Industry News

Blockchain locks in despite fall in coin prices

Blockchain technology still has a place in the ticketing world, despite the cryptocurrency market’s recent fall, according to industry leaders.

Executives from blockchain ticketers Aventus and and marketplace Viberate are unconcerned about the recent instabilities in bitcoin and other altcoins, according to IQ Mag.

The cryptocurrency market is still struggling to recover from a major fall that saw more than $550bn (£391bn/€441bn) in value wiped off between January and early February.

The blockchain technology is the key element that will remain strong and relevant in the ticketing industry, while the price of their tokens and market caps are of lesser importance, IQ reports.

Aventus director and co-founder Alan Vey told IQ he hopes the crash will encourage investors to “think about other facets of the technology” behind the blockchain.

“I think in this big ride, this crypto journey, people haven’t really appreciated the power of the blockchain technology,” he said.

“So far, it’s been mostly speculation on the price of coins.

“So, for us, the downturn isn’t too much of a concern, as there’s still value in what we’re doing. It’s all about the fundamental value for us.”

Vasja Veber, founder and chief operating officer of Viberate, whose VIB token has fallen in value from an all-time high of $0.71 on January 4 to $0.26, told IQ: “That’s the nature of the market: When it goes up everyone’s happy, and when it goes down… well, people aren’t!”

Veber said it “would have been a problem if it was only our token that fell (in value), but everything was in the red. The new investors who bought in in December bought into a bubble, which has deflated.”

Image: TheDigitalArtist