๐๏ธTicket Marketplace
Last updated
Last updated
Primary ticket markets, such as Ticketmaster, are platforms where tickets are first issued and sold by event organizers. These platforms serve as the initial point of sale for events like concerts, sports games, festivals, and theater performances. Primary ticket markets typically set the base price for tickets and are responsible for the initial distribution to consumers. Event organizers often partner with one or two primary platforms, Ticketmaster or SeatGeek, to handle their ticketing needs, and these platforms may impose specific conditions on ticket sales and transfers.
For example, Ticketmaster is the primary seller for events organized by leagues like the NBA, NFL, and NHL, while SeatGeek is the official ticketing partner for Major League Baseball (MLB).
Secondary ticket marketplaces are platforms where individuals can resell tickets they no longer need or purchase tickets for events that may be sold out on primary platforms. Secondary markets often arise when ticket holders wish to sell their tickets to others after the primary sale has ended, offering buyers access to tickets at fluctuating prices based on demand.
These marketplaces, such as StubHub, allow users to list tickets purchased from primary platforms like Ticketmaster or SeatGeek. The buyer then receives the ticket via the primary platform, completing the transfer. However, secondary ticket marketplaces suffer from several issues that affect both buyers and sellers.
High Fees: Secondary ticket platforms often charge both buyers and sellers significant service fees, which can reach up to 30% of the ticket's price. This makes tickets more expensive for buyers and decreases the profitability of sellers.
Fraudulent Listings: A common issue is that sellers can list tickets they do not actually possess. On platforms like StubHub, there is no immediate verification of ownership at the time of listing, leading to situations where buyers purchase tickets that the seller cannot or does not deliver.
Delayed Ticket Transfers: Buyers on secondary markets often donโt receive their tickets until days before the event, which can cause anxiety and uncertainty. This delay occurs because ticket transfers typically aren't initiated immediately upon sale.
Slow payment for sellers: Sellers face delays in receiving payment, and have to wait until after the event has taken place to get paid. This reduces their ability to quickly turn over inventory, decreasing profitability.
Limited Dispute Resolution Options: While StubHub does offer some ways to resolve disputes, like customer support and an online dispute platform for European users, the process can still be slow and complicated. If buyers donโt receive their tickets or get invalid ones, resolving the issue often involves contacting support, which can be frustrating. The lack of a fully automated and streamlined dispute resolution system can make it harder to quickly fix problems, leading to frustration for users.
At ZKP2P, weโve addressed many of the critical issues faced by traditional secondary ticket marketplaces through innovative technologies and robust mechanisms. Hereโs how we solve some of the most prevalent challenges:
ZKP2P ensures that only valid tickets are listed on the marketplace. Before a ticket can be listed, the seller must provide cryptographic proof of ownership of ticket on Ticketmaster. This proof is verified through a secure and automated process, preventing the possibility of fraudulent listings. Sellers are unable to list tickets they do not have, which significantly reduces the risk of scams and increases the reliability of ticket delivery.
One of the standout features of our marketplace is our significantly reduced fees compared to traditional secondary ticket platforms. Where other marketplaces typically charge fees as high as 20-30%, weโve streamlined our operations and technology to bring fees down to just 10%. This lower fee structure benefits both buyers and sellers:
For Sellers: You get to keep more of your earnings, allowing you to offer tickets at more competitive prices without sacrificing your profit margin.
For Buyers: Lower fees mean reduced overall ticket prices, making it more affordable to attend the events you love.
By reducing the cost burden on both sides of the transaction, our marketplace encourages more trades, creating a win-win situation where both buyers and sellers benefit from fairer, more transparent pricing.
On traditional platforms, buyers often have to wait until just before the event to receive their tickets. ZKP2P eliminates this problem by enabling timely ticket transfers upon purchase. Once the buyer places an order, the seller is required to transfer the ticket within 24 hours via the integrated primary ticket platform (e.g., Ticketmaster). If the transfer is not completed within this timeframe, the buyerโs money is automatically returned, ensuring a fast and secure transaction for all parties.
For sellers, one of the key advantages of using our marketplace is the guarantee of instant payments once the ticket transfer is successfully completed. After youโve transferred the ticket to the buyer via the primary ticket platform (e.g., Ticketmaster), you will generate a cryptographic proof that the transfer has occurred. Once this proof is posted on-chain and the buyer accepts the transfer, our smart contract automatically verifies the proof and releases the payment to you. Thereโs no need to wait until after the event for your payment. This immediate payout allows you to quickly reinvest your earnings or use them as needed, giving you a more efficient and profitable selling experience.
At ZKP2P, weโve eliminated the need for manual dispute resolution. Funds are kept securely in escrow until the ticket transfer is complete. The seller is given ample time to transfer the ticket and generate a cryptographic proof of transfer. If the seller fails to do so, the buyerโs funds are automatically returnedโno need to contact customer service. The entire process is automated by the blockchain and smart contracts, which act as neutral third parties, ensuring a smooth and fair transaction for both parties.
Read the following guide to learn how to sell tickets on our marketplace
Sell TicketsRead the following guide to learn how to buy tickets on our marketplace
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