London-based start-up Aventus has announced that it has developed a blockchain-based solution to prevent unregulated touting and counterfeit tickets. The company is attracting the attention of investors as it prepares to launch a token sale of its AventCoin (AVT), “the Bitcoin of the ticketing industry,” which will be distributed to the public in a week-long token sale set to start on the 19th July, 2017, and end on the 24th July, 2017.
Ticket touts bulk-purchase tickets on primary markets and resell them at inflated prices on secondary markets. An average purchaser of a resold ticket to a concert or music festival pays at least 49 percent more than its face value, with profits sometimes exceeding 1000 percent.
Aventus enables secure transfer and resale of tickets with built-in inflation caps to eliminate fraud and ensure that the final user can be identified. In doing this, Aventus effectively ends the ability for ticket touters to continue.
Bernie Dillon, a 30-year entertainment and sports industry veteran known for work with brands such as Caesars, Trump, HBO, UFC, Santana, Eric Clapton, Hard Rock and the current Director of Carnival Live, explained: “Anyone who has ever attended, hosted, or produced a live entertainment event, be it a UFC fight, boxing match, or concert has been affected by counterfeit tickets or extortionate secondary resale prices. Aventus brings a refreshing solution to these age-old problems that could very well end fraudulent activity and unregulated ticket touting once and for all.”
In response to ticket touting, promoters and venues alike have teamed up with the likes of Ticketmaster and StubHub in an attempt to prevent their fans from being taken advantage of. Unfortunately, methods so far have done little to stem the issue.
A source from Aventus stated: “We are excited to work with the event-going public. We are glad to rid the industry of unfair touting and counterfeit tickets while improving oversight and boosting promotion. We aim to bring a much-needed change to a broken industry by creating the first global standard for the exchange of tickets.”
Aventus blockchain-based platform eliminates uncontrolled resale and counterfeit tickets. It allows event organizers to create, manage and promote their events and tickets with reduced costs, letting them set price controls and receive commissions on ticket resales. It also gives ticket buyers rewards for promoting events, and identifying fraudulent activity. Aventus’ innovations aim to improve upon existing solutions by bringing oversight and transparency to the ticketing lifecycle, security to the transfer and validity of tickets, new revenue streams for event organizers and greater promotional capabilities.