Founder of Ethereum Vitalik Buterin I was caught up in a discussion about ticket pricing and how inappropriate tokens (NFTs) can fill the gap. Butaline statement This comes as a response from the CEO of Live Nation Ticketmaster to comment that concert tickets are “low priced.”
Vitalik Buterin suggests that NFTs can replace tickets
According to Buterin, tickets for these concerts and any event are usually stressful to get as people are awake until 3am, waiting to snap the slot. He noted that this is a result of the gap between supply and demand.
To address this, the founders of Ethereum suggested a recovery in the supply-demand gap, and somehow there could be a balance. He emphasized that if there are more buyers than available tickets, there is a need for a system that decides who will get them.
Buterin pointed out two possible measures: This includes selling to people who are willing to pay the highest price or ready to spend a long time in the queue. According to him, “Paying over time is less honest and more destructive.”
He believes that people’s time spent on the line is not worth it. On the contrary, with higher prices, money made from transfers can fund more production or other valuable initiatives. Therefore, if NFT is used to sell these concert tickets, the system can easily extract this transferred money and guide it appropriately.
Butarin also considered people who are not financially buoyant. He suggests assigning tickets to these groups and linking them to their goals. This can provide evidence of volunteering, good performance, or other valuable causes.
“Essentially, we acknowledge that auctions exist, but we create more ways for people to bid on targeting diverse constituencies,” Buterin said.
nft back in spotlight?
Uneven tokens are the first innovations Ethereum has used to showcase its smart contract capabilities. However, the appearance of meme coins is similar Shiba Inu Ultimately, this spotlight helped fade.
Vitalik Buterin always shares him The Vision of Ethereum His latest commentary on blockchain, NFT, may mean that there are epic plans to revive these tokens.
The war of domination between blockchain protocols is growing, and Ethereum may just return to its core strength with the NFTS.