Many of you may have noticed some changes at ShareRing in recent months. The team and I have taken some time to take a step back to look at our development path, and we’ve decided to focus our efforts on creating development solutions around NFTs and NFT Events for now.
We are, at heart, a blockchain technology-focused organization, and we want to provide a strong foundation for the future of NFT technology, with features such as the newly released Simple NFT Events feature. Here's a letter from Tim, to you, our community.
Why NFT Events on ShareRing?
A few people have asked me why we've launched NFT events on the ShareRing app. Well, the answer is simple, our restated mission at ShareRing is about removing friction for goods and services through verifiable credentials and NFTs. The ticketing industry currently has a lot of friction, particularly around fraud, scalping (overpriced resales), and ease of access to an event (ie. the requirement to prove your age, name, etc when entering some events).
By turning an event ticket into an NFT, we can remove the ability for bad actors who try to sell fake tickets, we can reduce the incredibly high mark-up value of tickets by capping the resale price, and we can also link a verifiable credential such as a passport, license or identity card to the NFT ticket through the ShareRing Vault. By doing this, the customer can use a single QR code to enter an event (and prove who they are, what ticket they have, their age, etc, all using zero knowledge proof), which achieves our goal of increasing trust, while also removing friction.
The 'Simple NFT Events' is our public MVP that links NFTs to event tickets and a government document, as well as providing the ability to scan the tickets and log the entry. It's available for free to anyone who wants to run a small event, such as a shop launch, gallery opening, or even for existing NFT projects who want to run community events. Based on the feedback we've received for the product, and the number of enquiries we've had, we are also investigating whether we should spin this out as a stand-alone app.
Importantly, for events that use existing, high-value NFTs, they're completely safe. You don't need to move them to your ShareRing Wallet. You can keep them in cold storage or on your hardware wallet and just 'connect' them to the ShareRing app by signing a transaction to prove ownership.
What's the future of NFT Events?
Well, there's already a 'big brother' to this that we have in production. This was recently demonstrated at the Profit4Life event in Miami. This product allows for larger crowds, more flexibility in the ticketing, and more granularity around the types of documents that are required for the customer to enter the event. We are also in the process of moving NFT Minting onto ShareLedger, plus we are expanding the 'connected' wallets to other chains such as Ethereum.
I hope that you share the same degree of enthusiasm and outlook as I do for NFTs and their capabilities. We have so many ideas and plans for the next few months here at ShareRing, please follow our social media channels to be the first to learn of any new launches or developments, and don’t forget to subscribe to our newsletter for ShareRing’s latest updates.