules for each ticket, including the percentage and time that artists and promoters can earn when a ticket is transferred.
3、ComeTogether
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The EOSIO blockchain ticketing engine controls the entire lifecycle of tickets. The use of smart contracts provides for the issuance, sale and verification of tickets, while also specifying the rules for their resale. Blockchain ensures the security of the ticket and effectively resists hacker attacks and system failures to keep customer data private, and the digital ticket can serve as a digital collectible.
4、Crypto.Tickets
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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 use of funds, and it provides viewers with what the company claims is the smartest event entry technology.
Essentially, this increases ticket sales. The company has its own Ticketswallet that can be white-labeled and offers the option to use an external wallet via API.
5、EventX
EventX is an accessible smart platform for payment services, which features blockchain ticketing (NFT), and provides access control services with age checks and visitor registration. Blockchain technology is used to ensure safe, fast, transparent and immutable payments, ticketing and access control. EventX is built on top of blockchain and open source technology, so that the complete solution can be run without the need of the Internet.
6、FanDragon
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Once a customer purchases a ticket, FanDragon's modular system seamlessly delivers the ticket to a single mobile device, locking it securely to the buyer with a secure ticket holder. Users have full visibility of each ticket throughout its lifetime and can activate, transfer and redeem tickets at the venue. The system also allows fans to participate in events through FanDragon's message center, where you can communicate directly with ticket holders before, during and after the event.
7、GUTS Tickets
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The company has developed a smart ticketing solution called "GET Protocol" as an important part of the GUTS Tickets system, which can be immediately used by any ticketing company in the world to make their tickets authentic and transparent. The company says using their system and underlying protocol will eradicate scalping on a commercial scale.
8、PassageX
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This allows venues, artists and producers to benefit from every sale, not just the first ticket release. PassageX allows unlimited (required) splits of service fees, and their network provides a multi-layered solution to eliminate fraud.
9、TicketHash
TicketHash is a platform focused on what the company calls "event digitization." The system includes a smart ticketing module, a smart voting module, a fan engagement module, a digital collectibles module, and an innovative payment options module. The platform combines the security and transparency of blockchain solutions with the scalability and compliance of enterprise applications.
10、TIXnGO
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TIXnGO as a mobile application is an enhanced wallet where users can securely store, transfer, sell, resell or buy digital tickets. The API layer abstracts the blockchain and AI core engine. On top of this, features such as ticket creation/deletion, 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.
11、True Tickets
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True Tickets is a customer-focused startup focused on digitally customizable rights management for issuers of contactless digital tickets. The company works with venue and platform partners as a key solution, integrating with existing systems to deliver a lasting business solution, both in the primary and secondary ticketing markets.
12、Yellowheart
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Interestingly, their product page lists the price components of the tickets. As far as the organizer is concerned, it verifies the identity of the fans and distributes the ticket revenue to the participants.
Summarize
Summarize
Blockchain technology is a promising technology with clear advantages for seasoned event planners looking to secure their event.
If your event is related to the secondary market, the demand is also high, you want to ensure who gets the tickets, and you want to only provide the ticket resale function to trusted individuals or organizations, then adopting blockchain technology is very necessary of.
The sheer number of startups and established players in the big ticketing industry that have adopted blockchain technology is a clear indication that the technology has value.
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