This Platform Aims to Revolutionize the Ticketing Market Through Blockchain and NFTs

The music industry is dominated by scalpers, who are looking for arbitrage opportunities to resell tickets. While this phenomenon is not new, it has become more pronounced with the impact of the pandemic, making the market more centralized than before. The sad reality is that these acts are now being exploited by entertainer insiders, automated bots, partnerships with used ticket retailers, and those looking to resell tickets for personal gain. Unfortunately, many people still don't realize the impact this has had on their favorite artists.

As a result, it is now more difficult for artists to make a decent living. Typically, an artist's album sales would go directly to their label, making them even more reliant on revenue from live performances, which is further amplified by the fact that artists lose a chunk of their efforts when tickets are resold . Many artists are then forced to tour too much, accept unnecessary brand deals, and place themselves in other situations that can lead to burnout.

Centaurify aims to address these issues head-on, empowering artists to take control of their independence within the music industry, removing middlemen and protecting their fans from exploitation. The effort is enabled by a solution built on the blockchain, where a non-fungible token (NFT) is used to replace each ticket sold. As noted by the traditional nature of the technology, tickets become 100% traceable, impossible to counterfeit, and programmable with resale conditions, protecting both artists and their fans.

Led by 14 Platinum Award-winning DJ, CLMD and CEO David Rootwelt-Norberg, the initiative is on a mission to empower artists and enhance the music experience through leadership and live events.

save the music industry

Centaurify is built on the Cardano (ADA) platform and uses its Proof of Stake (PoS) consensus. Doing so gives users a greener option, along with fast transactions, low transaction fees, and greater opportunities for scalability. Additionally, as code execution becomes increasingly important, the platform utilizes a programming language, Haskell, as a functional language to guarantee the best results for correct execution. This work was done in partnership with mlabs.city, a Haskell, blockchain and artificial intelligence (AI) consultancy. The Centaurify team also had the opportunity to present their project to the public at the Cardano Summit in central Oslo.

With a strong foundation in place, the platform will operate on three key pillars. The first is to rely on each pillar ticket being minted as their own NFT, so their actions are traceable from issuance to sale. Combined with this pillar, artists also have the opportunity to dictate their own rules and the value of ticket resale prices, so no one can take advantage of their fans.

Finally, based on the rules set at the time of release, the artist can also ensure that a portion of the proceeds from each sale goes to the rightful owner and not a malicious third party. Other worries are also eliminated, such as buying fake tickets, with Centaurify, fake tickets can become 100% traceable and impossible to counterfeit, so second-hand buyers have confidence in their purchases.

A member of their team shared when seeing the promise of this project.

"Centaurify is the future of music, a live event and music NFT universe. By tokenizing tickets using the Cardano network's NFT and smart contract technology, Centaurify will prevent scalpers, fraud, and return control of the secondary market to the organizers and artists. We're empowering music!"

Therefore, no matter where the ticket is sold, the artist will get 2% of the value, although this figure may change. However, this is already an improvement from the 0% currently received.

road to adoption

Following their initial success, the team has expressed their excitement for the November 16th token launch, with announcements including the launch of their NFT ticketing platform and niche market, which will launch after this event. In fact, by the end of the first quarter of 2022, users expect the NFT ticketing platform to be able to conduct practical tests.

While Centaurify's plan is to start in the music industry, the idea of disrupting other industries, including sports and other entertainment, is not out of the question.

Learn more about Centaurify