The rapid growth of Web3 has, without a shadow of a doubt, ushered in an era of innovation, especially when it comes to digital offerings like non-fungible tokens (NFTs). And while many of these blockchain-based developments come with their unique set of advantages, it stands to reason that their continued adoption hinges on whether their inner workings can remain invisible to the average user — thus allowing individuals to transition from Web2 to Web3 seamlessly.
To elaborate on this point, while blockchain-based systems have the potential to rejig many of today’s archaic digital structures across several industries (such as the ticketing sector), the move toward a more decentralized future needs to be facilitated in a manner that is easy and comprehensible for individuals who are non-tech savvy.
For example, when focusing on the ticketing sector, in order for blockchain-based alternatives to thrive, they need to not only offer the same level of functionality and usability as traditional solutions — such as Ticketmaster, Viagogo, etc — but also deliver additional benefits such as increased transparency, reduced costs otherwise there is no real incentive for users to make a switch at all.
Today’s Ticketing Mechanisms Need Revamping
A simple Google search shows us that the ticketing industry is currently plagued with a wide range of problems. However, probably the biggest issue afflicting this space is that of scalping, a practice where tickets are bought immediately after their release and then resold on secondary markets at prices much higher than their original retail value.
To showcase just how prevalent this issue is, in 2017, Ticketmaster had to file a lawsuit against Prestige Entertainment because the latter was using scalper bots, which were able to siphon off a ridiculous 40% of available tickets for performances of the hit Broadway musical Hamilton. Similarly, in 2018, The average ticket price of Bruce Springsteen’s $200 Broadway show retailed at a staggering $2,200 on secondary markets just two weeks after its opening.
Moreover, with the ticket resale market — which was valued at $52.4 billion in 2020 — expected to reach a cumulative valuation of $97 billion by 2027, these issues will only get worse. In fact, a research study suggests that a whopping 42.2% of all ticket purchases across every major ticketing platform in 2019 were facilitated by these bots, whose presence is set to grow at a year-on-year rate of 12.3%.
Another major issue afflicting this space is that of counterfeit tickets. In this regard, as part of the 2022 Champions League Finals, a whopping 40,000 fake tickets made their way into the market, leading to major civil unrest across France. In fact, the situation became so bad that local authorities had to call in the Armed Forces to resolve the matter.
The Blockchain is Changing the Ticketing Industry for Good
In response to all the above-stated problems, NFTs have emerged as a potent solution since they are not only verifiable and transparent but also highly secure. To elaborate, these unique cryptographic offerings possess the ability to completely eliminate the possibility of fake or duplicate tickets, as they are directly linked to the owner’s identity.
One of the most successful use cases one can point toward is Coachella 2022, where the organizers offered NFT tickets to the attendees, allowing them to gain faster entry to the event’s premises as well as accrue additional perks. Similar initiatives have also been carried out by the MGM Grand Resort in Las Vegas.
In this context, UTIX has emerged as a standout solution, providing users with a completely decentralized ticketing system that does not burden users with any of the complexities put forth by blockchain technology. Moreover, its novel design ensures that issues related to scalping, counterfeiting, etc, are completely bypassed since it issues tickets in the form of NFTs that are directly linked to an individual’s KYC’d wallet.Â
When looking at the accessibility side of things, UTIX offers a user-friendly interface while being free to use. It is compatible with iOS as well as Android devices and offers several features — such as allowing organizers to set the price of secondary market tickets to curtailing the number of resales allowed — thus making scalping a thing of the past. If that wasn’t enough, UTIX has applied for a license with the Malta Financial Services Authority (MFSA), which, once granted, will make it a fully regulated VFA (Virtual Financial Asset) provider.
For event organizers, UTIX delivers a simple, scalable e-ticketing solution with detailed analytics and low transaction fees while for customers, it ensures genuine tickets at fair prices, protecting them from scams and frauds. Lastly, the platform has accrued several ‘letters of intent’ from major event organizers spread out across North America, Europe, and Asia, setting it up to be a major player within this space.
Progress Over Perfection
To the naked eye, it seems obvious that the mass adoption of Web3 will only be possible if more and more people accept blockchain-enabled innovations without having to learn about the ins and outs of these systems. UTIX is a trailblazer in this regard since it helps put forth all of the benefits of this technology without introducing any sort of complexity into the picture. Additionally, the melding of blockchain into the e-ticketing realm is a technological advancement that stands to be beneficial for all of the involved parties. Therefore, it will be interesting to see how the future of this space continues to evolve from here on end!
