The COVID-19 pandemic has brought many industries online, and the events industry was not exempted. Although purchasing tickets online has been available even before the pandemic; now, it is all the more prevalent as online events, such as concerts and plays, have become the new normal.
However, the world’s ticketing system has always been plagued by fraud, scalping, and data ambiguity, and imprecision. And the movement of events online has perpetrated the need to resolve these issues.
The huge ticketing industry, with the United States ticket market alone amounting to $13.3 billion, needs a more efficient and stable system in order to mitigate losses and earn the trust of users. Blockchain-based ticketing system TicketMint is capitalizing on this need by providing solutions to all these problems.
Blockchain is an innovative technology that solves the issues of fraud and data manipulation because it allows for immutability, transparency, and security of data. By building on the BSV blockchain, the largest public blockchain that is capable of unlimited scaling, TicketMint can operate on a global scale without having to worry about system crashes due to not being able to handle the massive amount of data the ticketing industry generates, the high number of transactions being processed or the expensive transaction fees.
And TicketMint is maximizing this breakthrough technology and combining it with next-generation digital asset NFT (non-fungible token) to provide a whole new ticketing and event experience by going into three strategic partnerships.
Branded Content
In order to provide quality and branded content, TicketMint has entered into a partnership with Epik, a production and distribution firm that is currently working with over 1,000 popular brands.
Epik brings to TicketMint its forte of licensing and digital merchandising, as well as its roster of famous celebrities, music artists, businesses, and gaming firms, enabling the creation of unique NFTs that include virtual concerts, eSport events, and AR/VR games.
“The team at Epik has experience in bringing global brands such as Universal, Warner Music group, World of Dance, and Ultraman, into the digital world and Metaverse. This strategic partnership offers an entryway for artists, venues, and brands to create unique collectible NFT tickets for access to real-world and virtual events—even backstage,” Shawn Ryan, Co-Founder, and CEO of SmartLedger, Ticketmint’s parent company, said.
Next-Generation Metaverse Experience
TicketMint is also collaborating with Omniscape XR, a location-based online platform that is the bread and butter of technological firm Transmira, which offers experiential reality (XR), a combination of artificial and virtual realities (AR/VR).
Omniscape is like the popular PokemonGo game, only better as it is more geographically detailed. It also allows advertisers to promote their products and services by putting their content into the app. Users can then collect discounts, vouchers, and other special offers in the app and use them in the real world.
“There is a dramatic shift happening in several industries driven by blockchain and NFTs that we are only beginning to see. TicketMint is a great example of new business models leveraging technology for better user experiences and engagement. We are thrilled to help bring this to life,” Transmira CEO Robert Rice stated.
On top of being able to offer event sponsors and producers a virtual world wherein promotional materials can be placed, TicketMint will also be able to provide its users with a more immersive online event experience.
Virtual Street Team
TicketMint has also partnered with blockchain-based promotional marketplace TonicPow, and this will allow ticket issuers to have access to a “virtual street team.” This means that customers, fans and social media influencers will be incentivized with special discounts and other perks to promote the events to their peers.
“Offering built-in campaign creation and a referral system for ticket issuers will allow influencers, fans, and gig workers the ability to receive instant micropayments of Bitcoin for helping to spread the word,” SmartLedger Chief Development Officer Gregory Ward explained.
This not only offers an interaction-based promotion but allows events to successfully target specific audiences. By incentivizing promotion, fans become more enthusiastic in sharing their firsthand experiences of events, as well as their love for music artists and celebrities. This will help events pull in both old and new participants through a more personal approach to promotions and marketing.
By taking advantage of the strengths of these three next-generation firms and combining it with the creation of collectible NFTs that are hot items now and in the future, TicketMint is able to give users a totally unique experience.
“TicketMint will offer new ways for ticket issuers to promote their events and engage their fans including exclusively minted, redeemable, and collectible NFT tickets for real-world and virtual events,” Ward revealed.
Just as the Internet has allowed for almost everything to be online, blockchain technology will also usher in a completely on-chain way of life—a more efficient way to give value and meaning to all forms of data from not only the ticketing and events industry, but across all other industries.
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