The ease of online commerce has significantly impacted the Online Event Ticket Sales industry in size, scope, and profitability. The economy is anticipated to continue its expansion and consumer disposable incomes are expected to rise. Online ticket sellers will remain the primary source of tickets for sporting events -such as the upcoming FIFA World Cup 2018 in Moscow, Russia, music concerts, cultural festivals, public appearances and more.
The Online Event Ticket Sales industry has, contrary to expectations, experienced steady growth amid a global shift away from traditional physical ticketing and at-home printing to a fully digitized mobile ticketing experience. The secondary ticket market, being a derivative of the online ticket sales industry, is undergoing the same shift and growing proportionately.
According to a report published by the Economist Magazine, secondary ticket market sales volumes reached $8 billion, of which approximately $5 billion in sales was from the United States market alone. Estimates show that in Western markets, the secondary ticket market share is 20-25% of the Primary market. However, all is not well with the industry. The market is flooded with an outbreak of bots, fakes and frauds, scalpers, lack of transparency among other problems.
If we consider the key sensitivities and success factors of the industry, growth rate projection, and analysis of key market players and their market share, we release that the only reliable solution the online event tickets sales market can rely on, is a blockchain backed solution. A decentralized network can lead to industry disruption.
A Blockchain Solution.
Blockchain technology is increasingly gaining widespread adoption across industries, due to the level of automation it offers through smart contract implementation, security from its immutable nature and the unprecedented transparency. All these ensures easy auditability and accountability of all the parties involved in any transaction.
Eticket4, as it sets out to solve the challenges faced by the event ticketing market has found the cryptocurrency’s underlying technology more than capable of fulfilling almost all the requirements of a new platform. The use of blockchain technology and cryptotokens also drastically reduces the transaction costs, while erasing the geographical boundaries to create a universal platform.
Armed with these features, Eticket4 plans to incentivize black market ticket dealers to operate under international legal standards. Its long-term goal is to become the most secure blockchain-based B2B and B2C ticket distribution and exchange platform with powerful analytical tools and an automated flexible loyalty program.
Since September 2016, Eticket4 has spread across the Russian Federation via partner courier services. The online platform acts as a binder and an arbitrator in transactions verifying the seller, delivering tickets to customers’ doors, and withholding the funds received for tickets until customers attend the events. By the end of November 2017, Eticket4’s had more than 17,000 customers and more than 3,500 sellers.
The peak of sales was reached in the period prior to FIFA Confederations Cup when accredited ticket brokers were able to distribute their tickets among the football fans across Russia and European countries. The Eticket4 blockchain-based service is powered by its own ET4 tokens, which provides for a number of incentives on the platform. In contrast to other proposed blockchain based solutions scheduled for launch this year both in the US and UK, Eticket4 stands out as an already operational business backed with real liquidity and a team experienced in scaling to foreign markets.
The ET4 Token is a utility instrument in the novelty Eticket4 ecosystem. The tokens will be generated after the Token Generation Event. The total token supply is 30 million. The Token conforms to the widely distributed standard ERC20. The emission will be conducted in cooperation with Phenom using a smart contract written on Solidity. Smart contracts will ensure transparency of the entire process of token distribution. Every single transaction will also be recorded into smart contracts. The function of the token depends on the role played by the token holder. The token holder can be a platform participant, including event organizers, ticket brokers, and ticket buyers.
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Event Organizers are representatives of the primary ticketing market on the Eticket4 platform. With an account balance of 10,000 ET4 and above, the event organizer will be granted the power to regulate the secondary ticket market through smart contracts, by setting the price and volume limits of tickets issued via the ETicket4 platform and receive fees from secondary market transactions. The platform allows them to seal the loop holes that can be used by single brokers using bots to purchase tickets.
Ticket brokers with a balance of more than 1,000 tokens get access to advanced analytical tools and ticket price forecasting features that can allow them to scale their businesses to greater heights. On the other hand, ticket buyers are participants in the secondary market on the Eticket4 platform. They can use ET4 tokens to pay for their tickets for a 2% fee instead of 30% in accordance with the commission agreement and are protected from fraudulent issues such as ticket duplication, tickets to fake events, counterfeit tickets among others.
Token Generation Event.
The Token Generation Event — 27th February to 23rd March 2018, will be held after the private offer — 30th January 2018, and presale — 30th January to 21st February 2018. The private offer will be reserved for an exclusive group of cryptocurrency market pioneers, representatives of both the ticketing and event industries. Once the ecosystem is fully operational, the first customers will receive a reward of 40% bonus.
The ET4 token sale has various bonus slabs in place, classified into “Time-Frame Bonus Premiums” and “Volume Bonus Premiums. The former provides an 8% bonus to participants during the first 5 days of token sale, 6% for the next 5 days (Day 6 till Day 10). It will further reduce to 4% from day 11 till Day 20 and 2% for the last 10 days (Day 21 till Day 30). Similarly, the Volume Bonus Premium is calculated based on the total number of tokens purchased by the participants. Those purchasing between 1000 and 5000 ET4 tokens receive a 10% bonus, 15% for 5001 to 10000 tokens, 20% for 10001 to 15000 tokens, 25% for 15001 to 20000 tokens and 30% for those purchasing more than 20001 ET4 tokens.
ET4 tokens will be sold at a fixed price of 1/1000 ETH. Based on the results of private and public offers, the maximum fund is 13,800 ETH for pre-sale, 13,000 ETH for TGE. The pre-sale soft cap is 100,000 ET4. Tokens can be purchased with both Bitcoin and Ethereum.
The platform recently concluded its 2-day private token sale, during which it raised about $400000 by selling about 500000 ET4 tokens (including 40% private sale bonus) among participants.
More information about ETicket4 is available at – https://eticket4.com/
Details of ETicket4 Token Generation Event is available at – http://et4.io
Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members. NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.
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