KSA based Blockchain entity Quara Blockchain, a subsidiary of Quara Holding, has partnered with B.A.M Ticketing, a blockchain ticketing technology provider to offer Blockchain NFT ticketing solution in Saudi Arabia.
The new partnership between Quara Blockchain, a subsidiary venture to Quara Holding, aims to empower all event organisers in Saudi Arabia with complete ticket control to eliminate ticket fraud and keep track of the tickets sold. Each ticket is created using the latest blockchain and NFT technology (Non-Fungible Token). They are securely linked to the purchaser with 100 per cent traceability removing fake tickets from the secondary market. All tickets are issued on a blockchain network to eliminate the possibility of scalping, unfair pricing, and fraudulent transactions using smart contracts while adding value from secondary trading.
George Mueller, Managing Director, B.A.M Ticketing, said: “We are incredibly proud to work with Quara Holding and Quara Blockchain to offer the latest blockchain and NFTs 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 per cent markup 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 (re)sold.”
The entertainment sector is growing exponentially in Saudi Arabia, and with the growing number of large-scale events in the Kingdom, Quara Holding’s new digital Blockchain ticketing service will be a game-changer for event organizers across the Kingdom enabling them with a secure ticketing solution. This will further contribute to achieving the goals for the tourism, leisure and entertainment sector outlined in Saudi Vision 2030 and the Digital Transformation Programme.
This is not the first partnership agreement between KSA Based Quara Blockchain and Blockchain partners. Recently Quara Blockchain announced their partnership with Ethereum Consensys, prior to that Quara Blockchain partnered with German Blockchain peaq technology for the NEOM Digital city project. Quara holding launched their Blockchain strategy back in 2020.