💢Problems

Problem for the Event Industry

Despite the ever-growing popularity of the concert and event space, event attendees and organizers alike continue to deal with these pain points

1. Counterfeit and Fraudulent Tickets

With a surging demand for concerts, scammers are quick to exploit avid event attendees with fraudulent tickets. Scammers sell the same ticket to multiple buyers or outright fake tickets, and the scam is only uncovered upon entering the venue.

2. Price Gouging

Ticket scalpers take advantage of the limited supply of tickets to gain massive profit by reselling tickets at exorbitant prices, deterring even the most loyal of fans from attending events.

3. Limited Engagement Opportunities

Lack of trustable mechanisms to distribute additional benefits for attendees leads to limited engagement opportunities for fans

Problem for the NFT Industry

Meanwhile, in a neighboring scene, the emerging NFT industry is confronted with challenges.

1. Challenging to Enable Real World Utilities

As digital assets, NFTs inherently offer no real-world utility. Furthermore, manual attempts at utilizing NFTs - such as visually confirming NFT ownership - aren’t secure enough to combat issues such as double claiming and counterfeiting.

2. Unsustainability of the NFT Project

NFTs are often treated as one-time purchases, with benefits limited to only the purchase of a single asset, leading to low customer retention and the inability to foster a community other than only for trading purposes.

3. Silos of Web 3 Community

Despite numerous NFT communities thriving within their boundaries, they often exist and operate as fragmented entities isolated from one another, detaching themselves and their members from the broader ecosystem