The online ticketing industry for concerts has long been plagued by problems such as high fees, fraud, scalping, and the lack of physical ticket stubs as mementos. However, a Fort Worth-based company called DeFy Tickets may have found a novel solution to address these issues with the help of blockchain technology and a mobile app.
DeFy Tickets uses blockchain, which is a cryptocurrency ledger that tracks all purchases, to create individual tickets for each concertgoer. This not only helps prevent fraud and scalping but also gives buyers a keepsake of their favorite singer or band’s performance. By using blockchain technology, the company creates a unique Non-Fungible Token (NFT) for each ticket purchased. This allows the venue to track each ticket, control the number of tickets that can be resold, and prevent counterfeit tickets from being printed.
Mike Rogers, the Vice President of Business Development at DeFy Tickets, explains that every event built on their platform has its own smart contract. This enables the event promoter and DeFy Tickets to verify the ownership of each ticket, preventing reselling or duplication. The technology also gives the primary seller or event organizer the ability to control the price at which a ticket can be resold, thereby eliminating scalping.
In addition to addressing the scalping issue, DeFy Tickets aims to provide a better alternative to the unchallenged practices of industry behemoths and third-party ticket reselling sites. The company offers a transparent pricing model that includes all fees upfront, unlike other ticket outlets notorious for their hidden fees.
Alec Jhangiani, the co-founder of DeFy Tickets, emphasizes the company’s commitment to selling more tickets and ensuring fans are not turned away by high fees. He believes that their approach of displaying fees upfront will align with the direction taken by states and the federal government in curbing excessive fees imposed by ticketing platforms.
The use of blockchain and NFTs also adds a sentimental value to each ticket. While blockchain technology has been associated with the NFT craze in the digital art world, Jhangiani explains that it has practical uses beyond that. NFTs can hold value as loyalty points or as tickets themselves, making them suitable for use in various industries such as hospitality and entertainment.
DeFy Tickets launched its platform in the spring of 2022 with shows at Wild Acre Live in Fort Worth, featuring artists like Lupe Fiasco and Gucci Mane. The company has expanded beyond music events, selling tickets for live esports competitions and exploring opportunities to compete with established ticket companies.
Rogers is confident that DeFy Tickets’ superior technology will enable them to compete in the industry and revolutionize the way tickets are bought and sold. By providing a secure, transparent, and user-friendly platform, DeFy Tickets aims to improve the ticket-buying experience for both customers and event organizers.
In a world where the convenience and safety of online ticketing are increasingly important, DeFy Tickets’ innovative use of blockchain technology offers a promising solution to the longstanding problems of fraud, scalping, and hidden fees that have plagued the industry for too long.