According to Allied Market Research, the online ticketing and event management industry was valued at $1,135.4 billion in 2019 and is expected to reach $1,552.9 billion by 2028, registering a CAGR of 11.2% from 2021 to 2028). People all around the world are enjoying being able to book tickets from the comfort of their homes. With the rising demand in the online event booking industry, multiple ticket booking sites have been established to serve this purpose. However, these sites are prone to censorship and also frequently overcharge for tickets based on demand.
Enter PhoenixDAO flagship dApp, a blockchain-based decentralized application bringing transparency and authenticity to the event management industry.
The PhoenixDAO Events dApp
The events dApp is a transparent event ticketing and management solution under PhoenixDAO’s suite of products, allowing users to secure tickets with PHNX tokens – the native currency on the PhoenixDAO platform. PhoenixDAO have recently implemented polygon sidechain scaling which lowers the gas fees incurred during the event creation and ticket booking process.
When a user visits the site, they are greeted with a welcome screen that shows the upcoming events as well as popular event topics like Bar Crawls, Charity events & causes, DJ’s, Hackathons, Parties, and Sports & Fitness.
Upon selecting an event of their liking, the user can view the description, venue, category, organizer, time, number of tickets available and the price of the event.
The site also displays the users with recent ticket sellouts in real-time, and also has a countdown for the event.
If a user decides to book an event, they will get a payment prompt from the browser wallet and can then proceed with booking the event using the PHNX tokens(NB: Other payment options will available shortly).
Why the PhoenixDAO Events dApp Makes More Sense Than Conventional Event Booking Systems:
- End of Counterfeit Tickets: Blockchain-based solutions are counterfeit-proof, meaning the Events dApp facilitates highly secure methods for money transactions. Once users send their cryptocurrencies to buy a ticket from one address to another, they cannot replicate it or resell it at a higher price.
- Transparent Process: Since Events dApp is a blockchain-based solution, it helps create uniform standards of communication amongst the different parties to make the ticket booking process verifiable.
- Transaction System: The platform uses smart contracts to govern processes such as ticket issuing, payment processing, and even refunds and sale.
- Joining the NFT Bandwagon: NFT is the latest buzzword of the crypto town. PhoenixDAO is at the forefront of this revolution by introducing ERC721-based tickets on the dApp to allow users to transfer, gift, or sell those tickets to other users.
PhoenixDAO intends to disrupt the billion-dollar event management and ticketing industry by introducing transparency through blockchain-based solutions, like the Events Marketplace. Though the application has been developed for large, ticketed events, it is possible that the dApp will soon become a solution for events in general.