SmartLedger – the worlds leading blockchain distribution channel announced today the launch of a new product, TicketMint NFT Ticketing Platform.
For years the event industry has been plagued by ticketing fraud, ticket gouging from third parties, lack of transparency and stagnant innovation until now.
According to Statista.com, about 94 million people in the U.S. are expected to attend a music event this year. In a recent report by Ibisworld.com, “The market size, measured by revenue, of the Online Event Ticket Sales industry in the U.S. in 2021 has been $14.3bn and the growth of online ticket sales was up 8.7% since last year.” According to Grandviewresearch.com, “Online event ticketing market size will be worth $67.99 billion by 2025” and a new report from Technavio states, “the global secondary ticket market is expected to reach a total value of $15.19 billion by 2020, none of that revenue going to the artists, management, or venues.”
Nonfungible.com, recently reported that, “The total value of all NFT transactions in 2020 hit just over $250 million, almost four times the $62.9 million that was traded in 2019. The market cap — representing the total value of all assets — also hit $338 million in 2020.”
TicketMint™, a SmartLedger solution, brings the two worlds of Ticketing and Blockchain NFT’s seamlessly together, empowering artists, venues, and management, massively reducing chargebacks, mitigating fraud, and enhancing attendee experiences manyfold.
Here is why we think it is a big deal:
- Tickets are exclusive NFTs, Created by Issuer & Owned by Purchaser
- NFT Tickets can be Upgraded
- Tickets can be Sold on TM Marketplace
- NFT Tickets are Redeemable at Event
- Purchaser Keeps Collectible NFT to Trade , Sell, or Keep
- Ticket issuer has dashboard view of tickets Redeemed in real-time
- Putting control of the ticket back into the hands of the primary ticket issuer by implementing enforceable rule sets.
- Rights Management: giving control of the ticket process back into the hands of the primary ticket issuer by implementing enforceable rule sets.
- Issuing authority has full & sole control over the issuance of tickets & other digital assets on platform through unique private company key.
- Company executives can decide levels of access & authority to create, issue, mint, redeem, view, transfer, & trade issued assets through enforced rulesets baked into asset metadata.
- Every event and issued asset class is serialized, numbered, & timestamped in a fire-walled private account of company.
- Every event & corresponding ticket batch, nft collection, or other digital assets issued is timestamped, immutably & auditably on chain & can be tracked, traced & graphically viewed by authorized parties per company policies & enforced rulesets.
- Every asset will have the current customer / owner / purchaser public key associated with it timestamped, immutably & auditably, encrypted, & available for authorized parties to view, print, & share.
- Company policy can associate in private encrypted format customers private purchase details with public key for kyc or record keeping purposes.
Secondary Data Market
- Controlling the resale prices in the secondary markets through price floors and caps.
- Price ceilings can be placed in rulesets to disallow 3rd party scalpers to abuse system.
- Platform includes ticket / asset marketplace which follows rulesets of issued assets chosen by Company such as price ceilings or non-transferability of tickets.
- Any rulesets can be implemented with granular precision as to the needs of ticketing authorities utilizing the multitude of token minting capabilities.
- The benefits of blockchain technology include the unique txid / Metadata of each digital asset put on chain. This Metadata includes the timestamped ordering of events & transactions, the owner of the data, & the ability to enshrine other unique properties that guarantee the inability to counterfeit assets.
- With the ability to firewall off blockchain ecosystems or platforms, we gain the ability to validate & verify tickets / assets that are presented through Metadata.
- If a ticket issuer chooses, assets must be purchased, transferred, traded, or minted through the company platform.
For media, investors, or more information contact us at yourfriends(at)smartledger.solutions