Comment on From millions of dollars to under a grand: The dramatic fall of the NFT
Klox@lemmy.world 1 day ago
NFTs as a mechanism for exchanging and authenticating contracts is pretty revolutionary. But the only thing that reached public awareness were the dumb NFTs of a single image. The closest breakout was probably the effort for ticket sales and club memberships – your “ticket” is the NFT itself, and you can move it around (sell, exchange) as you want before the event. There are still human-errors/logistical problems but in the end whomever has the NFT gets the seat. For club memberships, you were a member as long as you held the NFT. If you wanted out, you could sell it to someone else that wanted to join the club.
My thought was concert tickets. An artist could set an absolute maximum for how much a ticket could be resold for, and the energy costs of maintaining the blockchain would be time-limited to after a show or tour completed.
Of course, Ticketmaster would never allow that because it effectively nukes the scalper market, which they also run through stubhub.
this is true about block chain in general. I usually get from folks its a solved issue with databases and its like but its significant that you don’t need it and that everyone along the chain has the information they need. Not just the database owners. I would still love a qr code on everything I buy. including fruit. that gives me everything about the item. where grown/manufactured, how its been processed since, what hands it went through to get to me, etc.
frongt@lemmy.zip 1 day ago
I still don’t see how the NFT is a benefit over existing digital ticket platforms.
Klox@lemmy.world 1 day ago
“Digital ticket platform” is literally the poster boy of middle-man grift. Are you not familiar with Ticketmaster? Even smaller platforms are taking 15-30% fees for very little value-add. They “exist” to reduce the operating expenses of venues, but if there was wider infrastructure of NFTs these venues wouldn’t need to contract it out.
frongt@lemmy.zip 1 day ago
Explain how.
Klox@lemmy.world 1 day ago
It’s not that different from how it currently works, but the difference is the platform is distributed and not centralized. NFTs are nonfungible, and the contract process guarantees the NFT can’t be owned by multiple wallets. There can be only “one”.
A venue generates 5000 NFTs (could be individual seats, could be general ticket) and puts them on an NFT marketplace (e.g. OpenSea) for the ticket price (e.g. $100) + 1% (OpenSea will also charge a fee). I buy one of those tickets for $101. I go to the venue. The ticket scanner sends a challenge to my phone, and my phone generates a signature that proves I have the ticket, and I go in.
If I can’t go for whatever reason I can’t go, I can post the NFT to the same or a different marketplace for any price I want to list it for.
Logistically, what if I lose my phone, and can’t verify the challenge proving I have the NFT at the gate (or whatever similar scenario). The same system intended to prevent fraud also means the system is not flexible for human error. But maybe that’s worth it for everyone to not have to pay 15-30% fees by centralized ticket management systems.