Featuring Ryan Humphries, CEO of reserv
Ticketing platforms like Ticketmaster have been a source of frustration for concert-goers for many years. From high fees to ticket scalping, customers have long felt like they’re being taken advantage of by these companies. But recent events have brought the issue to the forefront, and many are calling for change. One of the most notable examples of this outrage came in 2018 when Taylor Swift partnered with Ticketmaster to sell tickets to her Reputation tour. Fans were shocked to discover that the price of tickets increased significantly once fees were added, with some tickets going up by as much as 600%. In addition, many fans reported technical difficulties and long wait times when trying to purchase tickets, leading some to accuse Ticketmaster of intentionally creating a bottleneck to drive up demand.
The Taylor Swift incident is just one example of a much broader problem with ticketing platforms. High fees and poor customer service are common complaints, and many are calling for a more transparent and fair ticketing system. This is where NFT technology comes in. NFT, or non-fungible token is a type of digital asset that is unique and cannot be replicated. This technology has the potential to revolutionize the ticketing industry by creating a transparent and secure system for buying and selling tickets.
One company that’s leading the charge in NFT ticketing is reserv, founded by Ryan Humphries and Ryan Cwynar. reserv uses NFT technology to create a secure and transparent platform for buying and selling tickets. Each ticket is a unique digital asset that is stored on the blockchain, ensuring that it cannot be duplicated all while providing a revolutionary user experience.
Ryan began his Web3 journey in 2016, he states “I found out about the Ethereum world computer back in December 2016 through a Vitalik video. I was with my Co-Founder, Ryan Cwynar. This was how it all began.
Years later, in the midst of the 2020 crypto bull market, I and Cwynar teamed up to offer smart contract development services as an agency. It was this experience that really drove us deeper into the ecosystem. Every day in Web3 is an adventure where you learn something new. We absolutely love the ethos and the people we meet”.
When asked about his choice to enter the ticketing industry, Humphries mentioned that “It was pretty obvious when you think about it. Smart contracts and NFTs are the keys to unlocking a ticketing system that’s secure, transparent, and trustless.
The possibilities are vast:
- You can program away or limit scalping
- You can give more power to the artists and event organizers who are are the mercy of ticketing companies
- You can eliminate third-party intermediaries that are leeches on the system
- You can create new revenue streams for the artists in the secondary market
- You can protect consumers from fraud
- You can create new loyalty programs for your most dedicated fans…
All of this creates incredible value for both the ticket seller and the ticket buyer. This technology will revolutionize the broken ticketing industry completely.”
Of course, NFT ticketing is still in its early stages, and there are many challenges that need to be addressed before it can become widely adopted. For example, there is still the issue of ensuring that tickets are accessible to everyone, regardless of their technical abilities or access to technology. But overall, the potential benefits of NFT ticketing are clear. It has the potential to create a more transparent, secure, and fair ticketing system, one that prioritizes the needs and interests of fans over those of ticketing companies and scalpers.
The future of NFT technology is certain for adoption, Ryan mentions “ We will see a lot of disruption coming in this space.Many of the juggernauts will likely not adopt the new technology because it cannibalizes their existing business models. They profit from closed systems, control, and borderline extortionary practices.
The smaller ticketing companies will likely be the first to adopt smart contracts and NFTs as a way to differentiate themselves and stay competitive in the market.There will be many new entrants but ultimately, the new winners will be the people who create the most transparent, easy, and trustworthy system. That’s where I think this industry, and many others, are going in the next 5 years.”
The recent outrage over ticketing platforms charging high fees and not delivering services to customers has highlighted the need for change in the ticketing industry. NFT technology has the potential to revolutionize ticketing by creating a more transparent, secure, and fair system. Companies like reserv are leading the charge in NFT ticketing, and it will be interesting to see how this technology evolves in the coming years.
