Let’s discuss what we’ve seen in the NFT market, existing NFT platforms, innovative ideas, what we like and where we see this going. How can DBC’s on Safe Network take NFT’s to the next level?
This is the NFT crypto studio that Kevin Smith has been working on.
There are some interesting new ideas such as throwing in the chance for a platinum NFT with the purchase of a regular NFT. In this case the platinum NFT is random drawing to cameo in Kevin’s next film, very cool idea.
The front end looks alright but I think could be much better.
Where Safe Network can make a massive improvement is the setup! Look at this confusing mess.
I liked this guys take on some music biz applications
Some decent NFT features
- GIF like NFT’s
- Interactive NFT (haven’t seen that, yet)
- % royalty on resale of NFT
- Ability to earn or share in streaming rights of a purchased NFT
- Raffle NFT’s
- The chance to buy a Film or Music NFT to become a distributor or to sell to distributors
- Event ticket industry disruption (@drehb)
Possibilities are endless really but please share more ideas below.
I’m interested in how it will remake the event tickets industry
Could you elaborate? You’ve peaked my interest.
Well, every seat of an event can be made into an NFT and sold directly to consumers without the middlemen (Ticketmaster, etc) that exist today. Seems like a no-brainer.
I didn’t really get NFT’s until I heard about this. I now think all art will be sold this way one day.
Same and I suspect that is common for a lot of people. That alone is huge for artists or their estates.
If you get the chance watch this video. Top Hollywood Director Revolutionizing Crypto in 2021 (NFT Studio & Movie!) - YouTube
Kevin Smith is such a great storyteller and basically interviews himself (always does ) but coming from the perspective of a comic collector and a director/content creator he shares some pretty good insights from his perspective.
Are ticket master, stub hub, etc the brokers? I recently purchased tickets to Rage Against the Machine for 2022 and was on the phone with the company I purchased the tickets through and basically they were just the exchange to purchase but the brokers are selling the tickets. Besides that the ticket market seems like the stock market to me.
Edit: reading those articles, very informative so far thank you.
I’m not too sure of their different roles (I think they do both direct sales and resales), but it has been a controversial and shady industry. It seems like their services would not be necessary at all if tickets are issued as NFTs.
As outlined in previous posts, issues with authenticity and scalping would be basically solved by transitioning to NFTs.
Long story short I got great seats but still overpaid because I was in a rush (at work) and didn’t have time to shop around. I got a lot of round about and unsatisfactory answers on my phone call to the listing site. Seemed very Wild West for an industry that’s been around so long. I think you’re right @drehb this one is very ripe for disruption. I’ll add it to my list above if you don’t mind.
This makes me think of BlockTix. They surfaced in the 17/18 bull run, and (somewhat surprisingly) they’re still around it seems:
Leveraging DBCs on Safe could be a good opportunity for projects like this.
Is there an issue needing to be solved - matching real world identify - eg to prove you are the original owner and haven’t bought the ‘ticket’ from an unauthorised reseller?
Wow - great use case.
If some of the the ticket numbers were public and only available via the Dbc then you should see the parent is that company. Onward selling then you could track back to the DBC that issued all tickets I suppose. (they could be called SAFE_XXX where XX is a known range)
Then holding the Dbc with the ticked internal to it means it’s valid, unless it’s spent, which is an easy check.
What about identification: driver’s license, passports, etc.?
I don’t think you need to do that. If the tickets were issued in a Safe Dbc then you can track the ticket back to the issuing Key, not who owned it or anyone in between though. But you can track back to the original owner. Anyway lots of ways to make this and much more work much in the same way NFT’s would.
Think of this tracking back as proof of provenance, but with no way of knowing the intermediate owners. I should add that any intermediary who wants to be known can publish their Dbc and it’s validatable.
In a platform supporting smart contacts the NFTs can be made non-transferrable, so there’d only be an issue if people were transferring private keys out of band.
The other mitigation strategy is a royalty scheme where some amount of resale profits (potentially all?) go back to the issuer, making scalping unattractive. But again I guess you could potentially have issues there with out of band payments.
Some other areas:
- Software licences/keys. No need for license servers.
- Animal/meat tracking. Follows the animal from birth to slaughter. Could be included in packaging of meat, etc.
- As above, but for medical products or anything else where provenance is important.
- Voting, where NFTs are assigned to humans and votes are cast by transferring them to their candidate.
- Click and collect purchases. Buy an item online from manufacturer and receive an NFT. This could then be exchanged at any outlet for the actual product. Could easily be traded with others. Much like advanced gift tokens.
- Tokens to represent financial instruments, which can be traded freely without stock markets and exchanges. Issuer could be anyone with the underlying asset and sufficient trust.
- Digital receipts. Issued when you buy something and can be used as proof of purchase for warranty claims, re-downloads of digital assets, etc, (much like 1 in many ways).
Just some that come to mind.
The reason I mention real world identity is that ticket sellers do not want people selling tickets on at a premium because this causes organised touting at the expense of fans who ends up paying inflated prices.
I realise there’s a way to prove the DBC is valid, but what would also be required is a way for the holder to prove they are the original purchaser from an official source - including at the point of entry. So this would need to be solved for high demand ticketing, though not for everything obviously.
I’m not sure if I’m up to date on this, but that’s the reason for my question.