Project Goal: NFTicket aims to revolutionize the event ticketing industry by addressing the pervasive issues of scams and scalping through the use of blockchain technology. By leveraging Non-Fungible Tokens (NFTs), we intend to offer a secure, transparent, and efficient system for issuing and reselling tickets.
Project Value: Integrating NFTicket with blockchain technology brings several key benefits:
Enhanced Security and Authenticity : By tokenizing tickets as NFTs, each ticket becomes a unique digital asset that cannot be duplicated or forged. Blockchain technology ensures that each ticket’s history and ownership are transparent and tamper-proof, significantly reducing the potential for fraudulent activities.
Direct and Secure Transactions : Transactions occur directly between parties on the blockchain, eliminating intermediaries and reducing points of failure. This direct approach not only enhances security but also ensures that tickets are always sold at the price set by the event organizer or current owner, according to market demands.
Scalping Prevention : NFTicket can enforce rules such as limiting the number of tickets that can be bought per wallet or setting maximum resale prices to combat scalping effectively. These measures ensure fair access to tickets and help maintain market stability.
Secondary Market Control : Our decentralized marketplace facilitates secure and transparent reselling of tickets. Marketplace only allows for authentic NFT tickets by verifiying the contract of the NFT being sold on the marketplace with a set of whitelisted contract addresses, allowing for buyers to have a peace of mind when purchasing tickets on the marketplace. Smart contracts automate the resale process, ensuring that both parties fulfill their obligations before the transaction is completed. This marketplace also allows event organizers to earn a commission on secondary sales, creating a continuous revenue stream.
Innovative Engagement Opportunities : NFTicket’s use of NFTs opens up new avenues for engaging event attendees. For example, ticket NFTs can be used as digital memorabilia, potentially increasing in value over time, especially for landmark events. This feature adds a collectible aspect to tickets, enhancing the attendee’s experience and engagement.
Phase 1: Development of the NFT smart contract and Marketplace smart contract.
Phase 2: UI Mock Up with Figma
Phase 3: Developing the frontend with NEXT.js
Phase 3: Implementing the frontend with the deployed smart contracts on the TRON blockchain
Phase 4: Integration of AI customer service chatbot
Phase 5: Integration of AR/VR features and final testing.
Launch: Scheduled for 13 May 2024, followed by continuous updates and improvements based on user feedback.
Thank you for reading my project description for Tron Hackathon Season 6. I would greatly appreciate if you could comment your compliments/criticisms/questions/recommendations so that I can improve on my project further
(Q2) While NFTicketMaster offers many benefits, how will you address the potential for a new kind of scalping where users create multiple wallets to circumvent limitations on the number of tickets purchased per wallet.
You are welcome, I like such projects but mostly I do not see them working after the hackatron…
Every year we see more crypto events and and I think if you are able to come out with a nice project and work on partnerships, you will be able to get a lot of contracts. One problem is getting event planners to utilize your platform, how do you go about this?
Hi @Okorie
Thank you for your question. For this iteration of the project for the hackathon, NFTicketMaster wants to focus more on the boosting the functionality of your standard e ticket and also the issue of weak security in event ticket purchases (in both firsthand and secondhand transaction) than the issue of scalping as we feel that scams and fraud is a more pressing matter compared to the scalping of event tickets. Additionally, the immutable, decentralized and transparent nature of a blockchain gracefully solves the security issues we are trying to solve and hence makes the most sense to address first.
With regards to scalping, our current methods include restricting wallets to a mint limit.
In future iterations, I have thought of using IP addresses or tagging biometric information to wallet addresses as a way of preventing scalping. That being said, it is unlikely that I will implement these features in this iteration for the hackathon for the reasons mentioned above and of course the time constraint.
Thank you for your question. We intend to incentivize event planners to use our platform by offering them an additional avenue for profit, the secondhand market! In our marketplace, we only authorize the sale of whitelisted NFTs by their contract address. As such, we can program the sale such that a small commission fee of every secondhand transaction their NFT goes back to the smart contract that created the NFT which the owners can withdraw from. For the security of authentic NFT tickets that the marketplace provides, buyers would be willing to pay that commission fee, allowing for organizing companies to gain more profit and thus, incentivizing them to use our platform over others that have no control of the secondary market.
