PhoenixDAO, a decentralized protocol for digital identity, has recently unveiled its flagship Events dApp. With the launch of the PhoenixDAO Events dApp, the platform shared several ways in which this could help bring crypto and NFTs to mass adoption.
A unique use case is resolved by the PhoenixDAO Events dApp by providing digital identity-based solutions to the event ticketing and management adoption. Through its decentralized, community-led and open-source approach to empower the events sector with DeFi solutions, PhoenixDAO unveils a new digitized era for the events industry.
The PhoenixDAO Events dApp helps provide users and organizers with authentication, payments, linked identity, and a reliable solution to the problem of counterfeit and duplicated tickets sold illegally. By using the next-gen PHNX-ID, PhoenixDAO essentially provides a digitized ticketing and identity system based on a Polygon side-scaling solution, instead of the Ethereum Network, hence a more optimal and efficient environment for the creation of NFTs working as tickets.
The firm’s $PHNX token helps streamline the ticketing process and create a seamless alternative platform to event organization, functioning as the facilitating token for all registered transactions on any given project.
These NFT tickets are registered on the PhoenixDAO blockchain’s smart contract as ERC-721 tokens, hence providing both permanence, immutability, and transferability for each ticket made. What’s more, users may also gift their tickets to friends and families through secure payment channels in the blockchain.
This innovation from PhoenixDAO is an industry-first, and will likely disrupt the ticketing and events management industry, pushing for mass adoption of the technology and broadening the impact of blockchain technology to society.
With the broadening acceptance and adoption of the crypto and blockchain industry, sectors like the event and ticketing industry will benefit by upgrading their systems and becoming a part of the crypto ecosystem, opening more opportunities for growth and development.
PhoenixDAO’s optimization of these processes for the identity verification and purchasing security of tickets comes at a critical time, especially as the world recovers from the current pandemic, slowly easing back to gathering people together for new events.
By eliminating falsifiable vulnerabilities in the current systems of ticketing and events, PhoenixDAO’s foray into the events sector, ensuring transparent and fair transactions for all. It is a welcome addition to its growing ecosystem of DeFi functionalities and technologies catering to the new creator economy, a burgeoning space of possibilities.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.