The team of Tickets Cloud, an online ticketing platform, is launching the ICO of its latest blockchain-based project called crypto.tickets. The project will become a universal global decentralized ticketing platform open to all market players. The ICO starts on October 5, 2017, and will last for four weeks. But we are not the only player in this area. Lately, the entertainment industry has seen the emergence of a number of projects that aim to solve the most pressing issues of the ticketing market: profiteering, fakes, and high barriers for new entrants. Every company seeks to address them in its own way and develops services that soothe the typical pains of event organizers, ticketing systems, and end users. Based on two blockchain-powered services, we will show the distinctive features of our service.
London-based Aventus is working on a blockchain solution to prevent ticket counterfeiting and profiteering. The platform enables organizers to create and manage tickets, be in full control of resale pricing and earn the associated fees, and combat costs. In addition, Aventus features loyalty programs for ticket buyers, where the most active users receive rewards for promoting gigs and helping spot fraudsters. Aventus has raised over US$18 mln in an ICO.
The company has no plans to offer analytics or an API for ticketing systems, so it is not possible to integrate it into third-party processes. All the advantages are sealed within the Aventus platform, including their customer service tools. The company thus will have to compete against the entire industry, including the incumbent players clearly unwilling to yield their market share.
Another debutante, KickCity, advertises itself as Facebook meets Slack, a blockchain-based social event platform. The team of KickCity has a tremendously ambitious goal of creating a value-based social network where users could obtain any necessary information on blockchain and crypto-currencies, with rewards for those who provide it.
KickCity intends to use events and gigs as leverage to form a community around blockchain. To enable it, the team is developing a social event platform centered around the communities of organizers and attendees. KickCity is focused on creating communities around events and empowering organizers to launch, promote, and make money off events.
Essentially, the main idea behind KickCity is centered around event management and is not aimed at end users. It is tool to promote events and draw more crowds.
Why crypto.tickets is different
Instead of competing with the incumbent players, crypto.tickets provides a technology for both the existing and the new players. Our team believes that a blockchain ticketing platform should be open to all market participants. That’s why crypto.tickets has been designed as a decentralized platform, which connects to any existing ticketing system to provide the full advantages of blockchain to its customers.
Crypto.tickets is sending the entire industry into a new orbit. With paper tickets being replaced by electronic ones, the next step of the evolution is a crypto ticket with an embedded monetary policy.
Numerous projects that employ blockchain to a varying degree are designed to manage events and ticketing centrally. E.g., to tap into the full potential of KickCity or Aventus, organizers are forced to abandon their current ticketing solutions: the most control they can hope for is to embed a third party widget on their website and play by rules set by others.
In turn, crypto.tickets offers an API which organizers and ticketing platforms can use to set their own rules of distribution, resales, and refunds with the help of smart contracts. This way organizers can compete more openly, giving customers more choice.
The relationship between organizers and spectators are regulated via smart contracts, and unlike other blockchain-based products, we actually do subscribe to the ideals of decentralization.
Crypto.tickes will also enable a vibrant secondary market for tickets, a decentralized exchange where attendees will be able to resell their own tickets. For big gigs, holders will be able to auction their tickets off to a person who offers the most money within a limited timeframe.
It’s also worth pointing out that the creators of crypto.tickets have a trove of experience in the ticketing industry and business in general. Their current platform, Tickets Cloud, serves over 1,000 event organizers and 100 distributors, yielding a monthly turnover of US$2,000,000 and over 400% growth.
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