- Apr 05, 2023
- 4 minutes read
Ticketmaster and Flybondi launch NFT-features, while Citi shares their view on crypto
Paysafe Crypto News Update
This article is not intended to be financial, investment or trading advice. This article is for information and solely for education purposes. It does not protect against any financial loss, risk or fraud.
Cryptocurrencies are unregulated in the UK. Capital Gains Tax or other taxes may apply. The value of investments is variable and can go down as well as up.
Ticketmaster Goes Live With NFT-gated Features
A new feature that enables artists to provide priority ticket access to individuals who own NFTs.
- Ticketmaster has introduced a new feature that enables artists to offer exclusive event access to NFT holders, showcasing yet another application for the advancing technology that supports digital collectibles.
- The feature, referred to as "token-gated ticket sales," is compatible with Ethereum-based tokens that are stored in digital wallets such as MetaMask or Coinbase. Ticketmaster shared the news of this feature via a statement on Monday.
- The artists will be able to control exactly what the features of the tickets will be. For example, customers can get access to presale tickets, specific seats, custom travel packages, any many more rewards.
Argentinian Airline Issues Every Ticket as an NFT
Budget airline Flybondi will issue tickets on the Algorand blockchain.
- Flybondi announced a new integration called Ticket 3.0, which expands upon its existing partnership with NFT ticketing company TravelX that was launched in September 2022.
- The Algorand blockchain-based NFT ticketing technology enables passengers to change their name, transfer or sell their "NFTickets" independently, providing a more flexible travel experience.
- This means that customers can purchase tickets in advance without having to define their travel plans or specify who the travellers will be. By offering this service, Flybondi can reduce customer service costs and generate additional revenue through trading fees.
- Flybondi have added 2% royalties to the NFTs smart contract so that once sold on the secondary market the fee is taken.
What would both of this mean for the market?
- Ticketing is one of the most innovative and tangible use cases for NFTs.
- For artists, they can build stronger relationships with their fan bases through rewards schemes aforementioned. Not only this, artists can program royalties into the smart contracts meaning that they can also benefit from sales of tickets on the secondary market. For example, each time a ticket is re-sold the artist can collect a % of the sale value – something that is not possible to date.
- Also, artists can program a maximum ticket price so that resellers do not rip of loyal fans who want to see their favourite artists live.
- Of course, this is mainly a benefit for fans. Other benefits for fans are that they know they are purchasing authentic tickets, as this can be seen on-chain. Also, the NFTs can be dynamic which means that if a fan does attend the event or concert, the ticket can turn into a digital memento that can be a collectible.
Burger King in Paris now accepts Bitcoin and crypto payments
Instpower, Alchemy Pay and Binance Pay are partnering to power the acceptance.
- The acceptance of cryptocurrency as a payment method by a major fast-food chain such as Burger King marks a significant step forward for the mainstream adoption of digital currencies. It demonstrates that businesses are becoming more open to exploring alternative forms of payment and catering to the evolving preferences of their customers.
- Moreover, the partnership between Instpower, Alchemy Pay, and Binance Pay reflects the growing trend of integrating cryptocurrency payment solutions into existing payment infrastructures.
What would this mean for the market?
- This could help to accelerate the adoption of digital currencies by providing consumers with more convenient and accessible ways to use them in their everyday lives.
- However, it's worth noting that while the use of cryptocurrency as a payment method is gaining momentum, there are still challenges to overcome. One of the biggest hurdles is the volatility of cryptocurrency prices, which can fluctuate rapidly and make it difficult to determine the true value of goods and services being purchased.
- Nevertheless, as more businesses begin to accept digital currencies as a payment method, it's likely that these issues will be addressed through the development of more stable and secure payment solutions.
Citi Says Mass Adoption of Crypto Will Be Driven by CBDCs, Tokenization
CBDCs are created and managed by a central authority, usually a country's central bank.
- Citi, in its recent report titled "Money, Tokens, and Games: Blockchain's Next Billion Users and Trillions in Value," suggests that the blockchain industry is at a crucial juncture and will soon witness significant growth in both users and market value. The report highlights that this growth will be primarily driven by the increasing popularity of central bank digital currencies (CBDCs) and the tokenization of tangible assets.
- According to Citi analysts, the adoption of CBDCs will enhance the efficiency and security of digital transactions while preserving the stability of fiat currencies. Additionally, the tokenization of real-world assets such as real estate and commodities could enable broader access and enhanced liquidity for investors.
What would this mean for the market?
- Overall, Citi's report is optimistic about the future of blockchain technology and its potential to disrupt traditional industries while generating significant value.
- CBDCs however, are a hotly debated version of digital assets as they are not truly decentralized due to the fact they are issued and controlled by a central body. In this case, it is a central bank.
BTC Price & Market Sentiment
- Extreme fear can be a sign that investors are too worried.
- When Investors are getting too greedy, that means the market is due for a correction.
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