With the advent of novel blockchain technologies, many startups are now considering the use of crypto within the world of event management. This field is huge, and according to market research, there is large monetary potential in such a sector. However, as we speak, there exist various systemic challenges regarding fraud prevention, transfers of ownership and intermediary cost that make the creation of such a service a daunting task.
Today, the most commonly used ticket distribution services include Ticketmaster and Eventbrite, both of whom try to minimize the risk of ticket fraud, but in the process end up charging an enormous distribution fee that is nearly 15% of the total ticket value.
Similarly, intermediary services such as Stubhub are known to charge large excessive fee on secondary tickets, thereby causing authentic fans to miss out on their favorite sporting/musical events.
The Blocktix System can be thought of as a platform “that amalgamates the current fragmented markets of event ticket distribution, ticket transfer and event promotion” and brings them under one roof.
It is a singular service that provides solutions for all of the aforementioned problems, at the same time only charging a very nominal, low overhead for distributors and promoters (thereby, freeing up assets which are other spent on inefficient market-based systems).
As mentioned earlier, the event industry is currently facing a crisis when it comes to providing customers with fair deals, and reasonable ticket values. As a reaction to this, the market is opening up and entertaining a possibility of hosting a system that has the capability to resolve these issues.
From an economic standpoint, a study that was recently published stated that, “The American meetings and events industry directly and indirectly supports 6.3 million jobs and generates almost $1 trillion a year in direct, indirect and induced spending. The industry’s direct $106 billion contribution to the U.S. GDP is greater than the amount generated by auto manufacturing ($78 billion)…”
Who is BlockTix Best Suited for?
Blocktix has been designed to help promote artists in their prime, so that they can rake in their earnings in the most transparent manner possible.
(ii) Concert Organizers:
Through the use of this platform, promoters will be able to book venues that are located in and around college campuses. This can help attract larger crowds, thereby increasing the chances of the event being a success. Most events that are promoted on this platform are festival style scenes (this is because they are the most popular with the 18-34 demographic.)
(iii) People Who Want to Use Alt Currencies:
Payments on the system can be made using digital assets such as ETH, TIX.
Other Benefits of Blocktix
(i) Budget Assistance:
This platform has the ability to allow promoters gain access to large budgets ranging from $650,000 – $900,000 depending upon the artists they are bringing in.
(ii) Multi Event Hosting Possibility:
Through the $3million events budget that has already been gathered via the initial crowdsale, this platform allows the possibility to host upto 20 events at the same time.
Blocktix Token Details
Blocktix will use its own personalized currency called TIX. These tokens will be used to fuel all monetary incentives within the platform. In terms of purchase, users have the option to either buy these tokens via the use of cryptocurrencies like ETH or via regular fiat currencies like USD.
According to the company’s official webpage, TIX will be coupled to a set USD rate, with 4 tiers available: 0,12$ 0,16$, 0,20$ and 0,24$ per TIX. Each tier will have a total of 10.000.000 TIX available.
In terms of the total number of tokens, there will be 62,500,000 TIX that will be created initially. Out of this number, 64% (40.000.000 TIX) will be sold publicly. The remainder will be used by the company and stocked in the reserves. The minimum funding for Blocktix will be 2.500.000$. The maximum cap will be 7.500.000$.
For any queries, users are welcomed to contact the primary developer team by email, or by simply dropping in a message on the “contact us” page.