What is Blocktix Coin?
Blocktix coin (TIX) is an Ethereum-based decentralized solution for the distribution, promotion and trading of tickets. Yes, tickets. As in tickets for sporting events, tickets for concerts, parties or any other event.
The Business Model
The company behind Blocktix aims to be a platform for event organizers to distribute tickets for the public to buy. This model should dramatically reduce costs because there is no for-profit unit, no printing, no mailing and no sellers to pay.
The company claims that costs are reduced by 90%. The usual distribution method is also associated with fraud risks that should be solved with a blockchain-based solution.
How Blocktix Coin Works
A company wishing to use the platform should have enough tokens to host an event and distribute its tickets through it. Once a user has a ticket, they can sell it to other users on the platform. To buy tickets, the user must pay with ETH or TIX tokens. At the event, employees can use any smartphone to scan a QR code that corresponds to the ticket.
The greatest challenge is the adoption of the platform and the company plans to tackle this by hosting concerts in California with an exclusive distribution through the Blocktix platform. To prevent fake events from occurring, token holders can vouch for events that they know to be genuine and pay a fee to event hosts to prevent such practices.
The Team behind Blocktix Coin
The Blocktix team all seem to be people who are genuinely invested in the project. The CEO is an active community member, as is the CTO. The only problem is that they indicate on the website that they have experience in event hosting and the marketing industry.
Industry experts could not confirm this experience with any of the team members. They all seem like solid crypto investors and community members, but not experienced event hosts, distributors and the like.
The Market of the Blocktix Coin
The blockchain ticketing niche doesn’t seem to be overcrowded. However, some other examples are Cloudchain, LAVA and TicketNinja. All seem to be at a very early stage and have no business plan whatsoever.
The top of the blockchain in this area should be Aventus, which has a roadmap on the side and will soon launch its ICO. So far, it looks like nobody is occupying this space, at least not within the blockchain industry, so Blocktix coin happens to be the first.
Blocktix Coin Token Value – An Assumption
Blocktix indicates in bold on the website that ‘No profit should be expected from the TIX token ownership or from the Blocktix system’. The company claims that the token is intended for those who want to be an active member of events, host events or hold private events.
It is a bit strange to invest in something that the issuer clearly does not claim to be an investment. Maybe Blocktix did that to protect itself from legal problems. However, it is important to understand that the main driver of the token is adoption. Even if you can pay for your tickets with Ether, you need TIX to host an event. Since the token has a limited supply, the launch should drive up prices.
However, active token owners may have a more interesting investment opportunity: the event fee (the fee charged to appear on the platform feed), which is distributed to token holders participating in the verification process. The event can be advertised on the platform.
The procedures from these actions will be awarded to owners who participate in the verification. The downside is that it’s still not clear how the verification process works. Owners can approve or report events, but that’s about all.
Recent Comments About the ICO
It should be noted that Blocktix has a fixed cap of $7,500,000. This is pretty modest compared to recent ICOs and is a sign of loyalty and faith.
Experts have been flirting with blockchain ticketing for some time. It seems such an obvious and efficient solution for the ticketing industry. Moreover, it should be very easy and inexpensive to implement and the launch can be done very quickly. With so many people competing, it’s hard to say which is the best-prepared team for the challenge.
Blocktix looks like a technically qualified company and that is highly desirable in a blockchain business. A major disadvantage is that it does not accept fiat currencies as a means of payment. This could be crucial for massive adoption, especially if we are slow to adopt a crypto-based economy. In such a scenario, this company would simply go bankrupt or reinvent itself.
Blocktix Coin – P.S.
A member of the Blocktix team has contacted the public to let them know that a native credit card gateway has been launched on the platform, which certainly adds value to the project. It also shows that the team is interacting with the community, which is very desirable for any distributive project.
At any rate, token holders are not shareholders but are dependent on the company’s success. Overall, many believe that Blocktix is worth the money, as the company has a reasonable user-generation plan.
Coin-Report.net was founded by Thomas Mücke.
With the help of Coin-Report.net magazine, he tries to bring light to the field of crypto-currency.