In the first of its kind, the ‘OUR Music Festival’ (OMF) in San Francisco has opted for a DLT ticket purchase system, reports EconoTimes. The idea of running the festival using blockchain ticketing is thought to have originated to overcome a prevailing history of scalping – the purchasing of bulk numbers of tickets and reselling them at exorbitant prices, either online or outside events.

All tickets can be purchased using blockchain technology, accepting fiat, Ether and OMF’s own tokens. The company says that its goal as a festival promoter is to build OMF into a recognized festival brand. Those who buy tickets early will receive cryptocurrency rewards, as will those who promote and encourage their friends to attend such events. Their earned virtual currencies can then be spent on food, drink and upgrading to VIP passes.

DJ Justin Blau, or 3LAU, as he is also known, says this kind of system can combat scalping and overcharging at such events and could become an acceptable way of ticketing in the future:

“You won’t have Craigslist selling paper tickets to Coachella anymore once ticketing is on the blockchain… the way ticketing works now, it is just sort of accepted by everyone and there are obvious problems from scalping to counterfeiting to fraud to insane fees.”

Blau compares the new system to frequent traveler perks offered by airlines, earning rewards as frequent fliers accumulate events. He envisages future festival goers also having a say in the development of festival itineraries and selection of featured artists, making the whole experience a more cooperative experience:

“Right now it’s one or two people sitting behind a desk saying this is the artist who’s going to make us the most money in this place. But they don’t even ask the fans. It’s very inefficient… The pilot festival will act as a gauge to identify inefficiencies that might turn up using this new system, which can then be remedied at the next events, improving the system until the promoters attain a perfected process.”

OMF has plans to launch similar festivals in Japan and Barcelona over the next two years.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Comments are closed.

Check Also

FATF to Enforce Time Restriction on Exchanges’ Customer Information

The Financial Action Task Force (FATF), who met last week for another round of talks to de…