Smart Contracts and Non-Fungible Tokens (NFTs) as Solutions
According to Maxwell Mayhew, founder of UTIX, switching to smart contract-based event hosting platforms can potentially overcome ticket scalping. These platforms allow event organizers to control the amount of event tickets in secondary markets and even set the maximum price at which tickets can be sold. Mayhew also claims that using NFTs as event tickets can help buyers verify the authenticity of the tickets in the secondary Market. This use of Blockchain and smart contracts can help eliminate two of the biggest problems in the current online e-ticketing market.
Issues in the Current E-Ticketing Market
Mayhew identifies several major problems in the current e-ticketing market. The dominance of Ticketmaster and its parent company Live Nation is a significant issue, as they have exclusivity contracts with event venues, essentially forcing artists and event organizers to work only with them. This results in limited options for artists and inflated ticket prices for fans. The secondary market also faces problems with ticket scalping, as bots purchase large quantities of tickets as soon as they are released for sale, driving up prices and creating artificial scarcity. Additionally, the rise of fake tickets adds to the problems faced by both event organizers and users.
UTIX’s Approach to Blockchain Adoption
Mayhew acknowledges that many users and event organizers are not familiar with blockchain technology, but UTIX has designed its platform to make it accessible to them. The complex aspects of blockchain and NFTs are hidden behind the UTIX interface, allowing event organizers to manage their events through a user-friendly app. UTIX also provides API functionality, allowing the integration of their e-ticketing solution into event organizers’ websites without users realizing they are using blockchain technology.
Customization and Control for Event Organizers
The UTIX platform offers event organizers complete customization for each event. Organizers can set values for each ticket, including price, distribution release date, refundability, and whether tickets can be sold on the secondary market. This level of customization is made possible through the use of NFTs. Event organizers have the freedom to allow an unrestricted secondary market, but they will need to be accountable to fans and artists if prices become excessive.
Incentives to Switch to Blockchain-Powered Platforms
Despite the massive user base and exclusive deals of platforms like Ticketmaster, event organizers and users have incentives to switch to blockchain-powered platforms such as UTIX. Ticketmaster’s predatory behavior against artists and the lack of control event organizers currently have over ticket prices are driving factors. When the economy dips, non-essential expenses like event tickets are among the first to be cut back on. Mayhew argues that nurturing the market and addressing these issues is crucial to prevent the obsolescence of concerts and events.
Combatting Ticket Scalping with Smart Contracts
Smart contracts can help combat ticket scalping by managing the secondary market and preventing the sale of fake tickets. UTIX’s approach involves selling tickets to fans without sending the actual QR code until a specific day and time set by the event organizer. This approach helps control the secondary market and ensures that only valid tickets are sold.
Conclusion
Mayhew believes that blockchain technology, specifically smart contracts and NFTs, can revolutionize the e-ticketing market by solving major problems such as ticket scalping and the dominance of ticketing giants. UTIX’s platform offers event organizers customization, control, and the ability to utilize blockchain technology without requiring them to have extensive knowledge of it. By using smart contracts and NFTs, event organizers and users can have more transparent and fair experiences in the e-ticketing market..
#BlockchainPowered #Platforms #Event #Organizers #Overcome #Ticket #Scalping #Scourge #Maxwell #Mayhew
According to Maxwell Mayhew, founder of UTIX, switching to smart contract-based event hosting platforms can potentially overcome ticket scalping. These platforms allow event organizers to control the amount of event tickets in secondary markets and even set the maximum price at which tickets can be sold. Mayhew also claims that using NFTs as event tickets can help buyers verify the authenticity of the tickets in the secondary Market. This use of Blockchain and smart contracts can help eliminate two of the biggest problems in the current online e-ticketing market.
Issues in the Current E-Ticketing Market
Mayhew identifies several major problems in the current e-ticketing market. The dominance of Ticketmaster and its parent company Live Nation is a significant issue, as they have exclusivity contracts with event venues, essentially forcing artists and event organizers to work only with them. This results in limited options for artists and inflated ticket prices for fans. The secondary market also faces problems with ticket scalping, as bots purchase large quantities of tickets as soon as they are released for sale, driving up prices and creating artificial scarcity. Additionally, the rise of fake tickets adds to the problems faced by both event organizers and users.
UTIX’s Approach to Blockchain Adoption
Mayhew acknowledges that many users and event organizers are not familiar with blockchain technology, but UTIX has designed its platform to make it accessible to them. The complex aspects of blockchain and NFTs are hidden behind the UTIX interface, allowing event organizers to manage their events through a user-friendly app. UTIX also provides API functionality, allowing the integration of their e-ticketing solution into event organizers’ websites without users realizing they are using blockchain technology.
Customization and Control for Event Organizers
The UTIX platform offers event organizers complete customization for each event. Organizers can set values for each ticket, including price, distribution release date, refundability, and whether tickets can be sold on the secondary market. This level of customization is made possible through the use of NFTs. Event organizers have the freedom to allow an unrestricted secondary market, but they will need to be accountable to fans and artists if prices become excessive.
Incentives to Switch to Blockchain-Powered Platforms
Despite the massive user base and exclusive deals of platforms like Ticketmaster, event organizers and users have incentives to switch to blockchain-powered platforms such as UTIX. Ticketmaster’s predatory behavior against artists and the lack of control event organizers currently have over ticket prices are driving factors. When the economy dips, non-essential expenses like event tickets are among the first to be cut back on. Mayhew argues that nurturing the market and addressing these issues is crucial to prevent the obsolescence of concerts and events.
Combatting Ticket Scalping with Smart Contracts
Smart contracts can help combat ticket scalping by managing the secondary market and preventing the sale of fake tickets. UTIX’s approach involves selling tickets to fans without sending the actual QR code until a specific day and time set by the event organizer. This approach helps control the secondary market and ensures that only valid tickets are sold.
Conclusion
Mayhew believes that blockchain technology, specifically smart contracts and NFTs, can revolutionize the e-ticketing market by solving major problems such as ticket scalping and the dominance of ticketing giants. UTIX’s platform offers event organizers customization, control, and the ability to utilize blockchain technology without requiring them to have extensive knowledge of it. By using smart contracts and NFTs, event organizers and users can have more transparent and fair experiences in the e-ticketing market..
#BlockchainPowered #Platforms #Event #Organizers #Overcome #Ticket #Scalping #Scourge #Maxwell #Mayhew
