Blockchain, cryptocurrency, and Non-fungible Tokens (NFTs) have captivated everyone in the last few years. Blocktickets, a company working in the space of blockchain, and transformative technology has launched a multi chain NFT based ticketing platform rewarding all stakeholders, a one of its kind platform. Blocktickets has now entered the Indian market and is looking to expand its footprint in the country as Indians adopt the new technology in the coming years.
Abhinav Gerg, Founder, Blocktickets
Blocktickets is making the boring tickets, that were meant to be discarded till now, a beautiful experience. With smart contracts, tokens and NFTs, they are making ever vibrant event industry even more beautiful and exciting for all stakeholders. Blocktickets, with its unique concept, uses blockchain technology to establish a transparent and decentralised system for the minting and sale of smart tickets. It’s a platform that allows event organisers to embed a smart contract in their tickets that determines the ticket’s floor price, ceiling price, auction and royalties whenever the ticket is sold. It’s a one-of-a-kind approach in which marketers may use brand NFTs to creatively engage with ticket buyers, and more income channels can be formed by personalising tickets as special NFTs.
Blocktickets sold more than 2000 NFT tickets in less than half an hour for the World’s First Holi Event on Metaverse on 17th March, and now working with biggest Indian Event organizers and Indian Cinema Industry.
Though our mankind has reached mars, our USD 70 Bn global ticketing industry is antique. USD 15 Bn is the size of secondary ticket sales that end up going to the touts. To make matters worse the sponsors and advertisers that spend USD 65.8 Bn on sponsorship of events, have no data and engagement with the ticket buyers. Further, there is no place for event organizers to use tickets as collateral and raise finance for their events. In short, there is no platform that manages the entire lifecycle of tickets by integrating all stakeholders – Event Organizers, Financers, Primary Buyers, Secondary Buyers, Advertisers etc.
Blocktickets aims to create innovation in smart contracts, blockchain, by integrating all stakeholders into the system, including artists, event organisers, financers, initial ticket buyers, secondary ticket buyers, fans, and advertisers. Blocktickets is a web 3.0 ticketing platform that promises to transform industries like sports, cinema, concerts, expos, airlines, and hotels, as well as marketing and sponsorships.
“We have been observing the trends in blockchain and the innovations that are being done around the world. Metaverse and DeFi has opened up new ventures and has expanded the scope further. NFTs are essential to this whole universe and that’s why we feel it can be used to transform the ticketing industry entirely. There’s so much that we can do by selling tickets as NFTs. They can become collectibles which will be unique to everyone. It’s like creating experiences and memories for a lifetime while also solving some of the most fundamental problems in the industry. Blocktickets is all about that vision and we are optimistic of the support we will receive from Indian market,” says Abhinav Garg and Nishant Chandra, Founder Blocktickets.
To work towards its vision and to take better decisions for creating a premium experience for the users, the company has onboarded Jaspreet Bindra on its board of Advisors. Bindra is the Managing Director and Founder of Tech Whisperer Limited in the United Kingdom, which provides Advisory and Consulting services in the areas of Digital Transformation, Artificial Intelligence, Blockchain, and the Future of Work. Bindra has also worked at Mahindra Group as the Group Chief Digital Officer and as a Regional Director at Microsoft India. In 2017, he was named the first ‘Digitalist of the Year‘ by Mint and SAP. He is also a Global Moderator/Educator for Harvard Business, Scholar-in-Residence at the Indian School of Business, and a Partner and Chapter Leader of Singularity University. “I am really excited about the whole idea of Blocktickets and how it aims to transform the ticketing industry. India is a wonderful growing market for NFT, and I believe that Blocktickets, with its early mover advantage, strong founder product fit, MOAT of cinemas and Indian content, will become the name synonymous with NFT based tickets in the country, and across the globe,” he stated.