Ticketmaster sold fake concert tickets, and NFTs could easily solve this issue
The current ticketing problems have offered the crypto community another relevant opportunity. Once again, Ticketmaster has been at the forefront of fraud cases. Ticketmaster is having a difficult year, as are music fans attempting to purchase tickets from the corporation. How can NFTs avoid a subsequent recurrence?
Ticketmaster in hot water over Bad Bunny’s concert
Saturday, Ticketmaster issued an apology statement after an “unprecedented” number of fraudulent tickets got sold for a Bad Bunny event in Mexico City. Additionally, the business stated that refunds would go to anyone who was sold valid tickets but had no access.
According to sources, the head of Mexico’s consumer protection office, Ricardo Sheffield, stated that Ticketmaster would receive fines of up to 10% of its earnings in 2021. In addition, Ticketmaster will have to compensate fans with an additional 20% of the ticket price.
The event in Mexico City was the final stop of Bad Bunny’s World’s Hottest Tour and the final performance for the foreseeable future. Recently, Bad Bunny revealed to Billboard that he will take a hiatus in 2023.
The Bad Bunny catastrophe follows Ticketmaster’s Taylor Swift catastrophe. Last month, presale tickets for Swift’s 2023 Eras Tour were on sale. After that, ticket demand swamped the ticketing systems, and complaints of outages spiked shortly after they became accessible. Ticketmaster then canceled the wider public sale due to “high demand.”
How NFTs can solve the fake ticket problem
While NFTs are driving revolutions in multiple industries, the event market is one of the first to combine physical and digital ticketing utilizing NFTs. Ticketing driven by blockchain appears to be a promising use case. This inventive solution to counterfeit tickets could ensure the authenticity of every issued ticket, enable required data sharing, and offer a unique digital artifact to commemorate the event.
As a result of the development of blockchain and Web 3.0, artists, event organizers, and fans can influence ticketing system changes in their favor. A paper ticket is susceptible to being lost or damaged. Moreover, paper tickets do not provide sufficient protection for event organizers due to counterfeit problems.
QR codes alleviate this problem for event organizers but are not particularly useful for people purchasing tickets. With NFTs, there is no need to compromise, and organizers and guests benefit from the technology.
NFT tickets are generated on a blockchain network, facilitating their authentication and preventing bad actors from producing or propagating counterfeit tickets. Additionally, the NFT ticketing system gives event organizers and performers greater control over their primary and secondary market ticket sales, allowing them to cultivate long-lasting relationships with their fans.
As with Bad Bunny, he would not need to rely on third parties like Ticketmaster or Live Nation. Bad Bunny could sell tickets directly to their fans, pocketing more profit and guaranteeing that Ticketmaster does not rip fans off. Even though the NFT market is still young, with its current rate of growth, it has the potential to improve the conventional ticketing system and other parts of the live event sector.