Amid the COVID-19 crisis, the global market for Online Event Ticketing, which was previously estimated to be worth US$49.2 billion in 2020, is expected to grow to US$61 billion. Increased internet penetration and the increasing trend of using mobile apps to book movie, sports, and live event tickets online are expected to have an impact on growth.
As technology is advancing at an unprecedented rate and is playing a major role in the lives of millions. Blockchain technology will be the next to bring a revolution to many sectors. Many people are still unfamiliar with blockchain, however as its advantages for the ticketing industry become clearer — such as improved protection through encryption and greater control and accountability — more businesses will begin to embrace it in the coming year.
How PhoenixDAO is striving to change the ticketing industry.
DeFi, NFTs and decentralized governance through authentication, payments, and connected identity are all part of a digital identity-based suite of protocols under the PhoenixDAO ecosystem. The products are designed to power the modern digital economy, which includes the newly introduced Events marketplace.
The events dApp is a seamless event ticketing and management solution within PhoenixDAO’s suite of products, enabling users to purchase tickets using PHNX tokens, the platform’s native currency.
As the dApp is completely decentralised, it offers complete transparency and accountability. Keeping in mind that other platforms do not offer the same amount of transparency, Events dApp is uniquely positioned to be a potential game changer in the event ticketing industry.
How Blockchain powers the Events dApp.
Since blockchain-based solutions are hard to break into, the Events dApp allows for highly safe money transactions. Users cannot duplicate or resell a ticket purchased with their cryptocurrencies after it has been bought.
The platform is transparent and aids in the creation of consistent communication standards among the various parties, making the ticket booking process authentic.
Smart contracts are used to control processes like ticketing, payment processing, and sales on the network eliminating the need for intermediaries.
PhoenixDAO is leading the way in the NFT revolution by implementing ERC721-based tickets on the dApp, which users can pass, give, or sell to other users.
The Road Ahead
PhoenixDAO aims to disrupt the billion-dollar event management and ticketing industry by bringing accountability to the industry through blockchain-based applications such as the Events Marketplace. Despite the fact that the app was created for big, ticketed events, it’s likely that the dApp will eventually become a solution for all types of events.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.