According to market research outfit Global Industry Analysts, Inc., the online event ticketing industry is predicted to be worth about $60 billion by 2026, with a few large companies controlling a disproportionate share of the market. Despite this, many fans remain victims of ticketing scams, particularly with scalpers exploiting the secondary market.
Maintaining data integrity remains a serious concern, and TicketMint hopes to resolve this issue by providing a blockchain-based platform where organizers can mint tickets as non-fungible tokens (NFTs). Because blockchain NFTs provide data integrity, immutability, and traceability, it is a huge step forward against ticket fraud and scalping in gated events.
Adding an Extra Level of Security
It is impossible to track and know the whereabouts of people attending the events because tickets get resold in secondary markets and no longer represent the ownership of the original buyer. Because of this, there is also no way to change the ticket holder’s name or restrict the number of times they can resell the ticket to another.
TicketMint‘s NFT tickets serve as proof of ownership of an event ticket that organizers can verify the validity of on a public blockchain. Hence, whoever is on the blockchain record for that ticket is considered the rightful owner and will have authorized access to the event.
This upgrade also stands to provide an additional layer of security to the event, eliminating the possibility of fake tickets circulating, which can result in the venue surpassing its capacity limit. Overcrowding can cause serious injuries to attendees. And even if no one is hurt, it can result in negative publicity that will cause people to lose faith in the event organizer.
Because NFT tickets are stored in digital wallets, event organizers can use them to continue engaging with fans across multiple events, providing more information, discounts, and upgrades in upcoming shows. And since it preserves consumer data, organizers can even identify whether a fraudster has compromised a repeat customer’s account.
This shift would be a major blow to both scalpers and scammers, but more so when it comes to combating data breaches in ticketing platforms.
What About Data Breaches?
Earlier this year, hackers broke into Ticketfly and Eventbrite systems and stole customer information in a massive data breach. Among the stolen data were credit card numbers, phone numbers, passwords, and email addresses. Eventbrite failed to notify its users about its compromised website, leading to multiple class-action lawsuits filed against the ticketing company for an undisclosed compensation amount.
Such circumstances are preventable with TicketMint’s NFT tickets, which replace sensitive data, such as names or bank account numbers, with a randomly generated collection of numbers. As a result, data breaches cannot compromise the personal information the NFT ticket holds. Data can be stored and accessed in a ticketing platform’s internal environment to further maintain its data integrity.
“TicketMint has solved the global fraudulent event ticketing problem by utilizing blockchain to allow artists and event venues to issue and release uniquely numbered and time-stamped digital tickets,” said Bryan Daugherty, co-founder of SmartLedger, the company behind TicketMint.
NFT ticketing not only saves businesses money and enhances the overall fan experience at live events, but it also prevents reputational harm and litigation due to fraud and other event mishaps.