Technology / 07.20.22

Your Ticket to Ride: Why Web3 is Poised to Create a Persistent Bridge Between Artists and Concertgoers

Access Staff

Variety (07/13/22) Gilbertson, Jeremy

Web3 technology carries considerable potential for ticketing, with leading builders in the space detailing the possibilities. YellowHeart founder Josh Katz explains that his company "wanted to disincentivize scalpers by having an open public ledger where we could see behavior" by using "a system of on-chain analytics to help identify these bad actors." YellowHeart launched collectible nonfungible token (NFT) projects to test the utility of ticketing and how it could power a persistent link between artists and fans. "Our goal is to make sure all tickets get sold at a fair price and have a true supply-and-demand economy, not a fully manipulated economy," Katz notes. Ritesh Patel says Ticket Fairy's Web3 service was rolled out to encourage adoption. "The idea is to on-board Web2 users that don't have crypto wallets, because onboarding is a real problem for those people that don't understand crypto," he elaborates. "NFT tickets won't get adopted until that problem is solved. You need to be able to get an NFT ticket through a Web2 browser." Meanwhile, Ryan Kenny founded a dedicated ticketing marketplace and wallet built on the Near blockchain called SeatlabNFT, a wallet app designed to acquire, sell and use event tickets; fans also can use it to collect NFTs from their favorite artists.

Read the full story on Variety. 

Tags: Technology , Web3