Argentine platform uses blockchain to eradicate ticket resale scams
The Argentine entertainment company CoolCo presented a system for issuing tickets based on blockchain which aims, among other things, to offer its customers a resale without risks of scams . The project allows to output inputs that become NFT , making it possible to save the tickets as a collectible value item.
The promoters of the initiative understand that the solution they offer empowers artists and provides much-needed functionality to users. What they are looking for, in short, is to tokenize tickets to concerts. Unlike traditional NFTs where a digital wallet is required, at CoolCo sell collectibles tied to brands, artists, athletes, or influencers only using email.
The technology blockchain provides transparency to operate with peace of mind not to fall for a scam. In fact, it promotes resale. Francisco Linzuain, CEO and founder of the company, explained to Forbes Argentina :
“What we have are different agreements, either with the producer or with whoever is organizing the event, and they are the ones who choose, thanks to the blockchain, within that smart contract that is put together for each NFT--nbsp What can be the maximum resale price or, on the contrary, they do not set a limit and leave the market to regulate itself. So far, the project was bootstrapped 100% for me, but we are opening a venture capital round this second half of March. We are already in conversation with more than 30 Venture Capital funds and we have also been selected in acceleration programs”.
The businessman understands that the need arose mainly from the pandemic onwards:
“Since the pandemic, everyone buys tickets purely and exclusively online, almost no one goes to the ticket office and buys them at the door. This generated, on the one hand, that nobody offers a better solution to a purely transactional scheme to all that great traffic of people. For this reason, at CoolCo we want to generate an experience and we do it via NFT”.
Coolco and its business model
The business model of the young firm is as follows:
- Coolco Ticketing: it is a conventional ticketing like any other, except that it has a blockchain layer. The company charges a fee for the use of the service.
- Resale: they charge a commission fee to both the buyer and the seller.
- NFT collectibles: they maintain from the company that that is where they really point. It is in this aspect of the business that they see enormous scaling potential. What is known so far is that they can be purchased in Argentine pesos and without the need to have a wallet.
Linzuain delves into what they aim for the user to have with the collectible NFT service:
“Through the digital collectible, you gain access not only to owning a unique digital collectible, but also to exclusive content from that particular event, artist or institution. From streaming, to discounts or merchandising, everything is available in our app (already available in Google Play Store ), and your NFT is the key that unlocks all these new benefits. Today we are facing a revolution, this is a paradigm shift, just like the internet of the '90s”.
The businessman predicted, in dialogue with the media colleague iProUP, what he understands will happen in the future with the blockchain technology :
“That's important to understand and know that sooner or later, the blockchain is going to cover all industries and obviously is going to impact and improve the lives of millions of people. Today, particularly at CoolCo, we believe that it will be the future, it is a technology that is here to stay, it is here to make an impact and we want to be part of that change”.
