We have seen several unique use cases for DeFi platforms that are helping cryptocurrencies become mainstream. While these use cases may not be considered mainstream, they are helping various industries to become a part of the crypto ecosystem by strengthening their bases and optimizing their functionalities.
One such use case which PhoenixDAO brings into the mix is the mass adoption of cryptocurrency with the event ticketing and management industry. The platform uses a decentralized, community-led and open-source approach to build a DeFi enabled ecosystem from the ground up.
PhoenixDAO and its Importance
PhoenixDAO is a digital identity-based suite of products designed to empower the decentralized NFT community through authentication, payments, and linked identity. It tackles the current problems faced by the events industry and helps solve them using dApps and NFTs. Some of the challenges that plague the event management and ticketing industry are:
- Counterfeit and duplicate tickets being sold on the black market, thus diminishing the value of the events and legit ticket holders.
- People frequently bulk purchasing tickets to sell them at a later stage at inflated prices to desperate buyers.
- The existing payment methods are subject to manipulations and vulnerabilities.
PhoenixDAO uses its unique, next-gen PHNX-ID solution to address the counterfeit problem. This protocol also benefits the event management industry by providing a faster and more secure base for transactions.
PhoenixDAO solves these problems using its recently launched Events dApp which streamlines event creation and management using $PHNX and NFTs. The app promotes mass adoption with events by providing a robust base for all the activities to take place on.
Phoenix Event dApp
Phoenix Event dApp is a decentralized Eventbrite style dApp that integrates Phoenix Events Marketplace to create a single-stop solution for selling or finding listings for ticket events. It is the latest addition to the PhoenixDAO ecosystem and adds more functionality to an already robust platform. The main features of the dApp are:
- Phoenix Event dApp works on a Polygon side scaling solution to bypass Ethereum Network’s congestion and high gas fees.
- All the transactions are facilitated by PHNX, the native token of the PhoenixDAO ecosystem.
- The dApp uses PHNX-ID solutions to solve the problems faced by the event ticketing industry.
- Users can host events on the dApp and sell tickets according to parameters of their choosing.
- The Events dApp leverages the NFT functionality to assign ownership to the tickets and stop counterfeiting and duplicity.
- It is the first app to promote mass adoption in the event industry using ERC-721 tokens.
How PhoenixDAO Promotes Mass Adoption of Cryptocurrency with Events
No matter which way you look at it, the event ticketing and management industry are in dire need of a makeover from the inside out. The industry is rife with middlemen trying to make a profit out of the innocent and desperate public. Luckily, PhoenixDAO has found a solution by integrating decentralized apps within the industry.
Decentralized Apps, as the name suggests, are decentralized and community-driven. No single entity has control over any event, making the entire process transparent and fair. Phoenix Events dApp provides an easy solution to find and sell tickets, completely eliminating the middleman. The PHNX token ensures that all the transactions are transparent and secure.
The PHNX-ID is a unique digital identity protocol. PHNX-ID works the same way as an NFT and makes the identification immutable. The tickets can neither be resold nor hoarded in bulk. Some of these tweaks especially around how the PHNX-ID operates in the background will come as it’s still work in progress but ready for use as it is right now.
PhoenixDAO goes to prove that the dApps have more use cases than just in the financial world. By streamlining the events management and ticketing industry, PhoenixDAO promotes mass adoption of cryptocurrency globally with events.
There are many more features that the PhoenixDAO ecosystem offers. You can explore further on their website.