I hope onchain ticketing disrupts ticketsmaster and cuts out the middlemen. Securing a ticket for a concert has become a major source of frustration for fans, fake tickets, tickets vanishing in seconds, service fees that often surpass the face value of the ticket, scalpers etc. I am conviced that onchain ticketing can solve the current issues in the ticketing industry.
Fan Frustrations
1. High Service Fees: ticketmaster adds excessive fees to ticket prices. These fees are often not disclosed until the final checkout, leading to frustration and a sense of being misled. In some cases, these fees can add a significant percentage to the ticket price, making concerts and events unaffordable for many fans
2. Scalping and Bot Issues: Ticketmaster assisters scalpers in buying large quantities of tickets, only to resell them at inflated prices on secondary markets. This leaves genuine fans with few options but to pay significantly higher prices to attend events, which adds to the widespread dissatisfaction with the platform.Undercover Journalist showed in a documentary that ticketmaster developed secret “scalper” tools to resell tickets at high mark ups.
Department of Justice suing ticketmaster
1. Departement of justice lawsuit ticketmaster
The DoJ alleges that ticketmaster relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the United States at the cost of fans, artists, smaller promoters, and venue operators
2. Angry musicians: 300 popular musicians published an open letter to congress urging lawmakers to reform the ticketing industry
“we are joining together to say that the current system is broken: predatory resellers and secondary platforms engage in deceptive ticketing practices to inflate ticket prices and deprive fans of the chance to see their favorite artists at a fair price,” the letter reads.
Benefits of Onchain ticketing
Financing: Traditional ticketing monopolies control event financing, often forcing artists into restrictive contracts. Blockchain technology offers an alternative, providing a decentralized finance (DeFi) solution that allows for event financing without giving up control, potentially disrupting the current ticketing power dynamics.
Transparency: Onchain ticketing enhances transparency by making ticket sales visible and verifiable on the blockchain. This helps ensure that tickets are genuinely available and not just reserved for inflated resale prices, unlike traditional centralized systems.
Control Over Sales: Smart contracts in NFT ticketing allow event organizers to set rules for both primary and secondary ticket sales. This provides unprecedented control over how tickets are sold and resold, protecting against scalping and ensuring fair pricing.
Digital Collectibles: NFT ticketing transforms tickets into digital collectibles that can include event memorabilia, exclusive content, and interactive features. This offers fans a meaningful keepsake and enhances their connection to the event.
Lasting Connections: NFTs can also serve as authentication tools, tracking attendees’ event history and providing access to exclusive content or experiences based on their participation. This fosters deeper engagement and builds a stronger community between artists and fans.
Source: https://learn.onopen.xyz/
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