Music industry veterans Ramtin Nikzad and Alec Jhangiani launched DeFy Tickets, a new blockchain-based platform that is selling non-fungible tokens for events.A new NFT ticketing platform has broken digital ground in Fort Worth.
In short, deploying an NFT system means no more sharing bar codes via email or other means of transfer outside of the NFT-verse. This creates a more efficient and safer transfer of value, Jhangiani said. NFT tickets also allow artists to prevent the loss of revenue that occurs on exchanges in the secondary market.“These tickets have to be exchanged formally,” he said. “By doing that you control scalping. You control the cost of the resale of that ticket.
DeFy and its partners also plan to offer minted artwork that accompanies concert tickets and work with performing artists on opportunities to engage with ticket-holders beyond the live concert.These types of experimental tie-ins are allowing brands to expand their reach, investment bank Jefferies said in an analyst note in January.