Swap
A significant portion of ticket reseller’s value proposition (e.g., StubHub, Ticketmaster) is that they offer some sort of “buyer protection” against counterfeit goods, but consumers struggle to see the value in the exorbitant fees that ticket providers extract for this “service.” Informal “gray” markets such as craigslist are therefore often the first stop for buyers and sellers of tickets looking to avoid the fees and friction associated with these monopolistic marketplaces. As a result exchanges on the gray market, which are often conducted over email, are dependent on a level of arbitrary trust between buyer and seller: one party must act first before the other fulfills their obligation (e.g., “Send me the money and I’ll send you the ticket when I receive it”).
Swap is not a marketplace, but rather the infrastructure to enable this exchange with a level of trust fit for the buyer. By combining a frictionless user experience, market mechanics to protect buyers, and blockchain technology to govern the exchange, Swap enables the peer-based market so that sellers eliminate their costs while buyers reduce their risk.
Enabling the market – Use case
A buyer finds a ticket they’d like to buy on craigslist.
After a brief email exchange, the buyer and seller agree on a price.
To ensure that the ticket is authentic and that the ticket will be delivered upon payment, the seller sends a Swap to the buyer.
Seller’s flow
Preparing the Swap.
Before creating a Swap the buyer must first forward (via email) the original PDF ticket/receipt, as received from the ticket provider, to Swap in order to verify its authenticity (the seller cannot directly upload a PDF ticket to the application)
Seller’s flow
Creating the Swap.
Once the ticket has been emailed to Swap and verified it will appear in the seller’s Swap account, where they can now create a new Swap, set its price/payment methods, and preview the Swap before completing it
Seller’s flow
Sending the Swap.
When complete, the new Swap will appear on the seller’s home screen, where they can copy the Swaps link or send it directly to the buyer
Buyer’s flow
Receiving the Swap.
When the seller send the Swap, the buyer will receive an email that allows them to preview the Swap and preview a “blurred” version of the ticket they will receive upon payment. Once they pay they immediately receive another email with the actual ticket.
Note: The buyer’s money is immediately returned if the ticket does not scan at the event’s entrance (i.e. if it is indeed counterfeit).
Contact Parsa to learn more about Swap.