How Systango Pioneered USA’s 1st NFT Ticketing Marketplace for Veraticket?
In the dynamic landscape of digital innovation, the surge in demand for NFT (Non-Fungible Tokens) marketplaces has become a defining trend. As individuals seek unique digital assets and creators explore novel avenues for monetisation, NFTs have emerged as the bridge connecting art, entertainment, and blockchain technology. This in turn has increased the demand for NFT marketplace development.
According to Statista, the NFT market is poised for remarkable growth, with projected revenues soaring to an impressive US$2,378.00 million in 2024. This substantial figure is expected to exhibit a robust annual growth rate (CAGR 2024-2028) of 9.10%, reaching a projected total of US$3,369.00 million by 2028. The anticipated surge in revenue signifies the NFT market’s resilience and sustained expansion, driven by evolving trends and increasing adoption.
In a landscape where the demand for NFT marketplaces is scaling new heights, organisations are on a constant quest to find an NFT marketplace development company that comprehends the intricacies of this modern technology and also transforms ideas into tangible solutions.
The purpose of this blog is to unravel the journey of Veraticket, USA’s 1st NFT Ticketing Marketplace.
Faced with the vision of revolutionising the ticketing market through NFTs, Veraticket sought a development partner capable of translating their concept of developing the USA’s first NFT Ticketing Marketplace.
Let’s delve into how Systango’s expertise seamlessly turned Veraticket’s vision into an innovative reality.
Unfolding the Story behind USA’s 1st NFT Ticketing Marketplace Development
Veraticket anticipated reshaping the ticketing landscape by establishing a platform designed to eliminate fraud, boost transparency, and unlock new revenue streams for both event organisers and artists – all wrapped in a user-friendly experience that makes getting tickets a breeze.
Their objectives were clear:
- Fraud Mitigation: Utilising cutting-edge technology and innovative security measures to safeguard both event organisers and ticket buyers.
- Transparency Enhancement: Streamlining the ticketing process, fostering trust, and ensuring clear communication for all stakeholders involved.
- Revenue Boost: Creating new revenue opportunities and optimising existing ones for event organisers and artists, while ensuring value and affordability for ticket buyers.
Systango’s Solution for Veraticket
We assisted Veraticket with the end-to-end development of their platform.
Our team of blockchain experts conducted a meticulous evaluation of diverse platforms and tools. Prioritising the reduction of gas emissions, the strategic choice of the Flow blockchain was made for its efficiency, aligning seamlessly with Veraticket’s concept in terms of attributes, functionalities, and design.
Our proficient blockchain development team executed both front-end and back-end development, ensuring a comprehensive and streamlined solution. Rigorous pre-launch testing by our QA team was conducted on all deployed programs, resulting in the delivery of the anticipated platform to Veraticket.
Here are the solutions that were offered to Veraticket –
I. Blockchain-Powered Ticketing To Prevent Fraud
- Each ticket was minted as a distinctive NFT on the Flow blockchain.
- This approach leveraged Flow blockchain for robust fraud prevention measures.
- The platform provided a secure environment for attendees to buy and sell tickets, and promote ticket trading as well.
- This created a trustworthy space for secure peer-to-peer ticket transactions.
II. Seamless Transactions via Third-Party Payment Gateway
- Stripe was integrated for streamlined transactions facilitating easy buying, selling, and transferring of NFTs, ensuring a smooth payment process for tickets.
- A transparent and fair fixed processing fee was introduced, ensuring event organisers and artists compensated the platform for usage.
- This resulted in a streamlined and efficient payment ecosystem.
III. Royalties for Organisers and Artists
- Enabled event organisers and/or artists to earn ongoing revenue from secondary ticket sales.
- This approach unlocked new income streams and provided organisers and artists with sustained financial benefits beyond the initial transactions.
