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Beyond collectibles: How NFTs are revamping the ticketing industry

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Beyond collectibles: How NFTs are revamping the ticketing industry

The concept of nonfungible tokens (NFT) came into existence in 2015, and it first got some traction in 2017 when many prominent digital collectibles such as CryptoPunks and EtherRock were created. 

NFTs got early traction among premier sports clubs but burst into mainstream popularity after digital artist Beeple’s artwork was sold as an NFT for over $69 million. The Beeple event caught the attention of the world and proved to be a breakout movement for the NFT ecosystem.

Today, most of the mainstream household brands, premium sports and clothing brands, celebrities, sports stars and influencers have got involved in the NFT frenzy. While many believed the hype and frenzy around the market would become the cause of its downfall, the NFT ecosystem has seen a rapid expansion beyond the digital collectible market.

Gaming is another key industry that NFTs have impacted quite significantly, with play-to-earn (P2E) and integrated NFT rewards becoming all the rage in 2021. Games such as Axie Infinity have become a source of livelihood for many in Vietnam, and market experts have predicted that within 10 years, the majority of the video games will have turned to P2E models.

While digital collectibles and the gaming industry have become two of the most well-known use cases of NFTs, there are several other industries where the use of nonfungible tokens is on the rise. In one prominent example, the ticketing industry is eyeing an overhaul by integrating NFTs.

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How NFTs shape the ticketing market

While the ticketing market has become digital enough over the course of the past few years, aided by the pandemic, it’s highly centralized, which helps in the growth of secondary and underground markets. 

In today’s world, tickets to any major concert or event are bought early by hoarders that are then sold at an exaggerated price on these markets in a practice known as “scalping.”

On many occasions, scalpers will even sell fakes, with customers having no way to confirm authentic tickets before buying.

NFTs offer proof of authenticity, as it saves data on a blockchain. The same mechanism can be applied by putting tickets on a blockchain, which would ensure not only the authenticity of the ticket but whether it was being sold by a legitimate organizer.

These NFT tickers also have the potential to tap into the secondary ticketing market.

For a long time, the secondary market has been mostly inaccessible to event organizers, venues and artists. Unregulated and speculative, it affects both fans frustrated by high prices and artists who are beleaguered by an unhappy fanbase.

With NFT ticketing, this problem could disappear. Artists and event organizers can create smart contracts that govern the resale of their tickets.

NFT benefits can range from royalties coming from resales, limiting the upper or lower pricing limit to packing all sorts of utility add-ons in the NFT. With NFT tickets, the community gets much closer to the artist or sports team. This means they play a larger role in their favorite artists or team’s decisions.

NFT tickets go way beyond access. It’s a collectible but can also be a goodie bag for all sorts of perks. It can be a wallet that holds monetary value securely. You can grant access to specific areas in an event or award a t-shirt, a burger, a signed poster, or $100 worth of purchases in the concert venue.

NFTs are closing the gap between separate experiences markets. The same NFT can be used to hold access to a concert but also be the key to your hotel stay, visit a nearby theme park, and even the key to your rental car on your next trip.

Mike Dragan, chief operating officer of NFT ticketing marketplace Oveit, told Cointelegraph how NFT tickets are already in big demand, with a market value that can exceed hundreds of billions of dollars:

“From our data, 18% of ticketed events are using or consider using NFTs as a way to improve their fans’ experience. This number is up from just 2% in July 2021. We expect the number to increase even more over the coming year as the technology is being rolled out and crypto wallets are getting more popular. We expect the NFT ticketing market to reach 25% of total ticketing market by 2017 — at approximately $18.5 billion — in the live events industry only. We expect a similar level of adoption, although on a longer time scale in the tourism and hospitality industry.”

What’s the future of NFT ticketing?

Many founders and creators in the NFT ticketing market agreed that the frenzy around NFTs among mainstream brands has definitely helped the ticketing market attract more organizers. NFT ticketing is still an emerging technology, so there is plenty of space to grow. For the right solution, the ceiling is as high as the industry itself, with a projected market volume of $94.27 billion by 2026. 

