Blocktickets, a blockchain technology startup, has established a multi-chain NFT-based ticketing platform to compensate its stakeholders. Blocktickets has joined the Indian market following the company’s intention to increase its presence in the nation as India adopts new technology. In addition to appointing Jaspreet Bindra to its board of advisers to work towards its goal and make choices on creating a premium user experience, the firm has also nominated Jaspreet Bindra to its board of directors. Bindra is the founder and managing director of Tech Whisperer Limited.
Abhinav Garg and Nishant Chandra, the founders of Blocktickets, have observed the global blockchain trends and advancements. They noted the opportunities and potential DeFi and Metaverse present. The founders stated that one way where these innovations have changed things is in the sales of tickets as NFTs that can be kept for memories or as collections. The experience or memories created from NFTs can serve a lifetime. This is in addition to the real problems it solves in society.
India Market for NFT
Bindra formerly served as the group’s chief digital officer at Mahindra Group and a regional director at Microsoft India. “India is a growing market for NFT, and I believe that Blocktickets, with its early mover advantage, strong founder product fit, MOAT of cinemas and Indian content, will become the name synonymous with NFT based tickets in the country, and across the globe.”
According to the startup, Blocktickets leverages blockchain technology to create a decentralised and transparent system for issuing and selling smart tickets. The platform enables event organisers to integrate a smart contract to decide the ticket’s floor price, ceiling price, auction, and royalties when tickets are sold.
Blocktickets claims to have sold over 2,000 NFT tickets in less than a quarter of an hour at the world’s first Holi event on Metaverse and is currently collaborating with Indian event organisers and the Indian film industry. The platform intends to innovate smart contracts and blockchain by integrating all stakeholders, including artists, event organisers, financiers, original ticket purchasers, secondary ticket buyers, fans, and ads, into the system.