Data Ownership Protocol and Decentralized Music Chain are joining forces to tackle pain points in the ticketing industry.

 

Right now, counterfeit tickets mean honest fans are turned away at the door — losing substantial amounts of money. Tickets are also sold in unauthorized ways, leading to inflated prices and depriving artists of revenue.

 

DOP and DMC’s new partnership will create a vibrant NFT marketplace where tickets can be sold securely — uniting buyers and sellers in a decentralized environment, while delivering full transparency on the cost of attending concerts, club nights and other live events.

 

DMC has already attracted the involvement of more than 25 top DJs and 10 famous clubs in its quest to bring live entertainment to virtual worlds. The Web3 project’s infrastructure connects musicians, consumers and industry professionals on the blockchain — with plans to launch a Metaverse Club in the coming months. DiscoverFeed Inc. and DMC LAB PTE. LTD — the parent companies of DMC — also have ambitions to expand to 75 stores worldwide.

 

And DOP is the natural home for this NFT marketplace given how its protocol enables selective transparency — meaning end users control how much information about their transactions and token balances is listed on block explorers. With an intuitive user interface, native integrations with major wallets and a presence on the Ethereum, Polygon and X Layer blockchains, the protocol is expanding and delivering true data ownership to increasing numbers of crypto users. Enhancing privacy and security within NFT ticketing is crucial for this concept to achieve its full potential.

The Benefits of NFT Ticketing

Repeated research has shown that the ticketing industry is crying out for reform — and in dire need of modernization. A study by Nationwide shows 37% of 16 to 34-year-olds have bought fake tickets — or know someone who has. Many of the victims were trying to see Taylor Swift’s Eras Tour, and were sucked in by bogus ads on social media.

 

Centralized websites have also faced criticism for how they oversee sales for major events. Devoted fans waited hours in an attempt to get tickets for the Oasis reunion tour, only for the website to crash or kick them out of the queue. Standing tickets were meant to cost £135 ($180) — but a controversial tactic called “dynamic pricing” meant this almost trebled. Regulators are now promising to investigate this practice.

 

While bands and event organizers say they won’t accept tickets to be resold on unauthorized websites, the practice happens anyway, as it’s impractical for everyone’s identity to be checked on the door. This enables scalpers to charge extortionate prices. Professionals use bots to infiltrate old-fashioned marketplaces when tickets are being sold — dramatically reducing supply and then instantly listing them well above face value. Estimates suggest that this cost fans in the UK alone an extra £145m ($195m) a year — none of which goes to hard-working artists.

 

NFT ticketing has the potential to change all of this by providing verifiable proof of ticket ownership. The immutable and transparent nature of blockchains makes it much harder to create counterfeits — reducing the number of broken hearts from scams. Centralized marketplaces and scalpers are cut out of the picture because fans can securely transact with one another, making scalping a distant memory. And smart contracts mean artists can continue to receive royalties whenever NFT tickets are sold on secondary marketplaces, too — revenue they currently don’t receive.

 

Through DMC’s marketplace on DOP, users can also have full control over their transaction history — and in this decentralized ecosystem, loyal fans can earn community rewards for throwing support behind their favorite artists. This creates exciting opportunities for musicians, who can drum up engagement in new ways and thank audiences for their loyalty. More than anything, beautifully designed NFT tickets can serve as a lasting memento of a live event — a piece of vibrant art that tells the world “I was there.”

What’s Next?

DMC and DOP leaders will now be spreading the word about this exciting new era for NFT ticketing — taking part in webinars and ask-me-anything sessions to set out the benefits and opportunities in this much-needed step toward modernization. We’ll also reach fed-up fans who are crying out for change through articles and PR campaigns.

 

And as a bustling new community is built, we’ll be setting challenges so fans can share their experiences of the concerts that changed their lives — putting live music front and center of a marketplace that’s fit for the 21st century.