Despite a fast growth rate, the NFT ticketing industry also faces certain challenges on the way. Colby Mort from Get Protocol, an NFT ticketing solution, told Cointelegraph that the interest in exploring NFTs from clients is incredibly high, but the tech barrier is still a challenge:

“The challenge that has always existed for NFTs is the accessibility barrier into the space for mainstream audiences. There is a strong need for a warm introduction into the space through friendly user experiences and guidance. We believe NFT ticketing represents a Web2.5 step between mainstream audiences and Web3.”

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Charlie Gardiner, content manager at Seatlab NFT, believes NFT tickets have the potential to throw big players. He told Cointelegraph:

“Ultimately, so long as the process of buying and selling tickets on an NFT marketplace is frictionless, NFT ticketing platforms have the potential to dethrone the big players in this industry. By integrating fiat on- and off-ramps and focusing on user experience, we’re creating a future that, on the surface, works similarly to current offerings but fundamentally improves the experience for fans, increases revenue for artists, and reins in the wildly out of control secondary ticketing market.”

Mainstream brands are beginning to understand the value of NFT technology and that it’s not a passing craze. The use of NFTs in the event ticketing space requires educating brands on how they can use the underlying technology for more than just digital collectibles. They already have a degree of trust and understanding in NFT tech, and thus, the future of NFT ticketing seems like the next best use case.

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Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets

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Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets

Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard's Assets

The South Korean police have reportedly launched an investigation into possible embezzlement involving an employee of Terraform Labs. To prevent fund transfers, the police have requested crypto exchanges to freeze the Luna Foundation Guard’s accounts.

Embezzlement Investigation and Asset Freeze

The Seoul Metropolitan Police Agency’s Cybercrime ​​Investigation Unit announced Monday that it has launched an investigation into possible embezzlement by an employee of Terraform Labs, local media reported.

An official from the Seoul Metropolitan Police Agency was quoted by Chosun as saying:

We have received information that there is a person suspected of embezzling corporate funds who is believed to be an employee of Terraform Labs.

The police received reports of the alleged embezzlement in the middle of this month and have been looking into the case. As part of the investigation, the police plan to check the details of cash and crypto transactions of Terraform Labs and the Luna Foundation Guard (LFG).

The police explained that there is evidence that embezzled funds had flowed into the Luna Foundation Guard’s accounts. The cybercrime unit has therefore requested major domestic cryptocurrency exchanges, such as Upbit and Bithumb, to “urgently” freeze the accounts belonging to the Luna Foundation Guard to prevent withdrawals of funds held at crypto exchanges.

However, the police’s freeze request is not a compulsory matter according to Korean laws and regulations but a matter that needs to be arbitrarily performed by each crypto exchange. Therefore, it has not been confirmed whether the freeze requests have been carried out, the publication conveyed.

Cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed earlier this month after UST lost its peg to the U.S. dollar.

Following the collapse, the Korean government launched an emergency investigation into the two coins and met with representatives of the country’s top crypto exchanges to discuss measures to prevent similar incidents from happening.

Last week, a number of victims filed a lawsuit against Terraform Labs CEO Kwon Do-hyung (aka Do Kwon) with the Seoul Southern District Prosecutors Office on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and the Act on the Regulation of Similar Receipts.

In addition, Do Kwon dissolved Terraform Labs Korea days before the collapse of LUNA and UST. While many suspected foul play, Kwon claimed that the timing was just “coincidental.” He also claims that his company does not owe the Korean government any taxes.

What do you think about this case? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Registration For The Upcoming VERSE Token By Bitcoin․com Is Now Open

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Registration For The Upcoming VERSE Token By Bitcoin․com Is Now Open

press release

Registrations are now open for the VERSE token sale, which will begin in the later part of June 2022. Interested parties who register can participate in the token sale immediately upon launch.

