Events and concerts are sucking artists and organizers dry through an archaic and ineffective ticketing system. This inflexive system is dominated by three players hogging up to 80% of the generated revenue. Its failure to evolve with the times has created loopholes for unscrupulous individuals to exploit artists and organizers.
First off, it has enabled the emergence of an uncontrolled secondary market. Here, bad actors make a killing reselling tickets exorbitantly to clueless fans, and obviously, they don’t share profits with the creators and planners.
Further, the inefficiencies of the current ticketing systems have given rise to scalping. Unethical parties use bots to get unauthorized access to concert and event tickets. They then print these and distribute them before the real tickets hit the market.
The result is that artists and events companies lose out on revenue due to them while fans overpay for tickets. That has to stop, and Centaurify, a decentralized NFT ticketing firm, has devised a solution.
Getting to know Centuarify
Centaurify is developing a decentralized NFT ticketing system and an NFT marketplace for musicians to sell merchandise. These are the first steps in Centaurify’s plan to create a music universe powered by blockchain, empowering musicians and bringing them closer to fans.
The collaboration with Impossible Brief, an NFT creative agency that works with the most recognizable names in sports and entertainment, will add a new level to ticket design, giving fans a unique third ticket design that will become collectibles in the future.
Impossible Brief’s clients include Snoop Dogg, Lionel Messi, Patrick Mahomes, Alex Ovechkin and Fernando Tatis Jnr. It has also done cover art for the Chainsmokers and To Him.
Centaurify and Impossible Brief see their partnership taking event ticketing to the next level. According to the Centaurify team, the “Centaurify and Impossible Brief partnership is changing the game regarding NFT ticketing.”
Centaurify is developing the NFT ticketing and marketplace platforms to be cross-chain and multichain interoperable, making the platforms more accessible and future-proofed. Centaurify is currently developing on Cardano (ADA), Solana (SOL) and Ethereum (ETH). It’s planning to onboard other networks as it develops, such as Polygon (MATIC).
They will be utilizing blockchain and NFT technology to provide 100% traceability of tickets, removing fake tickets from the secondary market and reducing the impact of scalping through the use of smart contracts.
These features enable artists and event planners to set ticketing rules. They also eliminate intermediaries, leaving the organization and facilitation of events firmly in the hands of artists and event planners.
Finally, the solution plans to enhance the user experience. Centaurify sees its relationship with Impossible Brief as having a huge potential in tickets that will help bring fans and artists together, providing ticket holders with unique experiences before and after the event.
The Utility of CENT
Centaurify’s first and secondary marketplace for NFT tickets will support creatives selling NFTs and collectibles. The platform has a utility cryptocurrency, CENT, an ERC-20 token. Centaurify intends to bridge the token to Cardano, Solana and Polkadot (DOT) as a part of their multiple chain solution.
Users can earn incentives for holding and staking CENT. The more users stake, the more access they will have to the different tiers of VIP early access and rewards.
Both users and artists are eligible for staking rewards. The users will collectively attract 1-3% reward from every NFT ticket bought, while artists can dictate the percent of rewards they get from the sale of tickets and NFTs in both markets.
Achievements and plans
It’s been a busy twelve months for Centaurify. The highlight has been its successful initial DEX offering (IDO), according to the team. The final product’s launch is scheduled for the end of Q2.
The company also expanded its presence in Europe. It has opened new offices in Norway and Estonia, enhancing its visibility across the EU zone.
Centaurify is looking to grow its team in the future and aims to partner with leading musicians, festivals and event planners, along with adding more blockchain platforms and fully deploying the NFT tickets solution.
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