IV. Core Features and Intuitive UI/UX
The platform was designed for effortless navigation, ensuring a seamless and engaging user experience for both event organisers/artists and buyers. The solution encompassed the following key components:
For Event Organiser/Artist
This feature facilitated user access to the platform through a seamless sign-up/sign-in process, including the option for convenient social media login.
Upon logging into their accounts, event organisers/artists can access and personalise their profiles, allowing them to view upcoming and past events, and perform various other tasks with ease.
- Create Event:
This function allowed event organisers/artists to effortlessly create and manage events on the platform.
This feature allowed buyers to effortlessly sign up or sign in to the platform, with the added convenience of a seamless social media login option.
Upon account login, buyers can tailor their profiles, accessing upcoming and past events while seamlessly handling various other tasks.
- Book Tickets:
This feature allowed attendees to secure their spots at their selected event by easily booking tickets on the platform. The booking options included General Admission and Reserved Seating to cater to diverse preferences.
- Resell Tickets:
This functionality enabled ticket buyers to earn royalties through resale, while simultaneously providing a continuous revenue stream for event organisers/artists.
- Ticket Trading:
This feature allowed event attendees to trade tickets effortlessly with other users for different events.
V. Data and Analytics
The platform went beyond ticketing – it offered robust data and analytics features that helped event organisers and admins gather valuable insights.
Analysis from Admin Portal
The portal facilitated the generation of comprehensive reports on events, users, and transactions, while also offering capabilities to manage settings and review/edit support requests.
Analysis from Event Organiser/Artist Portal
Event organisers/artists gained access to detailed information about attendees, earnings, and all events, providing them with a comprehensive overview.
- This enabled organisers to track ticket sales and also refine marketing strategies.
- It helped organisers utilise the data to enhance customer retention efforts for sustained engagement.
- It also empowered organisers to enhance the overall user experience through data-driven decisions.
- This analytical approach provided information for continual event elevation and improvement.
Additionally, we handled platform maintenance and support for Veraticket for 6 months and continuously assisted them by resolving their queries and incorporating valuable suggestions.
Veraticket’s CEO’s Testimonial
Get your NFT Marketplace Developed with Systango
In NFT marketplace development, Systango stands as a distinguished market leader, adept at crafting tailored solutions for diverse needs and industries. What sets Systango apart from its competitors are the following unique selling propositions:
- Cost-effective Development Solutions: We prioritise efficiency without compromising on quality, offering cost-effective solutions that align with clients’ budgets.
- Agile Development Methodology: Our agile approach ensures flexibility and adaptability throughout the development process, allowing for swift adjustments to meet evolving project requirements.
- Transparency and Clear Communication: Systango prides itself on transparent and open communication. Clients are kept informed at every stage, fostering trust and collaboration.
- Proven Track Record: With a history of successful project deliveries, we have consistently demonstrated our ability to bring ideas to fruition, meeting and exceeding client expectations.
Contact us today to explore how Systango can bring your NFT marketplace concept to life.
Frequently Asked Questions on NFT Marketplace Development
Systango excels in delivering cost-effective solutions, employing an agile development methodology, ensuring transparent communication, and boasting a proven track record of successful project deliveries. Our comprehensive approach sets us apart in the competitive landscape.
NFT Marketplaces typically leverage blockchain technology for secure and transparent transactions. Ethereum is commonly used, but other blockchains like Flow, Polygon, Solana, Tron, Binance Smart Chain and Hyperledger are gaining popularity. Smart contracts are also employed for additional functionality.
Systango achieves cost-effectiveness by optimising workflows, utilising the latest technologies, and maintaining efficient communication. Our focus is on delivering value without compromising on quality.
Security is paramount in NFT Marketplace development. Utilise secure blockchain networks, implement robust smart contracts, conduct regular audits, and incorporate encryption methods. Additionally, follow best practices for user authentication and data protection to ensure a secure user experience.
Feel free to contact us through our website or reach out directly to discuss your NFT marketplace idea. We look forward to understanding your unique requirements and collaborating on a solution that exceeds your expectations.