Updated: Oct 18
There is nothing quite like being part of the crowd at your favorite event, patriotically supporting your country at the FIFA World Cup, singing shoulder to shoulder at a concert with like-minded super fans, or pitched up at a festival amongst hundreds of thousands of revelers. Genuine fans are willing to pay hundreds of thousands of dollars for , yet the industry isn’t putting fans first.
People always have and always will love coming together to share a common passion for sports, music, theatre, or whatever event might tickle your fancy. We, humans, thrive at communal gatherings and live for that rush of the first goal, the skin-tingling roar of the audience as your favorite artist appears on stage, or the echoing bass that surfs through the crowd, synchronizing with the beat of your heart. It is these very moments, these lifelong memories, that we should both aim to protect and enhance.
Yet, the event industry continues to be pillaged by ticket touters/scalpers, fraud, scams, and resale inflation, all to the cost of genuine fans and seemingly under the radar of any such regulatory committee. According to a recent report from Polaris Market Research, the global online market was valued at $143 billion in 2021, with the revenue forecast by 2030 exceeding $287 billion.
Fuelled by frustration and first-hand ticket fraud experience, Kelvin Rolf and Marcus Bond joined forces to found BPM Wallet, an innovative In-App ecosystem empowering users to safely and securely trade tickets without the fear of being extorted.
By wielding the power of blockchain, Rolf and Bond combine NFT (non-fungible token) technology and blockchain-backed, In-App infrastructure to circumvent the problems plaguing the industry, and enhance the event experience altogether. From the word go, BPM Wallet users will enjoy a seamless trading experience, unwittingly powered by cryptocurrency on the XRP-Ledger; users can simultaneously trade tickets in a matter of seconds, all using BPM’s ecosystem token, $BPM.
When asked why BPM Wallet chose the XRPL, Bond told BitGoss: “The XRPL solves many of the technical issues we have such as speed and costs; however, the blockchain is a small part of the overall business. We simply need the immutability of the blockchain and the self-custody elements. Ultimately, the goal is to develop the App in such a way that we get the blockchain benefits, without the end user even knowing they are using it".
BPM Wallets in-house token allows active users to accrue points and earn $BPM, which they can spend on future tickets, upgrades, and exclusive event experiences. Furthermore, event attendees can be airdropped memory memorabilia in the form of NFT digital art, providing permanent moments from their favorite events.
So how do NFTs solve these industry-wide problems? Rolf told me: “NFT ticketing alone doesn’t solve the industry problems. That is why we are building an entire ecosystem".
BPM Wallet requires full KYC for trading eligibility and caps ticket resale at max face value, preventing touters and bots from mass ticket purchase and inflated reselling. This simple yet innovative solution not only safeguards genuine fans but also enhances event security via KYC data identity. No matter how many times a ticket exchanges digital hands within the BPM Wallet App, the ticket will have associated holder identification data attached.
Rolf and Bond also plan to integrate Spotify into the App, allowing for bespoke event suggestions based on user playlists, further enhancing user experience. Rolf said: “Although mass events such as Glastonbury have tried to tackle said issues, the fan journey is diabolical. Nobody wants to spend hours on end calling to secure a single ticket, not knowing if their friends will be able to join them, and then going through the painful KYC point of sale process sucks all the fun out of what should be pre-event hype. Not to mention how bad it is for the environment posting out paper tickets".
Rolf continued: "We want BPM Wallet to make every transaction fun, from initial login to post-event NFT airdrops; our interactive In-App ecosystem and user rewards will make every event more special than the last."
BPM Wallet is not just aiming to solve real-world problems in a billion-dollar industry but simultaneously heighten user experience, rewarding fans and bringing them closer than ever to their favorite artists and celebrities. A modest yet problem solving application that trumps fan experience and security of the most recognised ticket players.