June 28, 2022 12:00 ET | Source: REV3AL REV3AL
Coral Springs, Florida
Nevis-St.Kitts, June 28, 2022 (GLOBE NEWSWIRE) — Traditionally, people buy tickets for events and concerts through authorized ticket brokers. With subsequent innovations, the industry has explored digitally transmitted tickets through online channels and websites and, more recently, issuing tickets as NFTs. However, the disproportionate relationship between supply and demand has caused people to look to unofficial sources, leading to fraudulent purchases and scams.
Buying tickets on the internet is an extreme sport these days. While blockchain technology and decentralized finance have undoubtedly made obtaining authentic tickets easier, it also has apparent weaknesses. In recent months, NFT ticket sales have been through the roof, and fake NFT ticket purchases have reached all-time-high levels.
Innovations like REV3AL provide robust multi-layered authentication and copyright protection for digital assets, including tickets.
Common ticket scams
Ticket scams occur in different forms, but selling counterfeit or stolen tickets is the most common scheme. Scam artists frequently pose as genuine sellers online or through classified ads, advertising cheap tickets, or access to sold-out events to potential buyers.
According to a poll of 1,000 American adults from ticketing technology firm, Aventus, 12% of consumers purchased scam concert tickets online. Statista reports that for every 94 million people who attend concerts in the United States, 11 million people are likely to be scammed.
These fraudulent schemes follow a similar pattern, with minor modifications between them. The process starts with an offer of early access to tickets for a popular event or one that is already sold out officially.
Undelivered tickets
The standard process after purchasing a fake ticket is to wait for delivery. Some even tell you that a representative will meet you at the venue with your ticket – but you never get it. After completing the steps, your calls no longer connect or are not answered when you try to contact the business that sold you the tickets.
Occasionally, you may get the tickets, but they turn out to be counterfeited on the day of the event. REV3AL technology ensures real-time NFT ticket delivery and maintains the evidence on the blockchain.
Fake websites
It is pretty easy for fraudsters to create phony ticket websites and make them appear genuine using easily accessible technology. REV3AL technology resolves this problem by helping ticket hunters authenticate the genuineness of every website they interact with.
Overpricing
According to USA.gov, scammers, including individuals and fake resale firms, capitalize on ticket scarcity to charge multiples of the original value of a ticket. They may counterfeit tickets by copying genuine barcodes and logos from verified ticket businesses. These scammers may also sell fake tickets to different buyers and email duplicates to them. Some offer tickets over the internet and attempt to steal credit card details.
REV3AL can resolve the issues of overpricing through tamper-proof and inflation-immune ticketing systems.
How can REV3AL guarantee ticket authenticity and prevent fraud?
Tamper-proof
REV3AL technology protects creators, brands, IP owners, and collectors. It leverages blockchain technology to ensure the validity of NFT tickets and prevent fraud through immutable and irreversible public records of each transaction. REV3AL’s innovative solution simplifies ticket authenticity verification and makes it almost impossible to sell fraudulent NFT tickets.
Copyright protection
REV3AL presents a unique business model where buyers and sellers are protected within its ecosystem. The multilayered approach to copyright protection assures trademarks, authentic designs, and NFT ticket holders that their assets can not be duplicated or resold without their consent.
Decentralized
Projects, communities, supporters, and fans can utilize REV3AL technology to make secure purchases and protect the digital license – another layer of protection – associated with each unique NFT ticket they buy. REV3AL leverages decentralization to allow users to preserve the digital license to their tickets, making it difficult for fraudsters to sell their tickets to anyone else.
