TokenStub is a decentralized infrastructure for event ticket sales, which aims to disrupt the $33 billion event ticketing industry. The ticketing industry is plagued with problems. Consumers are blocked from the primary market due to the proliferation of sophisticated resellers who use bots to buy up the majority of tickets. When consumers are able to access the primary market, typically only subpar seats are available – and customers must pay exorbitant fees to secure those seats. If tickets to an event are sold out, consumers typically turn to the secondary market to source their tickets. On the secondary market, they also pay high fees and risk fraud due to the lack of transparency.
TokenStub’s blockchain-based decentralized ticketing platform provides natural solutions to many of these challenges and promises a fair, efficient and secure marketplace for both buyers and sellers.
The TokenStub platform utilizes a unique profiling and queueing system to ensure that real customers are able to access the primary ticket sales market rather than bulk ticket buyers. This ensures that individual customers have greater opportunity than the scalpers to purchase front row seats.
TokenStub has fewer overheads than a centralized ticketing marketplace and is able to distribute those savings to both the buyers and sellers. TokenStub only charges the seller a low 1% service fee on the price of each ticket sold in the marketplace. Service fees are used to cover TokenStub’s operational expenses. Resold tickets incur a 5% fee passed on to the previous holders of that ticket. Buyers do not pay any fee.
Unlike traditional sales channels, all transactions occurring on the blockchain can be viewed by the entire community. In the current market, there is no way to determine if a primary ticket seller has released a small portion of their tickets on the primary market and subsequently dumped the rest on secondary markets with a massive markup, which seems to be a common technique in the industry.
With traditional ticket sales, after a transaction is complete, the seller no longer has any ties to that ticket. With TokenStub, upstream sellers of the tickets continue to collect revenue each time the ticket is resold. Whenever a ticket is resold, 5% of the profit over the previous sale is charged as a fee and distributed evenly between all previous sellers of the ticket.
By creating the STUB token, which will be used as the currency on the TokenStub network, the platform has far greater control over fraud and can ensure that fees are kept to a minimum.
Sean has nearly 20 years experience in the technology sector. As CTO of Australia-based start-up, eBooks.com, he was instrumental in their acquisition by Proquest in 2013. Sean brings a wealth of knowledge in technology management, systems architecture, anti-fraud systems and digital rights management.
Erik is an attorney specializing in the representation of commercial entities in transactional matters. He has been recognized as a Rising Star with Super Lawyers and is an AV-rated attorney. Erik has also been recognized as a Top 40 under 40 Litigation Lawyers in California for 2017.
Phil is a cognitive scientist and professor of marketing at the University of Colorado, Leeds School of Business. He is a leading expert on human psychology and decision-making. His research has been published in the leading journals and has been profiled extensively.
Brandon is an award-winning marketer with over 12 years of experience. With a background on the brand, platform and agency side, he has garnered a well-rounded understanding of how to facilitate breakthrough creative programs that drive business results.