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Blockchain and RWA Pave the Way for Enhanced and Inclusive Event Experience for All Participants

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Ask anyone who has attended a concert or a musical lately if they thought the experience was seamless. You’ll likely get a variety of answers, which is a problem. The biggest problem you should have at an event is finding your seat.

What people won’t be thinking about is how crypto can make their experience any better. It can make the behind-the-stage mechanics work better; it just needs to be, well, behind the stage.

The integration of blockchain technology and innovative payment systems throughout the event industry offers more than just a solution to the inefficiencies of traditional payment methods. It represents a broader shift towards creating more memorable and accessible event experiences simultaneously.

This evolution promises not only to streamline transactions and enhance attendee engagement but also to democratize access to events for a global audience.

A leap towards efficiency and accessibility
The adoption of blockchain for event payments and ticketing simplifies transactions, making events more accessible to attendees regardless of their geographical location or banking status.

As traditional payment systems often exclude those without access to banking services or international payment options, blockchain offers a unique opportunity to engage and bring live events to a much wider audience.

Music festivals, musicals, concerts, sporting matches, and any live event can engage with blockchain for clear financial and infrastructural advantages and to enable a more accessible environment.

To align online and offline payment experiences seamlessly, integrating blockchain with point-of-sale (POS) systems enables immediate, secure, and universal payment methods for physical venues, mirroring the efficiency and accessibility of online transactions. This approach not only simplifies the payment process for consumers but also significantly reduces transaction fees and processing times for businesses.

By making payments uniform across platforms, businesses can unlock new revenue streams and data analytics opportunities, understanding customer preferences and spending patterns in unparalleled detail, whether the transaction occurs online or offline. This integration fosters a holistic view of consumer behavior, driving targeted marketing strategies and personalized customer engagement.

Blockchain’s role in secure event access
It’s evident that blockchain also holds significant promise for revolutionizing the event ticketing industry by addressing inefficiencies and fraud. The implementation of blockchain, along with the optimization of secondary markets, can eliminate fraudulent activities, bolster consumer confidence in attending events, and reduce costs for all stakeholders, including exchanges, brokers, and attendees.

Blockchain-based digital ticketing platforms can offer various payment and access options, combining legacy and modern methods, significantly enhancing the attendee experience by eradicating paper ticketing and surplus voucher cards.

Blockchain technologies also address privacy concerns, as demonstrated by introducing systems like BB Tickets, which use Zero-Knowledge Proofs (ZKP) schemes to ensure ticket buyers’ privacy while maintaining ticket authenticity.

Decentralized platforms have further tackled issues related to ticket scalping and unfair ticket distribution by leveraging smart contracts and non-fungible tokens (NFTs), ensuring a more equitable and transparent process for ticket sales.

Creating inclusive and engaging events
By leveraging digital tokens and NFTs, organizers can offer personalized experiences tailored to diverse attendee needs. This could range from providing sign language interpretation services purchasable with tokens to delivering virtual reality experiences for those unable to attend in person, thus breaking down physical and geographical barriers to participation.

Creating a digital economy. The use of digital tokens can foster a mini-economy within the event, where attendees can earn, spend, and trade tokens in a variety of ways, including merchandise, food and beverages; access to VIP areas and participating in exclusive experiences; and seat trading. This adds a layer of excitement and exclusivity and encourages attendees to immerse themselves fully in the event, enhancing their overall experience.
Rewards and gamification. Through digital quests, challenges, and achievements, attendees can earn rewards through tokens, exclusive content, or even NFTs that offer unique memorabilia or privileges. This gamification of the event experience makes it more enjoyable and promotes active participation and engagement among attendees.
Building community. The most profound impact of blockchain on events is its potential to develop and sustain communities. By facilitating direct and meaningful interactions among attendees and between attendees and organizers, blockchain can help forge a sense of belonging and community. This is particularly valuable in today’s digital age, where meaningful connections are often sought after yet hard to come by.
In embracing blockchain and innovative payment solutions, the event industry has the opportunity to redefine what it means to be accessible. Doing so can create experiences that are more efficient, engaging, and open to everyone, regardless of their location, financial status, or physical abilities.

New levels of transparency and trust
Issues such as digital literacy among attendees, regulatory compliance, and the development of user-friendly platforms must be addressed to ensure the widespread adoption of these technologies.

Despite these challenges, the potential benefits of integrating blockchain and digital payment solutions into the event industry are too significant to ignore. Increased efficiency, enhanced security, and a deeper level of engagement offer a compelling value proposition for organizers and attendees alike.

As the industry continues to evolve, those who embrace these innovations stand to redefine what it means to host and attend events, setting new standards for excellence and experience.

Source: www.ccn.com

The post Blockchain and RWA Pave the Way for Enhanced and Inclusive Event Experience for All Participants appeared first on HIPTHER Alerts.

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Blockchain

Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Blockchain

Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.

Source: cryptonews.com

The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms

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Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.

Source: iclg.com

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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