TokenStub launched its ICO today as it seeks to develop a secure, decentralized event ticketing infrastructure. A blockchain-based system, TokenStub aims to provide a more efficient marketplace in what it says is a $22 billion industry.
Issues with current ticket selling methods include fraud, scalability, limited seating options and high costs. Resellers using bots purchase tickets in bulk, thereby shutting out everyday fans who move to the secondary market, where artists lose control over prices.
The STUB token will minimize fees which keeps cost for buyers down while providing sellers both transparency and access to downstream revenues.
The TokenStub design team includes Dr. Philip Fernbach, a professor at the University of Colorado, Sean McHale, former CTO of eBooks.com, and attorney Erik Velie..
“The status quo is unsatisfactory to consumers, retailers and artists alike,” Mr. McHale said. “TokenStub promises a fair, more efficient and secure marketplace for buyers and sellers.”