Some of the most memorable moments for many people are enjoying a favorite artist or sports team at major venues such as Forsyth Barr Stadium.
But for some, a big day out can be ruined if a ticket turns out to be fake.
Finding a better way to fight the fake tickets is Yezmac founder Cameron Templer.
In the United States alone, fake tickets can cost up to $500 million (about $NZ794 million) a year, Mr Templer said.
“It’s a really big problem.
“It’s something that, you know, a lot of people have trouble with.”
Secondary resale sites, in particular, can sell fake or scammed tickets.
“So they would sell fake tickets or they would sell a ticket multiple times, say ten times.”
Mr Templer’s solution was to create tickets using a blockchain to generate non-fungible tokens (NFTs).
This made the tickets immutable, meaning they couldn’t be changed, altered, or modified.
A unique proof of ownership could be established.
The NFT ticket would sit in a digital “wallet” and when a ticket operator scanned the ticket, it would be able to confirm that a unique dataset was associated with the ticket.
An additional feature of the NFT tickets was the ability to add value before and after the event.
Additional products or services can be linked to the ticket.
Because the NFT ticket was unique, it became a new kind of collectible.
People would have a record of attending a major event, such as an All Blacks test.
“People like to express themselves in what they’ve spent.”
People could show proof of attendance on social media sites, and just like a physical ticket, being part of a special concert or event became a unique record.
“The collectible part is a huge selling point.”