The ticket industry will be destroyed by blockchain! | 10% to t-f-c

A flawed paradigm governs the process of purchasing tickets for concerts and other events. When tickets go on sale for a well-known performer, they frequently sell out right away, forcing fans to purchase them on secondary markets at exorbitant costs. This is because automated systems known as "ticket flippers" or "bots" can swiftly buy tickets and resell them instead of letting real-life fans get their hands on them. Using web 3.0 and blockchain technology to build a more effective ticket sales process is one way to address this issue.

Image link is from Pixabay

Blockchain is a digital ledger that is not centralized and can be used to record transactions among a group of computers. This technology makes it possible to trace and verify transactions in a secure and open manner, which makes it ideal for usage in the ticket sales sector. Instead of utilizing intermediaries like Ticketmaster, concert promoters might use blockchain to develop a system where tickets are sold directly to fans. As the original buyer would be unable to transfer the ticket to someone else without the transaction being recorded on the blockchain, this would lessen the possibility of tickets being resold on secondary markets.

The Semantic Web, commonly referred to as Web 3.0, is a collection of technologies and protocols that enables the development of more intelligent and interconnected websites. Instead of employing a third-party vendor, concert promoters might use web 3.0 to build a platform where fans may buy tickets directly from the artist. This would enable musicians to interact directly with their fans and offer them more influence over the ticket sales process.

Using blockchain and web 3.0 could lessen the chance of ticket flipping in addition to lowering the costs associated with ticket purchases for fans. At the moment, third-party merchants like Ticketmaster frequently impose exorbitant fees for their services, which can substantially raise the price of a ticket. Concert organizers might lower or remove these fees by utilizing a decentralized platform, lowering the price of tickets for attendees.

Thus, the use of web 3.0 and blockchain in the ticket sales sector has the potential to build a more effective and equitable system for buying tickets. These technologies would enable concert promoters to sell tickets directly to attendees, lowering the possibility of tickets being resold on secondary markets and the cost to attendees. This would improve the fan and artist experience and also assist to address the problem of price gouging in the ticket sales sector.

Reference : Youtube video from Dapp Univ