How TicketMint is using blockchain to create fraud-free ticketing

Written by

Ryan Brothwell

Published On

26 Apr 2023

Blockchain technology has the potential to revolutionise the event ticketing industry by providing a more secure, transparent, and efficient way to manage ticket sales and distribution. Traditionally, event ticketing has been plagued by issues such as ticket fraud, counterfeiting, and scalping.

These issues result in lost revenue for event organisers and create a frustrating and unfair experience for genuine fans who miss out on tickets due to the actions of scalpers and fraudsters. By utilising the BSV blockchain, event organisers can overcome these challenges and provide a better experience for fans.

A fraud-free ticketing system

One way in which blockchain can help event ticketing is by providing a secure and immutable ledger for ticket sales. When a ticket is sold on the blockchain, it is recorded on the ledger, which cannot be altered or deleted. This ensures that tickets cannot be duplicated or counterfeited, reducing the risk of fraud and ensuring that fans receive genuine tickets.

TicketMint is a next-generation NFT smart ticketing platform that provides an on-chain digital multi-media collectable ticket to fans and enables event creators and ticket issuers to guarantee the authenticity of tickets, take control over ticket prices, collect on lost revenue, and increase engagement.

TicketMint helps capture lost revenues and increase sales by mitigating fraud, forgery, and counterfeiting. This reduces the impact of ticket scalping and price gouging by allowing artists and event organisers to regain control of the secondary ticketing market.

Good for fans and artists

Another way in which blockchain can help event ticketing is by providing a decentralised platform for ticket sales. Instead of relying on a central authority or ticketing company to manage sales, blockchain allows tickets to be sold directly from the event organisers to the fans. This eliminates the need for intermediaries, such as ticket resellers, who often inflate ticket prices and contribute to scalping.

In this way, TicketMint helps foster a much closer connection between artists, fans, event organisers and brands by incentivising and rewarding fans with NFT collectables, and real-life experiences, and making events more interactive.

Blockchain can also help to increase transparency in the event ticketing industry. By providing a public ledger of all ticket sales, fans can see exactly how many tickets are available and how many have been sold. This can help to prevent ticket hoarding and ensure that all fans have a fair chance of purchasing tickets.

NFTs and collectables

NFTs or non-fungible tokens are unique digital assets that cannot be replicated or replaced. Like other blockchain tokens, NFTs are digital items on a blockchain that record their unique ‘fingerprint’ information. Since their inception, NFTs have gone from being a novel idea to becoming one of the fastest-circulating and lucrative industries.

NFTs have a significant impact on the gaming industry and sports. Through NFTs, players are allowed to buy an in-game item and redeem it for a tangible object or vice versa. These in-game items can also be transferred to other games or sold to other players.

Ticketmint has partnered with the enterprise-grade blockchain E2 Wallet to provide the most secure, flexible, and feature-filled NFT blockchain experience possible. In the world of Web3, your wallet is similar to a single sign-on.

To receive your Unique NFT Ticket, you must first create an E2 Wallet account. Upon purchase, your NFT ticket will be sent to your E2 wallet and available for viewing in both Ticketmint as well as E2.

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