Miami, Florida – May 23rd, 2022 – VERSE is the rewards and utility token distributed to holders who participate in the Bitcoin.com ecosystem. Bitcoin.com is a global leader in introducing newcomers to cryptocurrency and is the go-to platform for educational resources, news, and more. Bitcoin.com’s ecosystem includes 30 million wallets and more than five million monthly active users across various products and services.

The VERSE token will reward users who engage in buying, selling, spending, swapping, and staying informed about cryptocurrency. Rewards will be allocated by interacting with the Verse DEX, staking VERSE, cashback paid in VERSE, and using VERSE as collateral in various lending pools. Additionally, token holders will receive access to exclusive products and services.

VERSE is a cross-chain token using the ERC-20 token standard on the Ethereum blockchain. The Verse team will actively explore opportunities to expand the token into low-fee Ethereum Virtual Machine-compatible networks to provide an optimal user experience.

The VERSE supply is fixed at 210 billion tokens, distributed over seven years through a block-to-block approach. A further breakdown looks as follows:

  • 10% sold during Sale A (completed in May 2022)
  • 6% being sold during Sale B (coming in June 2022)
  • 15% allocated to the team
  • 35% set aside for ecosystem incentives
  • 34% will be used for funding future development of Verse and its ecosystem

The first token sale raised $33.6 million last month from notable market participants such as Blockchain.com, KuCoin, and Digital Strategies along with thought leaders like Roger Ver, Jihan Wu, and David Wachsman.

“We were honored to see such outspoken support during our first token sale round. Furthermore, we could not be more excited about bringing our second token sale to the public and providing more people with access to VERSE. This new utility token marks a crucial milestone for the Bitcoin.com ecosystem. It will enable us to enhance the mainstream appeal of cryptocurrency and blockchain through our buy/sell services, news coverage, and educational tools” said Dennis Jarvis, CEO Bitcoin.com.

To participate in the upcoming VERSE token sale, interested parties need to register on the Verse website. They will be the first to know when the VERSE token sale is live.

Registrants need an Ethereum wallet – such as the Bitcoin.com Wallet – to receive the VERSE tokens. Payment for the token sale is possible with Bitcoin, Bitcoin Cash, Ethereum, USDT, and USDC.

The Verse community already counts over twenty-five thousand participants combined across Telegram and Discord. VERSE tokens will be minted following the conclusion of the Verse public sale in July.

The VERSE token sale is not available to U.S. purchasers.

Bitcoin.com

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam

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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme.

300% Return on Investment

The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment.

The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people.

Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) group executive responsible for corporate affairs and marketing. In a statement, the executive said:

Thobela FM has taken a decision to unschedule Sebasa Mogale, (Ntshirogele) Afternoon Drive presenter, following the Carte Blanche exposé. Mr Mogale is being afforded an opportunity to resolve the issues raised in the recent broadcast which pertain to his personal business dealings involving cryptocurrency.

Ntuli added that the SABC will “leave no stone unturned” in its own probe into Mogale’s role in the scam.

A Confidence Trickster

According to an exposé by Carte Blanche, Mogale had used his celebrity status to lure some listeners of his radio show to invest. The media outlet’s report said investors with no training in personal finance management had “cashed in their pensions and savings policies.” However, in the end, Mogale’s promises turned out to be empty.

“But for at least 140 people the man they trusted to guide them through the crypto maze appears to have been little more than a confidence trickster,” reads part of Carte Blanche’s summary of the exposé.

Following news of Mogale’s suspension, some of the victims of the scam have come forward to reveal their losses. Sello Bonoko is quoted in another report explaining he became a victim after he listened to Mogale’s bitcoin investment pitch that “sounded convincing.” He also said he trusted Mogale’s promises primarily because these were made on national radio. Bonoko said he lost more than $14,500 (R230,000).

Meanwhile, a spokesman for the South African police is quoted in the report telling Mogale’s victims to file reports with law enforcement. He said the police can only act after formally receiving the complaints.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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