Introduction What if you buy a concert ticket online, arrive at the event, and find it is fake? Or, what if you paid 5X on the resale market for a ticket and the artist didn’t see a dime? There are many problems with ticketing. Coincidentally, in the gaming world, fans are frequently shut out of opportunities for fun and fair access to special events, experiences in games, exclusives, etc. Developers and publishers also lose opportunities on transactions because of bots, scalpers, or other insecure systems. NFT Ticketing systems are coming to the rescue. NFT Tickets are tickets that are built on the blockchain using NFT technology, and they are not just a ticket for admission; they are one-of-a-kind assets that are secured, verified, and programmed. They can identify whether or not a ticket has authenticity and eliminate fraud while giving fans (or players) digital collectibles that are perma-locked on a ledger. As well, there are growing numbers of NFT ticketing experiences from international music festivals to sports tournaments to esports competitions to concerts and events metaverse (the way tickets are purchased, sold & experienced). In this article, you will explore NFT Ticketing, what it is, how it works, the benefits, real-life examples of adoption, difficulties, and the future of events (and gaming). What Are NFT Ticketing Systems? NFT Ticketing represents the issuance of event tickets as non-fungible tokens (NFTs) on the blockchain. NFT tickets are NFTs that function more like traditional e-tickets, except that they do not have the same limitations as e-tickets. For example, if you purchase NFT tickets for attending a football match, it is more than just a QR code – it has become a digital asset for you and sits in your crypto wallet. The ticket may grant access to a VIP lounge, be something to collect, or provide discounts on future events. How Do NFT Ticketing Systems Work? Here’s a simplified step-by-step look: Minting TicketsEvent organizers mint NFT tickets on public blockchains like Ethereum, Solana, or Avalanche. Each NFT contains metadata of details regarding the event, such as event details, seat numbers, and unique identifiers. Sale & DistributionTickets are sold via NFT marketplaces or ticketing platforms. Fans can purchase using either fiat money or cryptocurrency, and the tickets are then placed in their digital wallets. Verification at the VenueAttendees highlight the NFT ticket through a wallet app or QR code. The blockchain will view all tickets and will verify attendance digitally in real time, virtually eliminating fraud. Resale or TransferTicket holders who are unable to attend can resell their NFT tickets. Smart contracts can allow for fair sales prices that restrict prices and allow organizers to make royalties on a subsequent sale. Post-Event UseThe biggest difference with NFT tickets compared to physical tickets is that with an NFT, as long as the ticket retains its value, the organization that minted the ticket has not lost any revenue after the event has occurred, even after subsequent purchase. Benefits of NFT Ticketing Systems Elimination of Fraud and Counterfeits Each month, counterfeit tickets rob fans across the globe out of billions of dollars. With NFTs, you can prove that there is only one single, unique, tamper-proof ownership of any ticket, and only the true ticket is valid. Example: FIFA lost thousands of dollars in ticket fraud for the 2018 FIFA World Cup. If a blockchain-based system like Aventus had been implemented to log every sale and transfer clearly, this cost to fans would have been avoided. Fair Resale and Anti-Scalping Scalpers often leverage ticket platforms to purchase bulk ticket sales only to sell the tickets for thousands of dollars more. NFTs would allow for smart contracts between the artists or sources of the tickets and the buyer that define resale characteristics such as price caps and transfer maxes. Example: The music ticketing platform YellowHeart allows artists to set max resales for their tickets. In this way, we can have reasonable resale prices and guarantee that fans will get access. New Revenue Streams for Organizers Typical ticketing does not generate commissions or any sort of profit for the organization to earn from secondary sales. If an NFT ticket is sold, secondary owners can earn royalties to maintain revenue after the initial sale against their entertainment brand. Example: An automated 10% fee, made possible through NFT secondary sales, would be collected anytime fans exchanged tickets in secondary engines, as the local music festival would earn from the two transactions. Enhanced Fan Engagement NFT tickets can be collectibles. Fans can hold their NFT ticket as memorabilia, or the organizer can offer to unlock future goodies for the holders similar to NFTs; for Example: VIP Lounges, future game offers, the storyline of the game, maybe even early-bird opportunities. Example: An NFT ticket to a gaming convention might offer holders NFT tickets that also act as game unlock passes, providing the holder a special discount at the convention or the ability to enjoy exclusive meet/greets. Rich Data & Analytics Organizers get historical data on ticketing distribution, resale activity, and audience demographics since each ticketing transaction is recorded on-chain. It could be useful in understanding and improving future events or marketing. Real-World Examples of NFT Ticketing Tixbase (formerly NFT-TIX) Tixbase used NFT-TIX ticketing at the EXIT Festival in Serbia and partnered with Passo to manage millions of tickets. The company won a regional innovation award for providing the first NFT event access & ticketing experience on the spot. Aventus Protocol Aventus Protocol partnered with FIFA in 2018 to issue blockchain tickets for a major sports event (often regarded as one of the largest sporting events worldwide). All tickets could be authenticated on the blockchain. YellowHeart YellowHeart is a blockchain ticketing platform that has worked with major artists such as Kings of Leon to create NFT tickets and digital music collectibles. Esports & Gaming Events Esports tournaments and metaverse concerts are experimenting with NFT tickets that grant entry but also provide in-game perks like exclusive weapon skins, digital badges, or early access to content.
