The idea is to create an exclusive blockchain ecosystem that will change the way ticket sales are conducted for the mass-produced event industry. At present, the ticket sales market is plagued by numerous issues, like speculations on an auction, fraud, ticket fraud, inadequate sales, and the lack of a central tool to track ticket returns. These are the fundamental issues that are the subject of all conferences for industry all over the world.
Blockchain technology allows us to eliminate these issues make it easier to interact with all market participants and guarantee transparency in economic transactions that occur within this field. The parties no longer have to be able to trust one another as all transactions are executed via the blockchain system, and the exchange between them is controlled by smart contracts.
Crypto.Ticket is a revolutionary technology in the world of ticketing and a blockchain-based system for ticketing which integrates three fundamental product lines: Tickets Chain, Tickets Cloud, and Tickets Wallet.
What is Crypto Ticket?
The advancement of technology based on blockchain has allowed crypto.tickets to create a sophisticated and fluid system so that customers need not be concerned about the way it operates They just need to know that the ticket purchased is safe and legitimate.
TKT tokens have set up smart contracts to facilitate transactions within the crypto.tickets decentralized system. Every time there’s an order for the purchase of tickets, the system will make an order to purchase tokens. The crypto.tickets platform makes this conversion in real-time, meaning that the average user can purchase tickets for their event with fiat currency and be able to see the ticket in their ticket wallet application on their device.
The growth in the number of customers and the number of events that can be managed on the platform will raise the number of people transacting using TKT to buy tickets. This increase in volume, along with the predetermined supply of TKT that was set during the ICO and will increase the price of tokens in comparison to other currencies when platform adoption takes place as time passes.
The shift from paper tickets to crypto.ticket will change the way that consumers and major actors in the industry interact, creating an efficient and fluid system for all who are involved. The early investors who invest in crypto.tickets ICO have an unprecedented chance to be part of determining the direction for this project, and also to benefit from the development of the platform in the future.
What are Ticket Wallets?
It’s Crypto.Ticket platform is built on blockchain technology and provides an unambiguous decentralized system of selling tickets. It is open to organizers of events and ticketing systems to join. The Crypto.Tickets system integrates all aspects of business while maximizing timing sequences as well as cash. The audience is provided with what they claim is the most efficient ticketing technology for events.
Crypto.Tickets provide the benefit of managing the entire lifecycle that tickets go through, as well as their price and the data that is gathered. The blockchain technology that is integrated into the platform can withstand even the more sophisticated scalpers.
Smart tickets have an e-ticket that is a live code that can’t be copied or compromised and, consequently gives complete confidence to the public even if the tickets are purchased through the secondary market, and, consequently, boost the sales. The company owns its Ticketswallet that is white-labeled and has the option to use external wallets through an API.
Usage of Blockchain and NFT for Crypto.Ticket:
Blockchains are databases. In normal databases, there’s only one computer that has a version of the master information. In a blockchain, the data is shared among several computers connected to the network. This means that different computers have identical versions of data in a distributed fashion. The majority of blockchain systems are decentralized, which means that there isn’t a single central organization that controls and has the power to make decisions.
Blockchains are most well-known as the engine behind the cryptocurrency industry (including Bitcoin and Etherium) however, there are blockchains used in healthcare, banking as well as many other sectors.
NFT is a shorthand for Non-Fungible Token These are distinct digital tokens that can store data on the blockchain. Contrary to other cryptocurrencies, which are interchangeable (fungible) however, NFTs can’t be exchanged. They can be used to represent physical objects such as identities of people, or property. In general, NFTs differ from other NFTs, they are suitable for use like ticketing.
· Benenits of NFTs and Blockchain:
The primary benefit of using NFTs and blockchain to sell tickets is that it allows event organizers to track the tickets once they have been sold. Each ticket is securely linked to the person purchasing them. These transactions, as well as any other transactions involving the same tickets, are registered into the blockchain. Any subsequent purchase or transaction that involves the tickets will be recorded within the chain. Maintaining an open database that records all transactions that involve each ticket reduces or eliminates the risk of scalping, price gouging, and fraud.
There are additional benefits to managing transactions using blockchain, such as the assurance that prices for tickets are reasonable, even if they are they are resold, as well as the possibility to pay a royalty for each transaction to the artists as well as event directors.
NFTs benefit from these advantages while offering additional revenue streams in the shape of transaction costs for old tickets to be used as collectibles. NFTs are produced rapidly and at a cost that isn’t always the case for other applications of blockchains.