You actually wish to go to a live performance. But by the point you come to find out about it, it’s offered out and now scalped tickets are being offered on the secondary market or what is called ‘black market’. Ticket scrapers systematically buy giant numbers of sports activities and leisure occasion tickets, with the only real function of reselling them at a revenue exceeding the preliminary buy worth.
Ticketing platform Yellowheart proclaims the launch of non-fungible token (NFT) ticketing cell software Yellowheart Wallet, which eliminates the necessity for a bodily ticket – to stamp out intermediaries seeking to revenue from dwell occasion and live performance ticket resale and connects. customers instantly on its Ethereum-based NFT ticketing platform and market.
Blockchain expertise, specifically, is being leveraged as an answer for delivering digital tickets, particular gives, updates, and event-goers.
How Can Blockchain and NFTs Benefit?
The benefit of utilizing blockchain and NFTs for ticketing is that it permits occasion organizers to maintain observe of tickets even after tickets have been offered. This implies that every ticket is securely linked to its respective purchaser, and these transactions are saved in a blockchain database.
Therefore, any additional gross sales or transactions involving tickets might be traced to the blockchain ledger. This shared database of all transactions eliminates any risk of ticket scaling, resale, unregulated pricing and fraudulent transactions.
Running ticket gross sales by way of an open-source blockchain provides artists and occasion organizers the flexibility to trace your complete ticketing cycle, together with monitoring secondary market resale and potential ‘scaling’.
Controlling transactions by way of the blockchain has different benefits, together with the chance to pay royalty funds to artists or occasion organizers for every transaction.
Josh Katz, CEO of Yellowheart, mentioned in an announcement, “The Yellowheart Wallet is a major milestone for the live events industry. The app allows fans, artists and venues to interact with the Web3 Marketplace, greatly evolving the fan experience. and create long-term recurring revenue opportunities for artists, teams and venues. Artists, teams and venues that do not adapt will be left behind.”
“Giving fans exclusive access to concert tickets and event-specific content is a real win for us; Combine 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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With inputs from TheIndianEXPRESS
