AlphaWallet tokenizes UEFA’s Euro 2020 tickets

AlphaWallet is a tokenization company providing other companies with exclusive services of launching their coins. Managed by the Ethereum network, AlphaWallet allows users to make profits of DeFi, DAOs, stablecoins, and ERC-20 smart contracts.

Image via BBC

The close collaboration between UEFA and AlphaWallet will be the first time that millions of football fans in general and crypto enthusiasts in individuals have the opportunity to purchase Euro 2020’s tickets through AlphaWallet application. This event is considered the largest offering of tokenized ticketing solutions in the international sports entertainment industry.

Particularly, over 20,000 tickets will be tokenized, providing advantages for everyone, including consumers, organizers, venues and participating teams. Other services such as hospitality and transportation also conclude.

The first step for mass adoption of the blockchain

The UEFA Exclusive Sales Agent will provide the funds, tickets, and authority (trust anchor), while the AlphaWallet group will offer the necessary technology.

According to AlphaWallet stats, 28 test customers who never used blockchain technology before, already used virtual tickets to enter the stadium.

In 2019, there were 941,400,000 digital ticket users for sports events worldwide. Victor Zhang, CEO of AlphaWallet, explains that if just 50% of the digital ticket sales sold through the blockchain ETH tokens, this number would be larger than the current users of blockchain worldwide (42,290,000). Even a few percentages will represent a huge number of people adopting blockchain for retail payments. Therefore, the EURO’s event ticketing is the greatest first step to the mass adoption of blockchain technology.

At EURO 2020, all the stakeholders (event organizers, official/non-official resellers, end-users, and artists) can quickly receive benefits from the tokenized tickets. For example, more than 20,000 new users will experience blockchain technology without knowing it, because their tickets were already tokenized and secured on the blockchain.

Tokens deal with fraud and scalping problems

AlphaWallet has already tested this new tokenized technology at the 2018 FIFA World Cup in Russia. During the global event, the firm tried to solve some of the biggest and most common problems facing the ticket industry such as fraud, scalping and lack of regulation in the secondary market. The tickets can be verified using Ethereum address and any resale can be launched on the Ethereum platform just like any other crypto transaction. FIFA is also working on expanding this system of blockchain-powered ticket sales by planning to create a system that follows the ERC-875 standard and TokenScript for ticket sales.

Smart contracts can help to solve ticket fraud cases by offering solutions to more effectively regulate the secondary market. The entire selling tickets process, from selling to tracking and storage, is backed by a fool-proof smart contracts feature of blockchain.

Tokenized tickets can be used across any TokenScript that is compatible Ethereum wallet. On AlphaWallet, there is also an Ethereum wallet that is used to introduce additional blockchain applications to holders of digital Euro 2020 tickets.

Token technology is in the air

Chinese-based Shankai Sport will support to widen the ticketing solution used for FIFA and UEFA into a blockchain ticket or voucher platform that not only allows event organizers to easily issue tickets but will also allow several companies to release tokenized vouchers for various products or services.

Although the technology is not yet ready for the complete tokenization of the global economy, Mr. Zhang said it was close, because there are hundreds of missing pieces that need to be developed in order to make tokenization happen.

Frankly, the business model is not ready either. In fact that right now, ticketing companies are not yet equipped to tokenize ticket rights.

However, there are three positive factors that will change this including token issuers have an interest in tickets and see a direct benefit, token issuers in another sector, such as insurance, and the growth in the number of crypto users.

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