The secondary ticket market has been a bit of a controversial industry for some, especially those that enjoy going to events often. A lack of transparency between the buy and the seller of these tickets being the biggest issue as scalpers often have taken advantage of desperate would-be event goers with unscrupulous practices such as high mark-ups and sometimes even invalid or misleading tickets.
Eticket4 is attempting to break into this industry by fixing some of these problems and more with their blockchain-based secondary market e-ticketing platform. The company has already proved itself in this field, running successfully for the past two years. For instance, Eticket4 sold more than 80,000 tickets in CIS and Eastern European markets for FIFA Confederations Cup matches.
The Problems Fixed
The biggest problems current secondary e-ticket markets face is the lack of identification from the participants, thus lack of accountability from the sellers. The inability to verify the identities of sellers will no longer happen with Eticket4’s new system. All vendors will be faced with an interview, the type dependent on the amount of tickets being sold, by Eticket4 managers. This information will be used to judge a sellers integrity as well as a tool in case of any illicit issues cropping up from the seller. All information will be completely decentralized to avoid the chance of collaboration and only serves to help the buyer.
Other consumer-friendly advances in the industry will be available for the buyer as well. Pricing affairs will be a new tool that analyzes the price of a ticket based on a large number of real-world factors that will help a potential buyer determine if the ticket is being overpriced by the seller, as well as giving an accurate way for other sellers to price their tickets in a fair way.
Finally, the subject of ticket legality and validity are also handled well with Eticket4’s system. Instead of going through just anyone who has bulk tickets, Eticket4 does not deal in tickets that are bought via malicious software that buy up the tickets. They will deal only through brokers who have obtained the tickets in valid ways, thus keeping the market fair for consumers. Beyond this Eticket4 has a team set up to deal with any discrepancies in this ideal as well as having each ticket written on the block to be sure all tickets that are obtained through them are kept recorded in case of issues cropping up on the day of the show.
By building on the businesses strong foundation and experience amassed over the past two years, the company is now using blockchain technology to penetrate new markets, scale the company and transform the global secondary ticket market.
Benefits to Users
Beyond the safety mechanisms and fair pricing tools mentioned, Eticket4 features quite a few other benefits to those using the platform.
First and foremost is the fees tacked onto each ticket. Nearly every ticket brokering platforms features exorbitant fees, sometimes nearly the same price as the ticket. With Eticket4 there is a flat rate of two percent on top of the ticket price when purchasing with ET4 tokens. It is absolutely a no-brainer to go through Eticket4 with this price as pricing with other top contenders in the market is very much getting to the point of ripping off buyers.
Sellers also have the option of check-boxing a bargaining option in their sales, which will allow buyers to negotiate with the sellers for a win-win outcome in case prices change somewhat. Smart contracts written in Solidity will also be available which allows event organizers to control the secondary market. For instance, if the organizer holds more than 10,000 ET4 tokens, they can set price and volume limits on the tickets issued on the Eticket4 platform and receive fees from secondary market transactions.
Forward contracts are a further added benefit for ticket brokers, which allow them to buy or sell in bulk, and will be implemented sometime between Q2 and Q4 2018. The Eticket4 business-to-business blockchain exchange will enable brokers to make wholesale deals, and over the long run, will connect the primary and secondary ticketing markets.
ET4 Token Generation Event
Holders of ET4 Tokens also benefit from a refund of at least 20 percent of tokens per purchase, as a loyalty benefit. The Token Generation Event begins February 27, 2018, and will continue until March 23, 2018, with ET4 tokens priced at 1/1000 of ETH. By the second quarter of 2018, Eticket4 will open outlets in countries participating in the 2018 World Cup.
Eticket4 is already showing some promise in an industry that desperately needs change, and with the way they are handling these advances sellers and buyers alike stand to benefit significantly from these new systems in place. Check out Eticket4’s full whitepaper.
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