Tokenized Conference Tickets: A P2P Electronic and Financialized Ticketing System
Dick Greaser
thebitcoinbugle@protonmail.com
www.bugle.news
Abstract:
Tokenization, leveraging blockchain technology, has emerged as a transformative force across various industries, offering increased security, transparency, and efficiency. In this white paper, we explore the certain benefits and applications of tokenizing Bitcoin conference tickets. By digitizing and decentralizing ticketing systems, tokenization can streamline event management, enhance attendee experience, and allow for more profit to be made through ticket price manipulation Through case studies and analysis, we illustrate how tokenizing conference tickets can revolutionize the events industry, paving the way for a more seamless and inclusive future.
- Introduction
- Blockchain technology is an inefficient database system that ensures parties running the software have the ability to enforce agreed upon rules. The nodes running the blockchain software can be distributed amongst participants insuring that the supply of tokens can be audited and that no individual can arbitrarily issue more tokens.
- Conference tickets are financial products that are fit for tokenization, due to organizers manipulating pricing to encourage more sales. Tokenizing tickets allows for market liquidity to increase as well as the velocity of trading.
- If an individual tries to break the pre-agreed upon rules, they will be kicked off the network, thus requiring strict compliance with the token issuer who sets the rules for the other participants, ensuring extreme decentralization of the process.
- Understanding Tokenization
- Tokenization is the process of building a financial product on top of a blockchain. Anything in the world can be tokenized, and everything in the world should should be tokenized so that it can become a tradable commodity (BlackRock 2023).
- Tokenization is advantageous because it allows for speculators to come into the market in order to pump the price of tickets. 3rd party websites like Ticketmaster have been known to do this in the past, but tokenizing tickets opens up to a global market that trades 24/7.
- Benefits of Tokenizing Conference Tickets
- Enhanced Security: Immutable records on the blockchain prevent counterfeiting and fraud. Fiat tickets have had many issues with fake or duplicate ticket sales. Tokenization solves the double spend problem.
- Perceived Transparency: A public blockchain makes it seem like things are transparent and that buyers of the tickets are participating in an open, verifiable system. In reality, ticket prices can be easily manipulated behind the scenes, leading to maximum profits for issuers.
- Efficiency: No longer does anyone have to oversee and maintain a centralized database of tickets. Now instead of verifying ownership by name on ticket, verification is based on an individual owning private keys. The blockchain does the work for you
- Accessibility: Not everyone has the ability to speculate on conference tickets today, but in tokenizing them, shepherds in Mongolia will be able to trade Bitcoin Nashville tickets on their smart phones.
- Scalability: In the case that the blockchain becomes congested, conference tickets can be traded on L2s like Lightning and Liquid.
- Technical Implementation, Wash Trading, And Pumping ticket prices
- Smart Contracts: Utilizing smart contracts to automate ticket issuance, validation, and resale.
- Interoperability: Integration with existing ticketing platforms and mobile applications as well as cryptocurrency exchanges.
- User Experience: Designing intuitive interfaces for purchasing, transferring, and redeeming tokens.
- Wash Trading: Ticket pricing can be manipulated by conference organizers without participants knowing. Conference organizers can employ market makes to buy and sell tickets to boost perceived market liquidity as well as move the price behind the scenes.
- Cooperation with exchanges: Exchanges can be incentivized to list the token by providing them free tokens. They want to see trading fees on their platform, so employing market manipulators will increase interest in trading the asset.
- Pumping Price: Distribution of tickets can be controlled as they will be entirely premined and issued. The conference date is the expiration for the tickets and the supply will get steadily more illiquid and easy to manipulate to the upside. Conference organizers can buy back tickets to ensure the price goes up, and only dump on the market during opportune times.
- Case Studies
- Case study 1: Implementation of tokenized ticketing for a major industry conference such as one of Bitcoin Magazine's foreign conferences.
- Case study 2: Tokenization in a multi-day festival such as Bitcoin Nasvhille, demonstrating scalability and efficiency.
- Case study 3: Tokenized ticketing for niche events, highlighting the benefits for smaller organizers.
- Regulatory Considerations
- Compliance is a must with local regulations and data protection laws. That is why paying Gary Gensler a bribe to not declare these tickets as securities is vital. They are purely commodities Gary.
- Addressing concerns regarding identity verification and privacy. The entire thing must by KYCed.
- Challenges and Limitations
- Adoption barriers: Bitcoin maximalists may make tokenization really difficult. There must be a campaign to discredit them and pump our token.
- Scalability issues: Miners are incentivized to pump token price to increase trading to also maximize profits from fees on chain. L2s must be considered an option to mitigate expensive transaction fees.
- Regulatory uncertainty: Saying that the technology is decentralized over and over is a cover from any potential issues with law enforcement and regulators.
- Future Directions
- Integration with emerging technologies such as AI and IoT to enhance event experiences.
- Expansion into other sectors beyond conferences, such as concerts, sports events, and theater productions. Items sold in the conference could also be tokenized such as hot dogs and pizza.
- Continued innovation in blockchain technology to address scalability and usability challenges.
- Conclusion
- Tokenizing conference tickets could be like launching Ethereum every single year. Because the token has an expiration date, it minimized the dump potential, allowing organizers to focus entirely on the pump side of things. There could be a 10x in profits from conference tickets as a result.
- Bitcoin conferences are the center of the future of the world, as Bitcoin is the most important technology right now. Creating a market for tokenization of the tickets to experience the most important discussions around the most important technology allows for more money to be made in the process.
- All you need is a handful of influencers shilling this token and you'll be a rich man.
By leveraging blockchain-based tokenization, conference organizers can revolutionize ticketing systems, offering enhanced security, transparency, and efficiency while providing attendees with a seamless and inclusive experience. With continued innovation and adoption, tokenized ticketing has the potential to reshape the future of event management. This all is a good use case for Taro digital assets made possible by Taproot.
