LONDON, Sept. 5, 2024 /PRNewswire/ – In light of the recent Oasis reunion tour ticketing disaster, where dynamic pricing left fans feeling exploited and priced out, it is clear that the current ticketing system is broken. Over 14 million fans tried to access tickets, but as prices skyrocketed within minutes, thousands of fans faced disappointment, leading to a backlash and hundreds of complaints filed. Having said that, there is a solution: Blockchain technology.
In a recent LinkedIn article, Charles Symons, Co-founder of Buzzmint highlighted how blockchain could be the key to solving these ticketing issues. Blockchain offers a transparent, secure, and fair alternative to the existing ticketing model. Here is how it can revolutionise the industry.
- Transparency & Security: Every ticket transaction can be recorded on an immutable blockchain ledger, making counterfeit tickets a thing of the past. Fans can trust that their tickets are genuine and traceable.
- Fair Pricing with Smart Contracts: Blockchain enables smart contracts, which can enforce strict resale conditions. This could be a scenario where tickets are resold at face value, making it impossible for bots and scalpers to hoard tickets and ensuring fair access for all.
- Tokenisation & Fan Engagement: We can eliminate bots and scalpers by issuing tickets as digital tokens linked directly to a fan’s identity. These tokens can offer additional perks – like exclusive content, early access to future events or voting rights on setlists – creating a more engaged and loyal fan base
Charles also points out that adopting blockchain isn’t just about fixing the system, it is about putting power back in the hands of the fans. Moving to a Web3 ticketing system would ensure that live events remain accessible, transparent, and fair, while also enhancing the overall fan experience.
Blockchain isn’t just a buzzword; it’s the key to restoring trust in live events. Blockchain technology has the potential to transform the ticketing industry and ensure that no fan is ever priced out of their passion again. By embracing a more transparent, secure, and fair system, the music industry could restore trust and ensure that live events remain accessible.
