PDF Publication Title:
Text from PDF Page: 004
point and the most expensive NFT that represents ownership of such a cat was sold for over USD 100,000 in late 2017 (Tepper, 2017; AutonomousNEXT, 2018; Muzzy, 2018). Over 100 similar digital collectibles such as virtual card games or unique original digital art have been created by the community in the past year and the number is expected to grow further (Tomaino, 2018). However, while digital items arguably only have value in the context of their ecosystem, NFTs also can help to facilitate the tokenization of real- world assets, such as artwork (Voshmgir, 2018). Multiple experiments on tokenizing software licenses, luxury goods and even cars through the use of NFTs have been conducted in the past months (Butcher, 2018; Griffin, 2018). The accounting firm EY has stated in a press release that they use NFTs to facilitate private equity transactions (Khatri, 2018). NFTs also play a key role in scaling the ability of Ethereum to process a high number of transactions using state channels (Coleman, Horne and Xuanji, 2018). Yet, despite the existence of a multitude of ideas and experiments to use NFTs for a variety of additional use cases such as tokenizing educational certificates like academic degrees, copyright enforcement, supply chain tracking, or Know-Your-Customer (KYC) procedures, peer-reviewed studies dealing with the topic remain scarce (Voshmgir, 2018). As no empirical study of the use of NFTs is available so far, the benefits and challenges remain largely unexplored. While NFTs on their own do not have any value per se, they might enable new use cases that were not possible so far and create utility for users (Sparango, 2018). Thus, we treat NFTs as a potentially valuable building blocks and utilize a specific use case to check if this assumption is valid and to gain theoretical and practical insight on usage, benefits and challenges. Event Ticketing systems Tickets represent a mechanism to demonstrate entitlement to access to any event such as sports or culture. They come in many forms, ranging from physical paper to electronically readable codes on paper or chips embedded in smart cards or wristbands (Waterson, 2016). Tickets can be bought on the primary market directly from the event organizer or from authorized sellers such as appointed agents, mostly for a fixed price. Secondary markets also exist, with the notable difference that any price can be charged and buyers and sellers often directly engage in business or rely on secondary ticket sale platforms, which typically take 25-30 percent of secondary sales in fees (Waterson, 2016). Ticket resale is a growing business globally, totaling 8 billion USD in revenue per annum (Courty, 2017). However, while platforms and third parties do well, the status quo is not satisfactory for the two central stakeholders – the event organizer and the customer – as multiple complaints at consumer protection agencies show (McMillan, 2016; Courty, 2017; NZ Herald, 2017). Consumers have to trust third parties when buying tickets on secondary markets and thus face the risk of purchasing fraudulent or invalidated tickets, which are counterfeits or might be cancelled (The Australian Government the Treasury, 2017). Using QR-codes or barcodes, which encode information, but do not encrypt it, is not sufficient to make tickets truly tamper-proof. Further, consumers lack the possibility to validate if the barcode on their ticket is valid. In various cases, the same barcodes have been sold multiple times or been obtained by extracting it from pictures of a ticket posted online (Tackmann, 2017). The problem of ticket fraud is not exactly small: An estimated 12% of ticket buyers get scammed, which amounts to an estimated yearly damage of USD 2 bn (Waterson, 2016; Leonhart, 2018). Ticket prices on secondary markets are taken to extremes, partially through the use of bots which automatically drive up prices to earn a profit by reselling them at the highest possible markups (Courty, 2017). Thus, multiple governments are considering bans of ticket resale for profit altogether, however, economists remain skeptical about outright resale bans (Courty, 2017). From the event organizer’s point of view, a major problem is the limited control over secondary transactions. Neither does the use of static codes on a ticket permit to link a ticket to the owner if it is resold, nor is it desirable to strictly bind a ticket to a person and prohibit reselling completely as costly and time-consuming entry checks must be performed (Waterson, 2016). Summing up, a clear lack of transparency and trust is evident, and stakeholders are currently in search of efficient and effective solutions to tackle this problem (Waterson, 2016; Tackmann, 2017). Searching for current projects in the area of event ticketing systems, we found some idea proposals and early-stage projects involving blockchain technology from companies like aventus, GET Foundation and IBM (GET, 2017; Tackmann, 2017; aventus, 2018). However, a first analysis of these proposed solutions revealed that each of them relies on fungible tokens at the core and the core features are not build on an immutable ledger but rather off-chain by the company. This means that tickets are not truly represented by unique identifiers on a trust-free blockchain and the potential improvement using NFTs as a core component has yet to be assessed. The problems in secondary markets in the domain of ticketing are Fortieth International Conference on Information Systems, Munich 2019 4 Non-Fungible Tokens as Event TicketsPDF Image | NFTs in Practice
PDF Search Title:
NFTs in PracticeOriginal File Name Searched:
wi-1045.pdfDIY PDF Search: Google It | Yahoo | Bing
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
Infinity Turbine ROT Radial Outflow Turbine 24 Design and Worldwide Rights: NFT for sale... NFT for the ROT 24 energy turbine. Be part of the future with this NFT. This design can be bought and sold but only one design NFT exists. You may manufacture the unit, or get the revenues from its sale from Infinity Turbine. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Supercritical CO2 10 Liter Extractor Design and Worldwide Rights: The Infinity Supercritical 10L CO2 extractor is for botanical oil extraction, which is rich in terpenes and can produce shelf ready full spectrum oil. With over 5 years of development, this industry leader mature extractor machine has been sold since 2015 and is part of many profitable businesses. The process can also be used for electrowinning, e-waste recycling, and lithium battery recycling, gold mining electronic wastes, precious metals. CO2 can also be used in a reverse fuel cell with nafion to make a gas-to-liquids fuel, such as methanol, ethanol and butanol or ethylene. Supercritical CO2 has also been used for treating nafion to make it more effective catalyst. This NFT is for the purchase of worldwide rights which includes the design. More Info
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
Infinity Turbine Products: Special for this month, any plans are $10,000 for complete Cad/Cam blueprints. License is for one build. Try before you buy a production license. May pay by Bitcoin or other Crypto. Products Page... More Info
| CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com | RSS | AMP |