Block Chain Fundamentals Bitcoin is growing but the awareness of technology behind Bitcoin i.e. Block Chain is growing much faster rate. Many people are looking around the web to get more insight about Block Chain, some find it difficult to understand and for few, it’s a cup of tea. We at Techaroha Solutions Private Limited believe that Block Chain will be a success after we have more resources in Block Chain and More people with functional experience involve in creating use cases of the blockchain. This course explains about the Block Chain Fundamentals in series of articles followed by a video for every article. The initial focus is on General Understanding of Block Chain and then we will later move towards Block Chain Developers point to view. Please feel free to raise your queries Content of the course is Block Chain Fundamentals – Session 1 – What is Block Chain Block Chain Fundamentals – Session 2 – What is Block Chain in Details If you want BlockChain Developers in India or want to develop blockchain projects you can always contact us over here.
Block Chain Fundamentals Session 2 In the last session of BlockChain Fundamentals, we have discussed “What is Block Chain”, here in the session we will discuss Block Chain in Details. Let’s go through the definition of Block Chain “Block Chain is a growing distributed peer to peer ledger which keeps the transaction record in chronological order which is secure and immutable” Let’s understand the Block Chain Definition in Detail. First, we will try to understand the block and how transaction as stored in the Block Chain A Block consist of two Components A hash as a Pointer to the Previous Block Data and Transactions in Current Block It will look like below images What is Block Zero(0) or Genesis Block Whenever any blockchain project or cryptocurrency is launched it starts with the 1st Block of the Network. People often called it as genesis block or block 0. Use Case of Maintaining record with Block Chain Assume user X -> Rs. 200 Y -> Rs. 500. So we will store this information in Block Chain using secure military grade algorithms. After our empty genesis block, a new block will be added. Our Block Chain will network will look like below image. “The information that X has Rs. 200 and Y have Rs. 500 is stored permanently in blockchain block B1 and nobody can be modified it.It Permanent” Understanding Transaction Storage. Now assume Y want’s to give Rs. 100 Now in general databases like MySQL or Oracle the, there would a field called as balance amount and it would be updated according to transaction taken. But this is not the case with Block Chain. Initial storage cannot be modified. Instead, a block will be created which will store the detail of the transaction. This new block will also have information about the new balances of User X and User Y. Below image will describe the transaction storage. This is how new block will be added for a single or set of transactions. “Now we see Block Chain has stored the information securely and in chronological order” Since Block store the hash of the previous block, it creates a chain, a chain of blocks called as blockchain. Please view the video for more clear understanding Techaroha team is always ready to help you with Block Chain Application Development, Block Chain Developers in India and Block Chain Training in India. Please feel free to contact us for any queries.
Block Chain Fundamentals Block Chain is making a lot of buzz and this technology deserves much more. With the success of bitcoin, its proved that bitcoin will change the way things used to work. Many experts say that BlockChain will change the way Internet has done to the society.This article explains some very basic block Chain Fundamentals Let’s Understand “What is BlockChain” In Simple words, Block Chain is technology which stores the records in such a way that it cannot be modified but can be accessed by anyone. This feature “Cannot Be Modified” helps to identify the ownership of the record. What is Block Chain by Example In early days lots of frauds use to happen on Property deals same property being sold to User was a common fraud. This fraud can be completely eliminated using Block Chain. Suppose User A owns a house H1 and this transaction is recorded in the Block Chain . This records cannot be modified by any one. Any User who wants to buy house H1 can check the actual owner of the house. When User B purchase the house from User A , the ownership of home H1 will be set o User B in a separate transaction in Blockchain again which cannot be modified. With the help of block chain we can see the histroy of ownership of house H1. Above was one of the simplest example to explain blockchain and its usage. This concept of block chain can be applied to any assets like Cars, Crypto Currency , Motor cycles , Diamond etc. Please come back for session 2 of our block Fundamentals session. Techaroha team is always ready to help you with Block Chain Application Development, Block Chain Developers in India and Block Chain Training in India. Please feel free to contact us for any queries.
