How Blockchain Is Changing Concert Ticket Sales

How Blockchain Is Changing Concert Ticket Sales

Aventus allows more fans to purchase tickets securely for events they want to attend, without huge price increases

Zack Palm
  • 12 october 2017

Live performances draw crowds but one drawback for these large events centers on ticket sales. When an event sells out, dedicated fans know they can always look for scalpers to purchase tickets, but prices skyrocket—not to mention the risk of counterfeits—and can turn an $80 concert into $400. Annika Monair and Alan Vey want to fix this with their new startup Aventus.

Aventus uses blockchain technology to give each ticket a unique identification that enables only one person to use that ticket. Someone can sell their ticket, but it must happen on Aventus. Since it all happens within a blockchain, a buyer doesn’t have to trust the seller to give them a good deal because both parties know how much the original ticket cost.

Tickets on the website are linked to accounts, which get linked to the owner by uploading a picture of their face, credit card and a certified identification. These safeguards prevent a scalper from making multiple accounts with bots on Aventus to purchase and resell as many tickets as they can get ahold of. This means more real fans have longer opportunities to purchase a ticket and not feel the need to rush the website as soon as the sales go live to secure one.

Events on the website can be created by venues and artists, allowing the hosts to set the payment caps for ticket sales. Should a secondary sale occur on the website between two users, the host also receives a commission from the sale. With the blockchain technology in place, a person may not physically sell their ticket to someone as it remains linked to the original account. It must go through a legitimate sale on Aventus. This prevents fans from getting scammed by someone who sells the ticket for a much larger amount, and more fans have the chance to attend the event because tickets remain within a reasonable price range. Monair and Vey have reached out to venues, festivals, and artists to get more events featured on Aventus.

Aventus launches a public beta in the fourth quarter of 2017, with an official website for the platform going live sometime in the second quarter of 2018.


Lead Image: Aaron Paul | Unsplash

+financial services

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