By Alan Vey, Founder & Chairman, Aventus Network
As many as 30,000-40,000 English fans turned up last week to Paris’ Stade de France for the Champions League final between Liverpool and Real Madrid.
The fact that Liverpool lost anyway likely had little bearing on these English fans’ disappointment – a disappointment that, with blockchain, was wholly avoidable.
Resolving Fraud with Blockchain
Fraud is a huge issue in sports. When you consider that over half of sports fans will find themselves falling victim to online ticket fraud, the chaos that ensued at the Stade de France last week should have been unsurprising – expected, even.
But there’s an answer: and it lies in blockchain. If tickets are issued as NFTs (which essentially is just proof of unique ownership of a digital asset), blockchain technology ensures all ticket transactions are tracked onto a decentralised and immutable ledger – meaning they are almost impossible to forge.
Already, some of the biggest sporting events organisers have caught onto this. The NFL issued NFT tickets to attendees of this year’s Super Bowl – arguably the biggest sporting event in the world.
Of course, this isn’t just limited to sports – it extends to basically any event for which attendees need tickets, from football games to horse races to music concerts, and everything in between. At Aventus, we’ve already worked with LiveNation France, Sound Talent Group, Kaboodle and others, delivering over 200,000 tickets with our system pre-COVID.
Benefits Beyond Eliminating Fraud
The real beauty of NFTs lies in their potential for complete customisation. You can essentially program whatever feature or benefit you want into NFTs – meaning you can totally align them to your business goals.
Marketing & communication: Once a buyer purchases an NFT ticket, ownership is recorded on the blockchain and tied to that specific ticket through the owner’s own cryptographic signature (essentially a digital wallet where the ticket is stored).
This means you know exactly who is holding your ticket, giving you far greater data quality and line of communication for marketing. It also means you have a direct delivery system to each of your fans via this digital wallet for promotions, marketing and offers, before, during and after the match.
The benefits of this data and line of communication further snowballs when you consider the value this will have for sponsors – the incentive that they will have to work with you will immediately increase multifold.
Resale knowledge & profits: As well as knowing exactly who holds your ticket, you will also know when they resell that ticket, and to who. Not only does this drastically increase the security of your event (more on this shortly), but it also means you can benefit from resales by programming your NFTs so that you collect fees as royalties each time the ticket is resold.
Security: There’s another huge benefit in security. Knowing exactly who holds which ticket is invaluable when it comes to event security and crowd control. And because of the customisation of NFT tickets, you could, for example, request your event attendees to scan their ticket when entering certain areas, so you even know exactly who is where, and when.
We know that for most people, the additional complexity, in an already quickly-evolving industry, outweighs the benefits of Web3 and NFTs.
At Aventus, we know that NFTs and blockchain aren’t your business. But they’re our business, and if you partner with us, we will handle all the complexity, while keeping you up to date on developments at all times.
If you’re interested in how we can help you, contact us at firstname.lastname@example.org.
Receive updates about upcoming AMAs and stay updated with Aventus and the press by following us on our social channels.