Let me illustrate with an example:
Taylor Swift’s agency wants to host a concert here in Singapore and her company decides to use our platform to issue out the tickets as NFTs rather than standard e tickets.
Her company creates a smart contract that allows users to mint her concert tickets as NFTs, and the contract receives the funds from the sale of these tickets which her company can withdraw from to collect revenue.
After the initial sale of the tickets, people can list their tickets for sale on the marketplace while still retaining ownership of the ticket (via the approval mechanism)
When a buyer is interested and pays the listed price to the marketplace contract, the contract authorizes the transfer of the NFT ticket from the seller to the buyer can collects the funds from the transaction.
A small commission fee is calculated and is transferred to the original NFT contract by Taylor Swift’s company while the rest of the funds is transferred to the seller.
Thus, Taylor Swift’s company can still earn profit from the secondary market even after the initial sale
I don’t really have much to say because already previous comments before mine has cleared the air. Well if to add to this, I’ll remind you that what is worth doing is worth doing well. If previous projects disappeared then your project can make a huge difference and will be highly recognised. Put in your best and get the work done.
Wishing you all the best in the Tron Hackathon season 6.
Firstly, I will like to welcome you to the HackaTron S6 with this innovative approach to events ticketing. Honestly, I have a lot of doubts on the sustainability of your project beyond hackathon period because just like earlier commenters has rightly said, this is not the first time we are seeing devs coming up with this type of project because goes into the thin air immediately after the hackathon. So I don’t know the reason why I should still believe that you are going to sustain the project post hackathon season.
Regarding the secondary market control, how does NFTicketMaster ensure that the tickets listed for resale on the marketplace are indeed authentic NFTs? Are there any verification processes in place?
The benefits of integrating NFTicketMaster with blockchain technology are indeed impressive and offer significant improvements to the event ticketing industry I will be glad if you can provide more details on how NFTicketMaster plans to enforce rules such as limiting ticket purchases per wallet or setting maximum resale prices?
While it is indeed a very common idea. I think the issue with having NFTs as tickets arises from people not knowing what to do with the NFTs especially for the general public who don’t even know what a blockchain is.
That is why we believe our marketplace idea is innovative and truly makes use of an NFT as a ticket by providing security and transparency in secondhand concert ticket transactions. And to the user, the website interface is completely user friendly and is very intuitive to interact with even without knowing what an NFT is.
For any event, an instance of our NFT contract is constructed so as to mint NFT tickets for the event.
Upon creation of this event NFT contract, the contract address is passed into the marketplace smart contract by the owner of the marketplace contract and is stored in a list of approved contract addresses. Thus, when someone wants to list an NFT for sale on our marketplace, the marketplace contract will first check the contract address of this NFT and check with the approved contract addresses to verify if the NFT is indeed belongs to an event NFT contract under NFTicketMaster. If the contract addresses do not match, then the listing is reverted. Hence, this allows for NFT tickets sold on our marketplace to be verified authentic.
If someone were to create a fake NFT contract for an event (perhaps posing as an authentic ticket for a concert), the contract address of this NFT contract would not be added to the list of approved contract addresses by the owner. Thus, sale of this fake NFT ticket is not allowed on the marketplace.
Hope this helps!
Hi @Chizz
Thank you for your support!
Our NFT smart contract has a mint limit per wallet address and also tracks the amount of NFTs a wallet address has minted. So when a wallet address tries to mint beyond the limit, the transaction will revert, preventing them from purchasing too many tickets. (The mint limit can be set by the organising company upon creation of the NFT smart contract)
Right now, we have no plans to set a maximum resale price because it is difficult to calculate what a maximum price should be. We believe the resale ticket prices will adjust according to supply and demand. However, this can definitely be a feature added in future iterations after receiving user feedback or analysing the market.
Welcome to Season 6 Hackathon, the first strikingly visible detail here that I noticed brings me to my first question; is your team name literally Json Derulo? As in Jason Derulo the singer?
Moving forward, the emphasis on blockchain for security and transparency, along with measures to prevent scalping, is commendable. I’m curious about how the project plans to address potential challenges like user adoption and regulatory compliance.
Can you provide more details on the verification process for event organizers and ticket purchasers to ensure the authenticity of events and tickets?
I will be glad if you can provide more details on how NFTicketMaster plans to enforce rules such as limiting ticket purchases per wallet or setting maximum resale prices?
