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The ticketing industry is far from perfect. Unless it's a famous artist like Bruno Mars or Taylor Swift, most artists and event producers will often struggle to effectively sell their tickets. Adding to that, the industry is ripe with middlemen who reduce profits even more and scalpers who drive up prices for fans. Fortunately, KYD Labs is here to introduce a whole new ticketing solution!

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The Ticketing Industry: A Landscape of Problems

Several inefficiencies plague traditional ticketing. Tickets often have high service fees in the form of “convenience charges”. These cause ticket prices to end up being inflated way beyond their advertised cost which leaves many fans often feeling exploited. Moreover, artists and promoters also do not get as much profit as they could’ve in some cases due to having to pay off various ticketing middlemen. 

Furthermore, the prevalence of scalping and bots has made it increasingly difficult for genuine fans to secure tickets for popular events. This fake demand for tickets reduces the available supply, forcing fans to have to pay even more just to be able to watch their favorite performers. Adding to that, these fans may not even get to actually enter the event with counterfeit tickets being another major issue. These cause significant financial losses for event organizers and immense disappointment for fans who find themselves locked out of events. Lastly, potential data breaches and privacy concerns in storing fan data erode trust between ticketing platforms and consumers. 

Seeing all of these problems, KYD Labs emerged to redefine the ticketing ticketing industry through blockchain. 

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KYD Labs: A New Era of Ticketing

KYD Labs is a ticketing platform built on the Aptos blockchain. With KYD standing for "keep your distribution", their core belief is that event organizers should not have to rely on third-party ticketing giants. It aims to improve the ticketing industry by allowing artists, producers, venues, and event promoters to become their own ticketmaster and sell directly to their fans. Furthermore, they also take advantage of blockchain technology to address many problems of traditional ticketing.

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Key Features 

Key features of their platform include:

• Direct-to-Fan Sales: Removing middlemen from the equation allows for better pricing. With KYD Labs allowing artists/event organizers to directly sell to fans, “convenience fees” and “service charges” can be reduced/removed. This allows for more fans to be able afford tickets and feel like they aren’t being duped by excessively high fees. Moreover, event organizers will also be able to keep more of their sales, leading to higher profits. 
• Blockchain Security: By utilizing the Aptos blockchain, KYD Labs ensures the integrity of ticket data. Due to the immutability of blockchain, no change on it will go unnoticed and counterfeit tickets can be easily identified. This ensures that event organizers will get the proper sales and that customers will be less likely to be scammed. 
• Decentralized Data: Unlike major ticketing companies who centralize all their data privately, KYD Labs believes in decentralization. Them being built on blockchain allows artists, event promoters, and venues to access their own event data to better cater to their fans. Information like ticket sales and ticket prices in relation to an artist’s tour history can be utilized by event organizers to be able to better price their tickets and offer loyalty incentives to fans. 
• Anti-scalping and Anti-bot features: KYD Labs takes scalping and bots very seriously. Cutting out traditional ticketing platforms makes it harder for scalpers and bots to accumulate large amounts of tickets. Artists and event providers also have the ability dynamically adjust ticket prices based on demand, making it less attractive for scalpers to hoard tickets. Moreover, they implement robust verification processes, such as phone number or email confirmation to deter bots and reduce the risk of fraudulent transactions.

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Waitlisting

‍KYD Labs' Waitlist feature also offers a unique solution to the age-old problem of sold-out events. When tickets are exhausted, fans can join the waitlist by providing their payment information. There's no charge until a ticket becomes available, ensuring fairness for everyone. 

To accommodate unexpected changes, ticket holders who can't attend an event can also list their tickets on the waitlist. Once tickets for an event sell out, all ticket holders are notified immediately that they can list their tickets on the waitlist. If another fan purchases the ticket, the original ticket holder receives a full refund. This not only benefits the fan seeking a ticket but also provides a convenient and secure way for the original ticket holder to recoup their investment. Moreover, the waitlist feature also protects fans from having to buy from scalpers/ counterfeit tickets since they can easily buy a trusted ticket for its original price. 

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With concerts and live events being as popular as ever, ticketing definitely won’t disappear in the years to come…nor will its problems. However, KYD Labs doesn’t settle for these. By catering to both event organizers and fans, the platform shows that it's possible to get the best of both worlds. 

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