New NFT Ticketing Platform Will Eliminate Scalping and Drive Secondary Market Sales for the Benefit of Artists, Venue Promoters and the Fans
Fairfield, CA., May 16, 2023 (GLOBE NEWSWIRE) — MetaWorks Platforms, Inc. (“MetaWorks” or the “Company”), (CSE: MWRK and OTCQB: MWRK), an award-winning Web3 company that owns and operates blockchain platforms in the entertainment technology space, is pleased to announce that it will launch version 1.0 of its Blockchain based NFT event ticketing system and decentralized wallet product, WalletFX, at the Breathe Convention in Las Vegas from September 13 to September 15, 2023.
MetaWorks Platforms President Scott Gallagher commented, “Ticketing is one of those rare areas where the core problems can be solved by properly applied technology. Blockchain, NFTs and Smart Contracts done right will be able to completely eradicate the unnecessary scalping and pricing problems caused by the current system. Our platform will bring both the power and the revenue back where it belongs, to the fans and the artists.” Gallagher went on to say, “Removing the purchasing friction typically associated with Web3 and improving the speed of transactions will be the key to the success of the platform. Our goal is to launch a platform on the MetaWorks blockchain that eliminates scalping, allows the artist to control pricing, and monetize the secondary market while creating a positive experience for the fans.”
In many cases today, ticket bots are used by licensed sources to buy tickets and resell them at a profit. This occurs at everything from sporting events to popular festivals and concerts. A recent report by Imperva titled “How Bots Effect Ticketing”, found that nearly 40% of ticket purchasing was attributed to bots. The report also found that 32 ticketing domains had over 40% bad bot traffic.
The MetaWorks private EVM blockchain will play a key role in addressing these issues as any NFT tickets sold on the platform will only be allowed to be resold on the MetaWorks blockchain under a set of rules created by the artists or producer of the event. This model allows artists to capture secondary market revenue opportunities while limiting the maximum per ticket price and can be customized for each event.
About MetaWorks Platforms, Inc.
MetaWorks Platforms, Inc. (CSE: MWRK and OTCQB: MWRK) is an award-winning Web3 company that owns and operates blockchain platforms in the entertainment technology space that empower Fortune 5000 brands to create and monetize their communities and help them transition to Web3. MetaWorks Platforms owns and operates a movie distribution platform called Vuele.io and MusicFX.io its fan engagement platform that creates deeper connections between fans and artists using Web3 technologies.
For more information on MetaWorks, please visit us at www.metaworksplatforms.io. For additional investor info, visit www.metaworksplatform.io or www.sedar.com, and www.sec.gov, searching MWRK.
Scott Gallagher, President