Why Use Crypto

Does the benefits of using Web 3 outweigh the loss of Web 2 customers due to conversion.

How does NFT work for Ticketing?

NFTs are simply a unique digital token stored on a blockchain. Once they are created on the blockchain, they can be sold to customers digitally. Customers can then store NFTs in a secure wallet that they can access on any device.

In the ticketing system, we as event organisers can mint the required number of NFT tickets on their ethereum platform under The Paradox Metaverse collections. We can code the NFTs to set a sale pricA buyer purchases NFT-based tickets directly from the website for the event. On receiving payment, a smart contract triggers and a ticketing database sends an NFT ticket to the buyer.

To have these NFT tickets be available on Paradox marketplace and other secondary marketplaces.

We then as the company requests to upload the ticket on the IPFS. Hash is calculated by IPFS, and tickets get stored on the database. NFT tickets are created and uploaded to the requested NFT marketplace.

Ticket owners can resell NFT tickets on the NFT marketplace. The ticket is stored in a smart contract. Once a buyer buys the ticket from the ticket owner, the smart contract triggers, and the payment is sent to the seller automatically.

Preventing fake tickets and scams

Blockchain provides a trusted source for both ticket holders and organisers. The transfer of NFTs from the initial sale to resale is stored on the blockchain immutably so that all parties can prove the ticket’s authenticity. with the added ability to have the resale of tickets as forbidden, NFTs can be developed as nontransferable, not to be moved to another buyer.

Reduce costs

Costs associated with selling and minting NFTs are negligible compared to the traditional ticketing system. You can produce an unforgeable ticket for less production cost, and customers and organisers can validate the authenticity of every ticket on the chain and track the history of ownership.

Perpetual revenue

Because programmable NFTs can have built-in rules for merchandise, content, resale, and royalty splits, it means we as organisers can analyse profit sharing percentages for future resale or creative content on secondary markets as well as give recurring discount to NFT ticket holders from prev events.

New revenue opportunities

NFT-based tickets act as programmable money, providing unlimited potential for new revenue opportunities, for example, the resale of NFT tickets as collectibles, using NFT tickets to provide food and drink deals, and rewarding fans who have gathered many event tickets.