But that's the thing.
This balloon is suggesting the QR code on the digital ticket IS the artwork.
If anybody can explain that to me in a clear way I'll be very grateful.
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Crypto currency (IF banned from CA)
- Thread starter YoboCopter
- Start date
This balloon is suggesting the QR code on the digital ticket IS the artwork.
If anybody can explain that to me in a clear way I'll be very grateful.
Lobster Johnson
Player Valuation: £35m
Incidentally, I went out to eat last night, with a physical menu. I took the train to work this morning with a chip card as my ticket. I don't fly.
I'm not seeing it.
DuuuncanHadaPigeon
Player Valuation: £10m
I am struggling to understand his point.
I get why using NFTs as a ticketing system could be a good idea, but it works fine right now doesn't it, we don't need NFTs to make plane tickets work.
The funny thing is, you don't actually own the artwork, you own a digital receipt, stored on the blockchain. All you can do with that receipt is trade it, I can just copy the image and use it myself.
Lobster Johnson
Player Valuation: £35m
Also, the only purpose of NFTs is to sell crypto. This is a solution looking for a problem.
Exactly, my mate who says an NFT with a purpose is worth something, but surely that's just a digital ticket/membership anyway?
No need to prop up the rest of the circus with a little bit of legitimacy.
This fella saying that an airline ticket QR code can become collectable is a stretch. It's less collectable than Panini stickers.
DuuuncanHadaPigeon
Player Valuation: £10m
Yes I agree, plane tickets becoming collectibles is a bit absurd.
If concert tickets started using NFTs then I could see the value in say, your ticket(NFT) to see a huge band being worth something in the future, like if you had a beatles stub from one of their early gigs, that would be worth a lot...
Death
I'll take down dat coal powered MG, I tel u Hwat
Lobster Johnson
Player Valuation: £35m
And this is, once again, the entire philosophy behind everything crypto/blockchain/NFT space... The only value anything has is monetary. Your memories etc are only valuable if they have an investment value.
DuuuncanHadaPigeon
Player Valuation: £10m
Not really. If the artist you really love decides I am only going to sell tickets via NFTs, will you just not go? Odds are you will still buy a 'ticket' because you love the artist.
You can keep the 'ticket' as a memory or you can sell it, just like any other physical ticket.
Lobster Johnson
Player Valuation: £35m
I'm not buying crypto to buy a ticket to a show. I'm not sure how I'd feel about an artist putting that kind of barrier to entry up. Also, the biggest shows I go to are about 500 people (and normally half of that or smaller), the tours are normally cash driven. Vans need filled with petrol, food needs to be bought, hotels/strings/local sound guys need to be paid for. I'm not sure how that business model would play out if it's in an unstable crypto currency and the band need to pay their rent.
DuuuncanHadaPigeon
Player Valuation: £10m
I think you are getting a bit confused with volatile crypto currencies like BTC and an NFT.
Lets say I buy a ticket for a gig from ticketmaster. I get an eticket which is just a QR code. It would not be too difficult for ticketmaster to set up an NFT system on their backend. Your eticket is now an NFT, nothing has changed from the user point of view and the artist still gets their cash money for ticket sales. Or even better an independent platform could be set up that takes less fees than ticketmaster and gives more money to the artist.
The only difference is now your eticket has a receipt on the blockchain that in the future may or may not have value, ordinarily your eticket would have no value after the gig...
I am not some advocate of NFTs by the way, I couldn't care less how you get your music ticket, but I do think this is how it is trending, certainly for larger artists who can draw massive crowds. For the smaller gigs like you said, I agree cash is king and NFTs would be pretty useless.
The Gueye Science
Player Valuation: £500k
lol
Whilst this may appear to be no more than an empty packet of crisps thrown into the canal, there is also a bit of computer code on a server somewhere which may or may not increase in value, whereas an ordinary empty packet of crisps thrown into the canal is just that, an empty packet of crisps thrown into the canal.
Lobster Johnson
Player Valuation: £35m
If I look to, for example, Oasis Knebworth ticket stubs on E bay, I can find one for £40.
I Know you're not arguing that this is the only use case, but for me that seems really niche and not a profitable market. If you're only targeting ticket collectors for shows that tens of thousands of people were at, I'm not sure it justifies the hassle for the artist to make 2% of £40.
The Gueye Science
Player Valuation: £500k
Why This Crypto Crash Is Different
There can be no return to the highly leveraged, fractionally reserved cryptocurrency system whose illusory riches are now giving way to real losses, says our columnist.
It’s perhaps easy to see why the end of easy money might spell disaster for those invested in a highly leveraged crypto bubble, but it’s less obvious why it is causing bitcoin to sell off. You’d think it would encourage people to pile into deflationary cryptocurrencies like bitcoin. After all, bitcoin was originally intended to replace the dollar, and some people still think it eventually will. What better time to buy and HODL the world’s future currency than the start of the inflationary Armageddon that will bring about the demise of the dollar as the world’s principal reserve currency?
But most of those invested in cryptocurrency now don’t want to replace the dollar. Indeed, they fear its replacement. What they want is to get rich in dollar terms. So cryptocurrency prices are typically quoted in dollars, most crypto transactions involve stablecoins pegged to dollars, and dollar-pegged stablecoins are widely used as safe collateral for crypto lending.
The crypto ecosystem has tethered itself firmly to the traditional financial system, and the dollar dominates crypto markets just as it does traditional financial markets. And as crypto markets have grown, so has the dollar value of the cryptocurrency industry.
But these dollars aren’t real. They exist only in the virtual space. They are not, and never were, guaranteed by the only institution in the world that can create real dollars, namely the Fed. The Fed has no obligation whatsoever to ensure that those who have made life-changing amounts of these “virtual dollars” can actually exchange them for real dollars. So when the crypto bubble bursts, the “virtual dollars” simply disappear. If you can’t exchange your virtual dollars for real dollars, your wealth is an illusion.
The only real dollars in the cryptocurrency industry are those paid by new entrants when they make their first cryptocurrency purchases. The rest of the dollar liquidity on crypto markets is provided by dollar-pegged stablecoins. These fall into two groups: those that have actual dollars and/or dollar-denominated safe liquid assets backing them, and those that don’t. There aren’t enough of the former to enable everyone to cash out into real dollars, and there’s no guarantee that the latter can be cashed out into real dollars at all. So, in effect, the entire crypto industry is fractionally reserved.
There’s now a race on to exchange cryptocurrencies for the few real dollars still available. As is always the case in unregulated markets, the law of the jungle applies. Those with the biggest teeth get the dollars. Perhaps “whales” is the wrong name for them. Crocodiles might be more like it.