Non-fungible tokens are just starting to become popular, and already they're changing the ticketing industry. Non-fungible tokens could make it so that Ticketmaster will no longer be necessary. One of the advantages non-fungible tokens offer is true ownership over an asset, which eliminates any risk of fraud with regards to tickets bought or sold.
The world’s biggest ticket seller is Ticketmaster. However, since it first went live in 1995, the company has faced numerous allegations of unfair pricing, hidden fees, and fraudulent listings. Non-fungible tokens (NFTs) are the answer to these problems. These ERC-721 tokens can be used to issue unique digital assets like digital collectibles, not just as a way to resell tickets, but to replace Ticketmaster. These non-fungible tokens (e.g. “CryptoKitties”) have exploded in popularity in the past year, and they are starting to impact other parts of the secondary market. Supply and demand have driven the value of NFTs to new highs. There are more than 5,000 NFTs active on the Ethereum network, and there are hundreds of new ones being created every day. CryptoKitties has been the most prominent of these projects, but there are many others that have a smaller niche. When you combine the value of the supply with the demand for unique digital assets, you can see why non-fungible tokens are here to stay. This article will show you how to use non-fungible tokens to replace Ticketmaster, and how other projects have already begun to do so.
A non-fungible token (NFT) is an asset that is unique, meaning it can’t be traced back to a single “owner”. You might have seen these digital assets called “cryptocollectibles”. They are unique items that are stored on a blockchain and can be traded between people without going through a centralized intermediary. According to Investopedia, a “cryptocollectible” is “an asset that is unique, meaning it can’t be traced back to a single ‘owner’”.
The world’s biggest ticket seller is Ticketmaster. However, since it first went live in 1995, the company has faced numerous allegations of unfair pricing, hidden fees, and fraudulent listings. Non-fungible tokens (NFTs) are the answer to these problems. These ERC-721 tokens can be used to issue unique digital assets like digital collectibles, not just as a way to resell tickets, but to replace Ticketmaster. These non-fungible tokens (e.g. “CryptoKitties”) have exploded in popularity in the past year, and they are starting to impact other parts of the secondary market. Supply and demand have driven the value of NFTs to new highs. There are more than 5,000 NFTs active on the Ethereum network, and there are hundreds of new ones being created every day.
There are already a handful of projects that have successfully replaced Ticketmaster and other ticketing platforms with digital collectibles. - World of Ether: This project enables the exchange of collectibles between users, removing the need for a centralized ticketing platform. - NFTs are changing the face of ticketing: Ticket distribution is becoming more advanced and integrated with blockchain platforms. This is a trend that has started with live sports events, with an increasing number of companies offering access to high-demand events. - Just the tickets: The Ethereum network is great for storing collectibles and trading them with other users. However, it’s not always easy to find a seller who has the tickets you want. - Separating the wheat from the chaff: When collecting, users of these platforms can manually verify the authenticity of tickets and make sure they are getting the real deal.
Ticketmaster is a cloud-based service that connects ticket vendors and buyers of tickets. The company has long had issues with fake tickets and exorbitant fees. There have been numerous complaints about the company’s practices, like when it was discovered that Ticketmaster was charging event organizers a “convenience fee” of $4.50 for each ticket sold.
As digital assets like non-fungible tokens become more popular, more people will want to cash in on their value. This could create a demand for collecting non-fungible tokens that could drive up their value even more. Additionally, more companies will offer products and services on blockchain networks. This could have a big impact on digital collectibles, since the assets on these networks are typically unique. There could be an increase in the supply of non-fungible tokens, which could drive up supply and drive down the value of these collectibles.
We are only at the beginning of the potential of non-fungible tokens. As their popularity increases, more companies will begin using them as a way to purchase tickets, merchandise, and even real estate. This could completely change the ticketing industry and how people buy and sell events. The advantages of using non-fungible tokens to replace Ticketmaster are they offer a true ownership of the asset and eliminate the risk of fraud.
