Challenge
Gybsy, a forward-thinking event platform, sought to revolutionize the ticketing industry by developing a smart ticketing platform using NFTs (Non-Fungible Tokens). The company recognized the need to transform the traditional ticketing model to address issues such as limited fan engagement, lack of control over secondary market sales, and missed revenue opportunities. Gybsy aimed to create a solution that would not only modernize ticketing operations but also enhance the overall event experience for attendees.
Solution
Netesenz's team developed a cutting-edge Web3 ticketing platform that seamlessly creates and distributes event tickets and access passes as Digital Collectible Tickets. The solution leverages:
- Blockchain technology using Polygon for secure backend operations
- IPFS (InterPlanetary File System) for decentralized file storage
- Smart contract technology for managing ticket sales and royalties
The solution harnesses the power of blockchain technology, specifically utilizing the Polygon blockchain for the backend, with IPFS (InterPlanetary File System) serving as the file store. This innovative approach allows for the creation of unique, verifiable digital assets that serve both as event tickets and permanent memorabilia.
The platform empowers event organizers with a comprehensive suite of tools to create and distribute smart tickets efficiently. It enables them to set up events, configure seating arrangements, assign pricing, and add creative elements such as images, GIFs, or videos to enhance the digital collectibles. The solution also incorporates smart contract technology, giving venues, promoters, and performers the ability to set, control, and earn commissions from secondary ticket sales and residual royalties on all digital collectible sales in perpetuity.
Impact
The MVP (Minimum Viable Product) developed by Netesenz was put to the test during a live event in Las Vegas for Gybsy's customer. The platform demonstrated significant positive outcomes:
Increased attendee satisfaction: The introduction of permanent digital memorabilia in the form of NFT tickets enhanced the overall event experience for attendees. This unique approach created a deeper connection between fans and events, extending the experience beyond the event itself.
Enhanced engagement and loyalty: The platform's ability to incentivize behavior and reward loyalty maximized the event experience and drove higher customer satisfaction. Features such as in-event engagement, exclusive access, post-event discounts, perks, giveaways, and loyalty rewards contributed to a more interactive and rewarding experience for ticket holders.
The long-term value of the solution is evident in its potential to transform the ticketing industry. By placing power and profits back in the hands of value creators, Gybsy's platform shifts the ticket market paradigm. The ability to control secondary market sales and generate additional revenue streams through commissions and royalties presents a significant opportunity for venues, promoters, and performers to maximize their earnings and maintain a direct relationship with their audience.
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