NFTicket

Say hello to NFTicket, revolutionizing event ticketing one NFT at a time!

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Introduction

NFTicket is a ticketing platform meant to solve the issue of scams and scalping in the ticketing industry. Instead of using e-tickets for entry into events/concerts, we aim to use NFTs that represent tickets as a means for allowing entry into such events. By tokenizing tickets into NFTs, we can still provide the exclusive access to events that a normal ticket provides while adding extra security, functionality, and profit possibilities to owning/selling such an asset. These NFTs can be sold directly from the organizer company to the public or can be resold by the existing owners to other people through a marketplace. By merging general ticket sales and secondhand ticket sales into one platform, our platform can provide the security of authentic secondhand tickets that other platforms cannot, due to these platforms often operating independently of each other.

The issue with current e-tickets is that when these tickets are sold on other platforms, like eBay or Carousell, there is no foolproof way of verifying that the ticket and barcode is authentic until the buyer has the ticket on hand, which usually means payment has already been made, meaning that the risk has already been taken upon payment in hopes of receiving a legitimate ticket for entry into the event. Due to the nature of NFTs, our platform is able to mint NFTs that are traceable by tracking the contract address that created the NFT to ensure that tickets sold and resold on our platform are 100% authentic from a set of whitelisted contract addresses provided to us by participating organisations. This gives the buyers a peace of mind regarding authentic tickets before buying secondhand tickets from our marketplace.

The decentralised marketplace smart contract is a better way of handling secondhand transactions as it ensures that both parties give up their respective assets (NFT or cryptocurrency) before the transaction occurs. Thus, preventing either party from running away with the other party’s assets before/after payment is made. This is because payment information and transfer of ownership of the ticket is all done in our platform.

The use of NFTs can also provide extra revenue potential for the organizing company as a percentage of all secondhand transactions can go back to the organizing company as encoded in the marketplace smart contract.

Scalping can also be prevented by restricting the amount of NFTs per wallet address to a certain amount.

Target Audience

  • Event goers (concerts, sports matches, conferences, conventions)

General Workflow For NFTicket

  1. Event organizers wants to use NFTicket for their event
  2. These organizers will collaborate with NFTicket to create a new instance of our NFT smart contract that acts as a minter of NFTickets for customers after they pay the ticket fee. Additional details about the ticket can be passed into the constructor for customizability of the NFTicket
  3. NFTicket will record the contract address of the created NFT smart contract by the event organizers and pass it into the NFT Marketplace smart contract to allow for listing of NFTs from this whitelist of contract addresses (as the Marketplace smart contract does not allow for listing of NFTs from unrecognized contract addresses()
  4. Customers can now purchase valid NFTickets directly from the NFT smart contract created by the event organizers or through a secondhand purchase from the Marketplace smart contract

Features

1. NFT Smart Contract

  • Deployed by organizing companies to initiate ticket sales.
  • Handles minting, redeeming, transferring, and burning of NFTs.
  • Event cancellation and ticket redemption functionalities are included.
  • Allows event organizers to withdraw collected funds.
  • On event day, NFTs can be redeemed for entry QR codes. Redeemed NFTs can be kept as memorabilia or sold as investments.

2. Decentralized Marketplace Smart Contract

  • Manages secondary ticket trading, allowing token owners to sell at their desired prices.
  • Transfers ownership of NFTs once payment is completed.
  • Organizers earn a commission from sales occurring on the marketplace.

3. Ticket Insurance

  • Offers insurance for ticket cancellations, compensating insured ticket holders if an event is canceled.

4. AI Customer Service Chatbot

  • Handles customer inquiries, providing support and education on crypto, NFTs, and platform navigation.

5. VR Concert Experience

  • Provides virtual attendance options through VR technology, accessible even on mobile devices.
  • Enhances user experience and opens new revenue channels through virtual event attendance.

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