Inspiration 💡
I had attended Virginia Tech before transferring to Davidson College. At Virginia Tech, football games were a big deal. There always was a massive secondary market to sell your student football tickets. However, Virginia Tech later implemented a rule to associate your ticket with your student ID so you could not resell your ticket. This was a lose-lose for both the University and the students as the students could not buy tickets if they sold out, and the University could not profit off of the second-hand market by directly shutting it down.
So, I thought to myself, what if the University could profit off of the second-hand market for tickets? How could we accomplish this? Then, I realized that this could be easily achieved by issuing the tickets as royalty-based NFT's. This has led to us building NFTickets! Although I came up with the idea of thinking about Virginia Tech's ticketing system, NFTickets is not just for college sports events. We made sure that our application could be implemented for a wide range of use cases.
What it does 📚
NFTickets is a decentralized system to sell and purchase tickets with a resell royalty. It allows organizers to issue/sell tickets for their events (whether that may be a sports event, a concert, or a party) as an NFT, and get paid in royalties whenever the ticket is sold on the second-hand market.
This allows an event to have a flourishing second-hand ticket market with fair prices for the attendees. It also benefits the organizers by giving them a royalty every time the ticket is resold.
How we built it 👷♀️
Our frontend is built using the React.js framework. We chose to use he DeSo blockchain to minimize costs, and we interact with DeSo using the framework Ethers.js and MetaMask. Lastly, we store our user data in MongoDB and interact with it through a REST api running over an ngrok tunnel.
Challenges we ran into 👩⚖️
Functionality We have set up our Frontend, Backend, and Web3 Infra for our application to function on top. We have all the DeSo infrastructure that would allow us to issue NFT tickets. We only need the capital to start issuing these NFTs as we had difficulty using the DeSo testnet.
Accomplishments that we're proud of 🏆
Creativity Although using NFTs as tickets has been mentioned before by Entrepreneurs like Gary Vee we realized that no big corporation has created a decentralized ticket NFT marketplace that could be used to issue tickets by organizers. Thus, we believe that our idea is authentic
What we learned 💻
Impact NFTickets will create a flourishing second-hand ticket market with fair prices for the attendees, and give organizers a royalty every time the ticket is resold!
What's next for NFT Tickets 💻
Feasibility The concept of issuing tickets as NFT's is possible on any blockchain that allows smart contracts.
Log in or sign up for Devpost to join the conversation.