NFT Lately talks to members of the Groovoo team about what’s in store for the ticket-gating app and event industry challenges
After three years of lockdowns around the globe following COVID-19, concerts, sporting events, and conferences saw a decline in demand as many venues were regularly shutting down.
Luckily for creatives, events are finally back on track, and the world is open again. Therefore, proving the perfect time for Groovoo to launch new digital innovations for reviving the events industry.
Some of the technological advancements this ticket-gating app rolls out include some of the industry’s first—all of which play a role in issuing NFTs as event tickets.
So let’s see what this ticketing-gating app is all about.
Everything About Groovoo
“Our tech R&D team, which includes more than 15 developers led by two industry visionaries in Brazil and the U.S., have worked hard to be one of the first event-tech companies in the world to be deploying NFT ticketing and other technologies to reduce fraud and scams that are prevalent in the event industry today,”said Alberto Vaz, co-founder/COO at Groovoo.
Groovoo is to roll out a new digital wallet that issues tickets in the form of NFTs by the end of this month. The tickets consist of dynamic QR codes that help address ticketing fraud.
“The shift from paper to digital ticketing accelerated for the events sector during the pandemic like many industries’ digitization. The demand for live, in-person events has swelled as people get their groove back on again, and tickets for concerts, sporting events, and DJ parties are selling out and driving higher ticket prices. In turn, ticketing fraud and scams have become more commonplace and costly,”commented Leandro Garcia, CEO/co-founder of Groovoo.
Ticketing fraud and scam concerns come as no surprise. According to a CNBC report, around 12% of adults in America face scams over buying tickets online. That means approximately 15 million American’s fell victim to a ticket scam online during the second half of 2022, based on around 126 million Americans who attend music events during the summer and fall.
“With the uptick in scams and fraud, along with a growing secondary market for selling tickets to sold-out shows at very high prices, we saw a big need to show proof of ownership of people’s tickets by tapping into the speed and low cost of Polygon, the Ethereum-compatible blockchain, that provides a smart contract between fans and ticket sellers and verifies ownership,”continued Garcia.
Luckily, Groovoo’s platform is ready to run on Ethereum, alongside any other block that is compatible with it based on customers’ preference. The blockchain network paired with QR codes can eliminate the ability for fraudsters to snap images of static QR codes to gain entry into events vastly reduces ticketing fraud issues, impacting around 12% of Americans today
Following this, over time, as NFTs and blockchain technology become more standard, Groovoo believes that NFT tickets will greatly reduce the widespread issue of chargebacks – wherein those purchasing tickets to events then block payments to the event producers after the fact, even though someone used the ticket.
“Right now, many of those chargebacks are never paid in a majority of instances, but soon, we think that banks and other financial institutions will deny the increasing number of chargeback requests we’re seeing right now when organizers can prove that a specific person’s financial instrument bought the tickets from a certain location or IP address and a date that has been immutably recorded on the blockchain. Importantly, using the new Groovoo wallet, all these details will be readily available and transparent to all the business stakeholders, unlike some others’ software interface designs,”added Garcia.
What’s in the Pipeline?
Interestingly, the platform is set to roll out a new “Event Planning Dashboard”, so that organizations can manage attendees by reviewing bank statements and calculating results, like the total amount of sales, profits and payouts, all on one platform, alongside other technical advancements.
“There’s a lot more tech breakthroughs and industry firsts on our near-term roadmap between now and 2023. Along with our new Groovoo wallet that stores the NFT tickets, and a portable NFC (near-field communications) reader – the size of a business card – that speeds up entry into large events and reduces the length of lines, we plan to roll out Groovoo tokens soon that can be collected and traded to purchase artist merchandise like concert posters, professionally shot photos of live performances, publicly available or fan-only music tracks, and more,”included Vaz.
Groovoo is currently working hard to ensure it meets all regulatory guidelines before rolling out Groovoo tokens early next year.
But, for now, those who join the Groovoo Club will soon have access to Groovoo tokens for collecting and trading for VIP access, event merch, discounted food and beverages, and exclusive photos, videos shot at events, etc.
To learn more about the event ticketing project and its team, check out Groovoo’s LinkedIn.
However, if wanting to whizz through queues while dodging ticketing scams and reaping the above benefits, download the Groovoo app here.
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