New NFT ticketing platform will eliminate scalping and drive secondary market sales to benefit artists, venues Organizers and the fans
Fairfield, CA, May 16, 2023 (GLOBE NEWSWIRE) — MetaWorks Platforms, Inc. (“MetaWorks” or the “Company”), (CSE: MWRK and OTCQB: MWRK), an award-winning Web3 company that owns and operates blockchain platforms in the entertainment technology space, is pleased to announce that it will release version 1.0 of its Blockchain-based NFT event ticketing system and decentralized wallet product, WalletFX, on Breathe Convention in Las Vegas from 13 September to 15 September 2023.
MetaWorks Platforms President Scott Gallagher commented: “Ticketing is one of the rare areas where the core problems can be solved with the right applied technology. Blockchain, NFTs and smart contracts done right will be able to completely eradicate unnecessary scalping and pricing problems caused by of today’s system. Our platform will bring both the power and the revenue back where it belongs, to the fans and the artists.” Gallagher went on to say, “Removing the buying friction typically associated with Web3 and improving transaction speed will be key to the success of the platform. Our goal is to launch a platform on the MetaWorks blockchain that eliminates scalping, allows the artist to control prices and monetize the secondary market while creating a positive experience for fans.”
In many cases today, ticket bots are used by licensed sources to buy tickets and resell them for a profit. This happens at everything from sporting events to popular festivals and concerts. A recent report from Imperva titled “How bots affect ticket sales”, found that nearly 40% of ticket purchases were attributed to bots. The report also found that 32 ticket domains had over 40% bad bot traffic.
The MetaWorks private EVM blockchain will play a key role in solving these issues, as any NFT tickets sold on the platform will only be allowed to be resold on the MetaWorks blockchain under a set of rules created by the artists or event producer. This model allows artists to capture secondary market revenue opportunities while limiting the maximum price per ticket and can be customized for each event.
About MetaWorks Platforms, Inc.
MetaWorks Platforms, Inc. (CSE: MWRK and OTCQB: MWRK) is an award-winning Web3 company that owns and operates blockchain platforms in the entertainment technology space that empower Fortune 5000 brands to create and monetize their communities and help them transcend to Web3. MetaWorks Platforms owns and operates a movie distribution platform called Vuele.io and MusicFX.io’s fan engagement platform that creates deeper connections between fans and artists using Web3 technologies.
For more information about MetaWorks, please visit us at www.metaworksplatforms.io. For additional investor information, visit www.metaworksplatform.io or www.sedar.com and www.sec.gov, search MWRK.
Media contact
Arian Hopkins
[email protected]
Business contact
Scott Gallagher, President
[email protected]
