The Ticketing Industry Disruptor: Aventus
Tired of paying a ludicrous amount of money for event tickets and feeling ripped off? Then check out this up and coming project which has found a solution to that problem. Aventus.
What Problems Is Aventus Aiming For?
- Touting- It is estimated that bots usually buy around 60% of the most desirable event tickets, which makes the tickets sell out quickly from the primary market. And then they are resold in the secondary market with markups of around 49% and with margins exceeding 1000%!
- Counterfeit- Sometimes some fake tickets are sold from fake websites and often for fake events.
- Oversight- 1 out of 4 buyers doesn't have any idea if they're buying from the primary market or the secondary. Unknowingly, leading them to pay higher prices.
- Promotion- Failed promotions often leads to unsold tickets for the organizers and a decrease in audience.
Now, there already exists some solutions to these problems with legislations like Consumers Rights Act (CRA) and Better Online Ticket Sales (BOTS) Act but it is practically impossible to identify bots and there aren't any good enforcement mechanisms.
The Aventus Solutions.
Aventus will be using a decentralized token based protocol built on the blockchain technology which will aim to eliminate the problems mentioned above and more.
Since Aventus is based on the blockchain technology, the cost of selling the tickets will be reduced greatly for the organizers.
The tickets sold through Aventus will have an ID associated with them to eliminate the counterfeit risks. The event organizers would choose if it is a photo, full name, identity card, or credit card. But fear not, it will all be encrypted on the blockchain. The identity associated with the relevant ticket will then be verified at the doors with an app and a smartphone. Changes to the ticket identity can only be made if its resold through an approved secondary market.
It will also help the organizers earn commissions from the secondary market which wasn't possible before. The organizers will get to decide if they want their tickets to be resold, and if they do, they can place a fee and a price range(minimum/maximum) to avoid the black markets and earn a share on the side!
Black markets only create unsatisfied customers and ruin the brands' image. I've experienced this personally where I had to buy a ticket for EDC for a 100% markup!
There will be template user interfaces with in-event advertising tools to give organizers an upper hand on creating truly customized ticketing interfaces.
The Aventus platform will also let anyone in the community become an event promoter! How will that work? The event organizers can setup a rewards program where the community will get rewarded for activities like 'selling tickets'. For example, there's a Drake concert coming soon near my city and the organizers are giving out referral codes of 10% on every ticket sold. Then I would use my referral code to sign up ten of my interested friends and get my ticket for FREE! This will help the event organizers decrease their promotional spendings while reaching a wider audience too.
AVT: Their Fuel.
AVT is the Aventus token which will be used to "disintermediates event management systems, ticketing applications, and promoters." It will facilitate everything on the platform.
As mentioned about the rewards program before, the token will be used to reward and let the community curate e.g.(voting on the legitimacy of events, applications, promoters, event creation fee, reporting deposit, ticketing apps, etc.).
The token will also be used between the buyer/seller in the secondary markets.
They will integrate a fiat to AVT mechanism and vice-versa to let people with little to no crypto knowledge access their app and make transactions with ease. This should attract more people as there is less hassle and even their grandmas should be able to use the Aventus app.
AVT Token Sale
The AVT initial coin offering has been postponed from its original date of 19th of July, the team behind Aventus is planning to hold their ICO around late August. The cap is a minimum of $6 million and a maximum of $15 million. The price will stay the same throughout the whole ICO (1 ETH = 92 AVT).
Maximum token supply is 10 million AVT out of which 60%(6 million) is being offered for the crowdsale.
With their product launch in Q2 2018, they already have plans for this year as a working product with core features just released recently. And then the public beta releasing at the end of this year is sure to drive up the prices in the near future.
As stated in my prior posts, I am all about decentralization. Blockchain will be bigger than the Internet and better. With projects like Aventus who are using the blockchain technology to solve real world problems, I am all in for projects like these!
For more in-depth details on the project, check out their whitepaper HERE.
Check them out-->https://aventus.io/
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