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This system helps manage and sell event tickets using blockchain technology. When a user buys a ticket, which is treated as a unique digital item (NFT), a payment service handles the transaction and ensures certain conditions are met. The system also allows for reselling these tickets, with the original artist automatically receiving a portion of the resale price. While the abstract suggests a general system for any digital asset, the patent claims specifically describe this process for event tickets.
Why it matters: The enforceability of artist royalties on NFT resales, a key feature, has faced significant practical and legal challenges since 2022. While blockchain interoperability has improved, widespread adoption for ticketing still faces user experience and regulatory hurdles.
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