Saudi Arabia-based strategic investment company Quara Holding has announced a partnership with blockchain-based ticketing technology provider, B.A.M Ticketing.
Quara Blockchain, a subsidiary of Quara Holding, will utilise the partnership to help event organisers eliminate ticket fraud and keep track of tickets sold within Saudi Arabia.
Each ticket is created using blockchain and non-fungible token (NFT) technology and are linked to the buyer, providing traceability and helping to prevent fake tickets from being placed on the secondary market.
“We are delighted to work with B.A.M Ticketing to provide tamper-proof tickets with the latest blockchain and NFT technology to the kingdom,” said Ziad El Chaar, chief executive of Quara Holding.
“This partnership is a major milestone for the Saudi entertainment event industry, enabling them to set ticketing rules, control the full ticketing lifecycle and enhance the user experience.”
He added: “Nowadays, it’s relatively easy to forge tickets and resell them to secondary markets. There is also limited care in identifying each participant entering events. It is a strategic imperative to provide blockchain-based tickets to ensure security, increase trust and transparency that will further support the growth of the entertainment sector in the kingdom.”
George Mueller, managing director of B.A.M Ticketing, said: “We are incredibly proud to work with Quara Holding to offer the latest blockchain and NFT ticket service to increase security and control the ticketing ecosystem.
“Ticket scalpers buy large numbers of event tickets with the sole aim of reselling them at a high profit, with an average of 70% mark-up above the initial purchase price. Blockchain technology is being leveraged as a solution to control the entire ticket cycle while NFT tickets offer an easy way to gather information about how and where your tickets are being sold or re-sold.”