The market for the digital items plummeted after their glory days in 2021 and 2022, and they’ve proven to be not only an artistic and aesthetic disaster, but a shortcut to financial ruin
Not the person you’re talking to, but it seems like a stretch that some little nightclub will want to build and maintain their own smart contract infrastructure. It’s not just issuing the tickets, it’s also building and distributing the tools to quickly validate the hundreds/thousands of attendees every night.
For example, it’s not enough just to validate that everyone at the gate has an NFT. I could enter the venue with a valid token, and then transfer it to my friend still outside once I’m through the door. So now the bouncer needs to track what tickets have already been scanned, and you probably want it to update off-chain (faster and no gas fees).
Not that I can pretend to know what already goes in to a venue supporting TicketMaster, but I figure there’s got to be a reason why these middlemen were wanted in the first place. That reason is probably about venues wanting to do music and not tech support.
Ack. I’m not going to pretend like I’ve thought up the whole business plan, but it’s well known the centralized ticket agencies have huge markups. Ticketmaster’s ticketing business is something like $3B in revenue with $1B in profit.
I’m sure there’s still a need venue services, I didn’t mean to suggest the venue could or want to be entirely in-house. Maybe I’m minimizing that part of their business, but if tickets are NFTs it’s so much easier to avoid vendor lock-in for expensive scanners and day-of services.
A database indexing scanned tickets is cheap if you don’t want to burn/transfer the NFT at the door (depends on the network costs too). But again maybe I’m trivializing what Ticketmaster does (IMO I don’t think I am).
Not the person you’re talking to, but it seems like a stretch that some little nightclub will want to build and maintain their own smart contract infrastructure. It’s not just issuing the tickets, it’s also building and distributing the tools to quickly validate the hundreds/thousands of attendees every night.
For example, it’s not enough just to validate that everyone at the gate has an NFT. I could enter the venue with a valid token, and then transfer it to my friend still outside once I’m through the door. So now the bouncer needs to track what tickets have already been scanned, and you probably want it to update off-chain (faster and no gas fees).
Not that I can pretend to know what already goes in to a venue supporting TicketMaster, but I figure there’s got to be a reason why these middlemen were wanted in the first place. That reason is probably about venues wanting to do music and not tech support.
Ack. I’m not going to pretend like I’ve thought up the whole business plan, but it’s well known the centralized ticket agencies have huge markups. Ticketmaster’s ticketing business is something like $3B in revenue with $1B in profit.
I’m sure there’s still a need venue services, I didn’t mean to suggest the venue could or want to be entirely in-house. Maybe I’m minimizing that part of their business, but if tickets are NFTs it’s so much easier to avoid vendor lock-in for expensive scanners and day-of services.
A database indexing scanned tickets is cheap if you don’t want to burn/transfer the NFT at the door (depends on the network costs too). But again maybe I’m trivializing what Ticketmaster does (IMO I don’t think I am).