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Mentors:

Vivek Madani

Head, Flipkart-Polygon Blockchain CoE
E-commerce

BI 007 NFTicket - Events Ticketing via NFTs

Problem Statement

Event ticketing suffers from issues like counterfeiting, ticket scalping, and lack of personalization. This undermines the experiences of fans and artists alike, resulting in revenue loss and dilution of brand value for event organizers.

Potential solution

  • An NFT-based ticketing system for all kinds of events‚Äîbe it concerts, sports, or theater. Implementing blockchain technology guarantees each ticket's uniqueness and immutability.
  • Event-goers gain true ownership of their tickets, which can be customized and even resold within the platform, keeping scalpers at bay.

Challenges you may have to overcome

  • Legal considerations surrounding The ownership and transfer of digital assets.
  • Ensuring seamless integration with existing event management systems.
  • Converting traditional ticket buyers to The new digital format.

Business model

The core revenue can come from transaction fees when a ticket is minted, transferred, or resold. Optionally, partnerships with event organizers can offer premium, personalized NFT tickets at a higher price point.

Market Opportunity

According to Statista, the global events industry was valued at approximately $1.1 trillion in 2018. Assuming that 50% of this market can be captured through NFT-based solutions:

TAM = $1.1 trillion * 20% = $220 billion

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