Technology / 03.23.22
Fort Worth Founders Launch Platform to Tie Concert Tickets to NFTs
Dallas Innovates (03/16/22) Cummings, Kevin
The founders of Fort Worth, Texas' annual Fortress Festival have launched a new platform, DeFy Tickets, that sells concert tickets as non-fungible tokens (NFTs). Fortress Presents/DeFy co-founder Alec Jhangiani says DeFy employs technology from the Netherlands-based GET Protocol Foundation to contract with event organizers to offer smart NFTs; these items are linked to the individual purchaser, enhancing security and opportunities for fan engagement. The blockchain-based smart contract behind the ticket ensures its authenticity, while Jhangiani says, "The idea of the NFT is that you can embed or include other things with that ticket that wouldn't necessarily come from a typical ticket. We see here the potential for an improved ecosystem, in terms of the relationship between artists, organizers and fans, a more efficient transfer of value." DeFy benefits artists and organizers by giving them security and control over the secondary ticket market. With the investment firm Jefferies anticipating the NFT market cap skyrocketing from $35 billion this year to more than $80 billion by 2025, DeFy perceives expansion opportunities for its ticketing marketplace. Besides upcoming concert announcements, Jhangiani sees NFT ticketing being used for nearly anything that demands a reservation. "Our priority now is to introduce that there's this very solid use case and the benefits of it, and to spread the word about how many different applications that could have," Jhangiani explains.
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Tags: News , NFT