The US ticket market for 2018 was $ 46.8 billion, and it is expected that the market will grow to $ 68 billion until 2023. Distributors sell 60 - 85% of tickets online. At the same time, the share of the secondary market is from 12 to 27% and is estimated at $ 15.6 billion (Grand View Research) For example, during the World Cup 140,000 tickets were sold in the secondary market, worth more than $ 22 million (PwC) One of the main problems is that tickets purchased on the secondary market aren’t trustworthy. The issue of ticket counterfeiting leads to the fact that spectators cannot get to the event, and the organizers lose part of the profit and customer loyalty. The share of fake tickets is on average 20%, as a result of which the profit not received by the organizers can reach hundreds of thousands of dollars per event. The annual loss of profit is estimated at $ 2-5 billion. (The Guardian). A significant problem in the US market is the long confirmation of the availability of free space after ordering (up to 24 hours), due to the lack of a unified system for monitoring the status of tickets. Solution Each ticket is unique burnable ERC-721 token with some modifications.
Client can sell his token on the second market. Validity of the tokens should be checked by the ticket ditributor representatives (security staff on the entrance). Procedure of validation is following:
For token id (tid), Sign(sk, tid)