Updated: October 29, 2021 4:52:08 pm
You really want to go to a concert. But by the time you find out about it, it is sold out and now the scalped tickets are being sold on the secondary market, or what is popularly known as ‘black market’. Ticket scalpers systematically buy large numbers of sport and entertainment event tickets with the sole aim of reselling them at a high profit above the initial purchase price.
In a bid to stamp out middlemen that seek to profit from tickets resale of live events and concerts— ticketing platform Yellowheart announced the launch of non-fungible token (NFT) ticketing mobile application YellowHeart Wallet, which eliminates the need for a physical ticket and connects users directly to its Ethereum-based NFT ticketing platform and marketplace.
Blockchain technology, in particular, is being leveraged as a solution to deliver digital tickets safely, give out special offers, updates, and more to event-goers.
How Blockchain and NFT can benefit?
The benefit of using Blockchain and NFTs for ticketing is that it allows event organisers to keep track of the tickets even after the tickets are sold. This means each ticket is securely linked to its respective buyer, and these transactions are stored in the Blockchain database.
So, any further sale or transaction involving the tickets can be seen in the Blockchain ledger. This shared database of all the transactions eliminates any possibility of ticket scalping, reselling, uncontrolled price gouging, and fraudulent transactions.
Running ticket sales through an open-source Blockchain gives artists and event organisers the ability to track the entire ticketing cycle, including monitoring secondary market resale and potential ‘scalping’.
Some advantages of controlling the Blockchain transactions, includes the opportunity to award royalty payments to artists and event organisers for each transaction.
Josh Katz, CEO of Yellowheart in a statement said, “The YellowHeart Wallet is a major milestone for the live event industry. The app allows fans, artists, and venues to interact with Web3 marketplaces, which will greatly evolve the fan experience and create long-term recurring revenue opportunities for artists, teams, and venues. Artists, teams, and venues that don’t adapt will get left behind.”
“Providing fans with a technology that grants exclusive access to concert tickets and event-specific content is a real win for us; combining this with our focus on artist community tokens, exclusive album-connected NFT content, and the possibilities for creativity from here are endless,” he added.
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